Pictured above are “Money Pit Home Improvement Show” host Tom Kraeutler (right) and consultant Holland Cooke (left) as Kraeutler hand-delivers the first autographed copy of Home Maintenance For Dummies to the Block Island, Rhode Island homeowner and “Money Pit” consultant.
The presidential race; Iran allegedly hacks Trump campaign emails; the economy; the primary race involving U.S. Rep Ilhan Omar; the U.S. migrant crisis; Israel and U.S. prepare for Iran attack; Ukraine’s incursion into Russia; and Tropical Storm Ernesto gains strength were some of the most-talked-about stories in news/talk media yesterday, according to ongoing research from TALKERS.
The radio industry was in shock yesterday after Audacy announced it will shut down the all-news format on New York’s legendary WCBS-AM and lease the signal to Good Karma Brands for its “ESPN New York” sports talk format. The Writers Guild of America East represents news staffers at the station, and it had the
following response to the company’s decision: “The Writers Guild of America East is devastated that Audacy, the second largest radio company in America, today announced that they are shutting down WCBS Newsradio 880, a trusted news source for New Yorkers since 1924. There were 23 WGA East members laid off by Audacy, and we expect the company to comply with the applicable provisions in our collective bargaining agreement, including guaranteed severance. Audacy is the owner of more than 200 radio stations in nearly 50 markets. The closure of WCBS Newsradio 880 is another example of consolidation by a major media conglomerate, which ultimately deprives the public of critical local news stories with different perspectives. Audacy’s decision is even more egregious given that this is a critical election year. This is a giant loss for New York City and the news industry at large.”
In a post on X, reporter and anchor Kate Stone announces that she is no longer with Bonneville’s news/talk KIRO-FM, Seattle. She states, “As many of you have probably ascertained, I am no longer at KIRO radio. I
loved my time there, but circumstances change and it was time to move on. I’m deciding next steps, and took some time away to collect myself and reassess my priorities. I still love telling stories, and want to continue to do so. What form that takes is still to be decided. It may end up that I start giving a more pointed (read: opinionated) take on some news and issues than I was able to before. But I also cherish impartial reporting and fairness. It’s the backbone of what I’ve always done and strive to do. That’s why I have remained silent thus far. But I continue to read and listen to both sides of the issues critical to Washington. I remain committed and engaged, even if I don’t have the same platform to speak through.”
iHeartMedia names Angela Reed SVP, Inside Sales Division. The company notes that the Inside Sales Division is a team of nearly 100 full-time employees and over 75 account executives that offer iHeart’s suite
of broadcast, events, digital and podcast products to advertisers across all markets. In this role, Reed will manage iHeartMedia’s largest individual sales team and create advertising opportunities for brands and iHeartMedia partners across the company’s array of platforms including radio broadcasting, digital, mobile, outdoor, live concerts and events and more. iHeartMedia president of multimarket partnerships Julie Donohue says, “We’re thrilled to welcome Angela and her extensive experience to iHeartMedia. We know she’ll make an immediate positive impact as SVP of our Inside Sales Division, a key role in keeping our company thriving and broadening our reach even further.” Reed most recently served as chief sales officer at Miradore, a purveyor of mobile device management software.
The study, conducted in partnership with Vision Insights, tells the story of sports fans’ loyalty to content and broadcast brands and that resulting impact that radio delivers for brands and advertisers, especially those
that partner with Audacy’s own sports talk stations. Some of the key takeaways from this study include: 1) Sports fans are 4x more likely to trust brands that support their teams; 2) Listeners are 4x more likely to catch a brand’s message on sports radio than on TV; 3) 73% of fans spend more time following their favorite teams on sports audio than sports-related digital media; and 4) Brands that advertise on Audacy sports stations enjoy a 40% lift in usage. See more about the study here.
iHeartMedia Iowa announces the debut of the Iowa Sports Radio Network that will broadcast statewide across five radio stations originating from flagship KXNO-FM, Des Moines. It will also air on KMNS-AM, Sioux
City; KOSY-FM, Cedar Rapids; KXIC-AM, Iowa City; and WFXN-AM, Quad Cities. The company says programming will highlight sports from University of Iowa, Iowa State University, various high schools and other local sports topics. The program lineup is: “The Morning Rush with Travis Justice and Ross Peterson” from 6:00 am to 8:00 am; FOX Sports Radio’s Dan Patrick from 8:00 am to 11:00 am; FSR’s “The Herd with Colin Cowherd” from 11:00 am to 12:00 noon; “Miller and Condon” from 12:00 noon to 2:00 pm; and “The Drive with Heather and Sean” from 2:00 pm to 6:00 pm.
According to a report in the Chicago Sun-Times, WSCR, Chicago sports talk host Danny Parkins will leave
the Audacy station to become part of a new show on FS1. Parkins has worked alongside Matt Spiegel on the afternoon drive program for the past seven years. This summer, Parkins filled in for Colin Cowherd on the cable TV show The Herd and reportedly acquitted himself well. The FS1 show is scheduled to launch this fall. Parkins and Audacy have not commented publicly about the story.
Beasley Media Group announces that Lamar Smith is promoted to director of corporate engineering for the company. Smith has been with the company since 2011 and most recently served as vice president of
engineering. In his new role, he will be responsible for overseeing all engineering activities across Beasley’s 57 radio properties throughout the United States. Beasley CEO Caroline Beasley comments, “Lamar’s commitment, dedication and experience are exactly what we need as the organization continues to evolve and innovate into the future.” Smith, who will remain based in Charlotte, says, “Many thanks to Caroline and the Beasley family for this incredible opportunity. I look forward to being able to lead the engineering division as the company continues to evolve for years to come.”
The Albany Times-Union reports that former WGDJ, Albany talk host Melody Burns died last week at age
65 after a battle with cancer. Burns hosted a show on WGDJ from 2012 through 2014. After leaving her radio show, she became director of operations at Veterans Miracle Center, where veterans and military personnel could get new items they need at no cost. Read the Times-Union obituary here.
Cleveland media personality Jimmy Malone has exited his radio show at iHeartMedia’s news/talk WTAM.
Malone – an unapologetic liberal on a station comprised of conservative talk hosts – anchored the 9:00 am to 10:00 am hour. He posted to X, “I’ll have more to say later, but after decades of loyalty to my company, they fired me after my show today and didn’t give me a chance to say goodbye to my listeners. I’m grateful for all of the support I’ve received for so long.” Malone was a longtime cast member on the “Lanigan & Webster Morning Show” on WMJI-FM, Cleveland. His program on WTAM debuted in April of 2022.
Cumulus Media’s news/talk WLS-AM, Chicago adds “Rich Valdés America at Night” to its program schedule, airing live from 9:00 pm to 12:00 midnight.
FOX News Media is presenting special programming during the 2024 Democratic National Convention in Chicago, beginning Sunday, August 18 through Friday, August 23. FNC will commence its special coverage from Chicago on Sunday with “FOX News Sunday” anchored by Shannon Bream. Co-anchored by chief political anchor and “Special Report” anchor Bret Baier and “The Story” anchor and executive editor Martha MacCallum, FNC will present a nightly hour-long special titled, “FOX News Democracy 2024: The Democratic National Convention” Monday through Thursday at 10:00 pm ET.
The presidential race; financial markets activity and the U.S. economy; Iran allegedly hacks Trump campaign emails & break-in at Trump Virginia campaign office; Ukraine’s ongoing incursion into Russia; Israel and the U.S. prepare for Iran strike; summer wildfires in California, Colorado and Greece; and a 4.4 magnitude earthquake shakes Los Angeles were some of the most-talked-about stories in news/talk media yesterday, according to ongoing research from TALKERS.
Audacy announces that it is ending the all-news format on WCBS-AM, New York and will lease the signal to Good Karma Brands, which will begin airing its sports talk “ESPN New York” format on the signal, beginning August 26. Audacy plans to change the call letters to WHSQ-AM. Audacy, which will continue to operate all-news WINS-AM/FM, has not commented on how the change will affect WCBS-AM staffers. Audacy New
York market president Chris Oliviero states, “New York has always been proudly unique in supporting two all-news radio brands, but the news business has gone through significant changes. The headwinds facing local journalism nationwide made it essential to strategically reimagine how we deliver the news for the most impact. WCBS 880 has been one of the most respected radio stations in history, with a legacy cemented by the hundreds of world-class journalists, on and off the air, who willed it into existence over the decades. If it happened in New York or the world, you heard about it on WCBS 880. Today, 1010 WINS@92.3FM, equally iconic, moves forward as New York’s only 24/7 all-news station with the best distribution platform, the largest audience and the most recognized brand in the industry. All-news is a pillar of Audacy, and this decision, though difficult, fortifies that leadership position for generations to come.” Audacy says that to honor WCBS 880’s meaningful impact, the station will broadcast a live commemorative special, “WCBS 880 News: The People, the Moments, and the Events that Shaped our Lives,” on August 22 from 10:00 am to 1:00 pm ET. This special edition of “NEWSLINE” with Brigitte Quinn will include interviews and historical clips. Audacy New York will continue to serve as the exclusive rights holder and flagship audio home of the New York Mets. Audacy-produced broadcasts will continue to air on 880 AM and stream on the Audacy app.
Audacy reports its operating results for the second quarter of 2024 and reveals net revenue of $301.6 million, an increase of 1% over the same period in 2023. After reporting a net loss of $125.8 million in Q2 of 2023, the company reports net income of $2.9 million in the second quarter of this year. Looking at Audacy’s business segments, Local and National Spot revenue was $179.6 million, a decline of almost 4% from a year ago; Digital (including podcasting) revenue was $74.4 million, an increase of 11.6%; and Network revenue was $22.3 million, up 7% over Q2 of 2023. Audacy also breaks out revenue by radio format categories and while Sports radio revenue was $71.1 million (up 8.3% over last year), News/Talk revenue was $43 million (a decline of 2.3% from the same period a year ago). Audacy chairman, president and CEO David J. Field comments, “Audacy continued to deliver strong 2024 financial performance with Q2 Adjusted EBITDA more than doubling, up 116% vs. prior year. For the first six months of 2024, Adjusted EBITDA is up 128%. Our accelerating financial performance reflects our significant revenue share gains, low-teen growth in digital advertising, high single-digit growth in network radio, and prudent expense reductions, offsetting continued weakness in traditional ad markets. Notably, our transformational, strategic investments are emerging as a critical driver in our accelerating performance. Recent improvements in our streaming and podcasting platforms, along with further enhancements to our digital monetization and programmatic capabilities are increasing their impact on our top-line and bottom-line results. As previously announced, we received court approval of our consensual pre-packaged Plan of Reorganization in February and are awaiting FCC approval to complete the process. We continue to expect final approval and emergence to occur during the current quarter. The third quarter is currently pacing up low-single digits, and we expect another quarter of significant Adjusted EBITDA growth.”
Net revenue for the second quarter of 2024 was $60.4 million, a decline of 4.8% from the same period in 2023. Beasley Broadcast Group’s net loss shrank from $10.4 million in Q2 of 2023 to $276,000 in the second quarter of 2024. Beasley CEO Caroline Beasley states, “Beasley’s second quarter results highlight the ongoing progress we are making to position the company for sustainable, profitable growth. The continued
success of our digital transformation strategy led to a 10.4% year-over-year increase in same-station second quarter digital revenue, partially offsetting ongoing challenges related to softness in the audio advertising spot market. Digital revenue accounted for nearly 22% of total second quarter revenue, in-line with our full-year 2024 goal of 20% to 25% of total revenue. On the new business front, our dedicated sales teams are leveraging the audience reach and engagement of our platform to attract new advertisers. We have and will continue to see the benefit of political revenue through the end of year, and at the same time, we are taking aggressive action to address near-term challenges through expense management initiatives, which drove approximately $2 million in expense savings compared to the prior year. We expect to achieve $10 million in annualized expense savings.”
By Holland Cooke
Consultant
“If you missed Biff & Bev in-the-Morning, you missed…” It’s a donut: produced open and close, with an aircheck clip in the middle.
— I don’t think I have ever heard such a promo that caused me remorse for missing the show being touted. Often the clip makes the personalities sound self-amused.
— The listener can’t act on this message. This morning’s Biff & Bev show is gone, and don’t count on anyone clicking-as-many-times-as-necessary to find it on the station website.
— You send diary keepers a dangerous subliminal message: that they DIDN’T listen. Heck, we want to fool them into thinking they did listen!
Instead:
— Talk about the NEXT show.
— Use “you” and/or “your” as-early-as-possible in copy; and “and your calls!” near the end.
— Offer a benefit statement, something listeners will realize from listening, i.e., what they’ll take-away from hearing tomorrow’s guest, what they can call-in-and-win, anticipated topics.
Holland Cooke (HollandCooke.com) is a consultant working the intersection of broadcasting and the Internet. He is the author of “The Local Radio Advantage: Your 4-Week Tune-In Tune-Up” and “Close Like Crazy: Local Direct Leads, Pitches & Specs That Earned the Benjamins” and “Confidential: Negotiation Checklist for Weekend Talk Radio.” Follow HC on Twitter @HollandCooke and connect on LinkedIn
WSB-AM/WSBB-FM, Atlanta-based talk radio host Erick Erickson presented the 2024 edition of his conservative politics convention The Gathering in Atlanta over the weekend. Erickson tells TALKERS, “We had 700 people show up in Atlanta from 47 states and Canada. Every one of my radio markets from KYKN in Oregon to WTIC and WICC in Connecticut had listeners present. Unfortunately, between Tropical Storm Debby and COVID, we didn’t have as many as we expected, but it was still a great turnout. Over two days, I interviewed former Vice President Mike Pence, four governors, three senators, two congressmen, two senate candidates, and more. This was the only interview Senate Republican Leader Mitch McConnell (pictured above) has conducted outside Kentucky since 2019.” He adds, “Next year, we are turning it into a road show. Our sponsors have already agreed to help us take the Gathering into our radio markets. Since so many radio stations now have limited promotions budgets, we’ll do all the work to get the venue, speakers, and attendees, and let each market find a local sponsor as their own revenue opportunity.”
According to a report in the Times of San Diego, “The Mightier 1090 ESPN” format has been replaced by Spanish-language Catholic programming on the venerable XEPRS, Tijuana, Mexico. After previous sports format operator Broadcasting Corporation of the Americas lost its lease on the station owned by
Interamercana de Radio SA de CV, Flagstaff, Arizona-based ad agency owner Bill Hagen leased the signal and launched a new sports format as “The Mightier 1090 ESPN” built around San Diego sports talk personalities including Scott Kaplan. Hagen tells the Times he’s not disappointed and says considering the launch of the station during the beginning of the pandemic in 2020 was definitely a challenge. He says, “We accomplished something that had never been done before and during a very challenging time in the economy and broadcasting.” Read the Times story here.
Las Vegas-based talk host Heidi Harris has released her second book, Don’t Pat me on the Head!, as an audio book. She tells TALKERS, “I’ve gotten many requests to do an audio version of the book and now it’s available! My book covers how I ‘lucked into a radio show’ (as a detractor once said), the crazy things I did before I landed in radio, behind the scenes stories, how to be a great guest or caller, interviewing tips, how I survived treacherous bosses, colleagues, and the cancel mob who tried to destroy me, and more!”
The Society of Broadcast Engineers announces that membership re-elected Ted D. Hand to a second, one-year term as president of the organization. Hand is a member of SBE Chapter 45 Charlotte, and an SBE Fellow Member.
The presidential race and this week’s Democratic National Convention in Chicago; Israel’s battle against Hamas and Hezbollah; Ukraine’s military incursion into Russian territory; activity on the world’s financial markets; U.S. reportedly offers amnesty to Venezuela’s Nicolas Maduro to cede power; the flooding and damage caused by Tropical Storm Debby; and the Paris Olympics were some of the most-talked-about stories in news/talk media over the weekend.
Saga Communications reports net revenue of $28.7 million in the second quarter of 2024, down 1.5% from the same period in 2023. The company also reports net income of $2.5 million for the quarter compared to net income of $3.4 million for the second quarter last year. Saga notes in its report that it closed on its
acquisition of five radio stations and one translator in Lafayette, Indiana on May 31, 2024, and that the stations were operated by Saga for one month during the second quarter of 2024. Saga paid a quarterly dividend of $0.25 per share on June 28, 2024. The aggregate amount of the quarterly dividend was approximately $1.6 million. To date, Saga has paid over $132 million in dividends to shareholders since the first special dividend was paid in 2012. Saga’s balance sheet reflects $24.1 million in cash and short-term investments as of June 30, 2024, and $26.2 million as of August 5, 2024.
The Special Master appointed by the Delaware Superior Court has ruled against voting systems purveyor Smartmatic which was seeking sanctions against Newsmax alleging that CEO Christopher Ruddy and other staffers destroyed evidence. The Special Master ruled that Smartmatic failed to prove that Ruddy and others intentionally or recklessly destroyed evidence in the case. Newsmax says that it informed the Special Master that some of Ruddy’s text messages were accidentally not preserved on his mobile phone, but he
located another device that had many if not all of the text messages. Those messages were produced to Smartmatic in the litigation. Newsmax also notes that it informed the Special Master that neither Ruddy nor any senior staff sought to hide text messages or emails, which in many cases were also collected from dozens of other Newsmax witnesses in the case and produced to Smartmatic. Newsmax separately filed a Motion for Sanctions against Smartmatic on May 13, 2024, and a Motion for Contempt against Smartmatic on July 16, 2024. Both of those motions remain pending. In its motions Newsmax argues that Smartmatic and its executives have misled Newsmax, the Special Master, and the Court about the Department of Justice’s ongoing criminal investigation into Smartmatic in which the agency alleges that Smartmatic and several of its senior executives participated in an international scheme involving a multi-million-dollar bribe allegedly made to an election official in the Philippines in exchange for the company getting nearly $200 million in contracts. See the full (somewhat redacted) complaint here.
Audacy will flip alternative rock KRBZ-FM, Kansas City to sports talk as “96.5 The Fan” and is changing the call letters to KFNZ-FM. Audacy says, “The market-leading sports talent, commentary, analysis and play-by-play coverage previously heard on ‘610 Sports Radio’ (KCSP-AM) will now be heard on 96.5 The Fan – marking Kansas City’s first full-time FM Sports station. This FM sports destination will be the new flagship
radio station of the back-to-back defending Super Bowl champion Kansas City Chiefs and broadcast all pre-, regular and post-season games. Chiefs games will be simulcast on 106.5 The Wolf “WDAF-FM” for the 2024 season.” The station will also serve as the play-by-play home of the Kansas City Royals, Kansas State University and University of Missouri men’s basketball and football. The station’s weekday programming and play-by-play content will also be heard on KFNZ-AM “The Fan AM 610,” formerly known as KCSP-AM. Audacy Kansas City SVP and market manager Roxanne Marati comments, “Kansas City has the most passionate sports fans in the country, and they deserve a one-stop destination for premium sports content year-round. This is an exciting time for KC sports, and our exclusive partnership with the World Champion Chiefs, local content and engaging personalities with unrivaled sports knowledge will fuel fandom, bring listeners closer to the action and keep them connected to their favorite teams.”
Audacy names Reginald “Reggie” Adetula midday co-host of the “In The Loop” midday show alongside co
-host John Lopez and producer Edward “Figgy Fig” Gilliard on KILT-AM “SportsRadio 610,” beginning August 19. KILT brand manager Parker Hillis comments, “We’re thrilled to have Reggie join ‘In The Loop’ as the newest host. He’s a natural talent whose on-air enthusiasm and innate ability to connect with an audience will make him the perfect fit here in Houston.” Adetula is a native Houstonian who returns home after nine years as the evening host and producer on Audacy’s KRLD-FM, Dallas “105.3 The Fan.”
Beasley Media Group is celebrating the 15th anniversary of sports talk WBZ-FM, Boston “98.5 The Sports Hub,” next week. The station launched on August 13, 2009 with replays of the New England Patriots 2001,
2003 and 2004 Super Bowl winning radio broadcasts, followed by the inaugural “Felger & Mazz” show. Throughout its 15-year history, the station has received numerous industry accolades, including the National Association of Broadcasters’ Marconi Award for “Sports Station of the Year” in 2011, 2014, 2019 and 2023. Station program director Rick Radzik says, “For me, being with the station since day one, I have always felt proud and privileged to be a part of the ‘Sports Hub’ team these past 15 years. We look forward to celebrating the milestone all next week on air and online with many stories and recollections from our on-air talent.”
The fourth of four rounds of ratings data from Nielsen Audio’s July 2024 PPM survey has been released for 12 markets including Austin, Raleigh, Indianapolis, Milwaukee, Nashville, Providence, Norfolk, Jacksonville, West Palm Beach, Greensboro, Memphis, and Hartford. The survey period covered June 20 through July 17. Today, TALKERS magazine editor Mike Kinosian presents his Ratings Takeaways from this group of markets. In Raleigh, iHeartMedia’s news/talk WTKK-FM adds three-tenths to finish with an 8.9 share (weekly, 6+ AQH share) that keeps it locked in the #3 rank, while Curtis Media’s news/talk WPTF is up one-tenth for a 0.6 share finish good for the #23 rank. In Milwaukee, iHeartMedia’s news/talk WISN adds a half share to finish with a 13.0 share that keeps it ranked #1 for the eleventh straight month. (Good Karma Brands’ crosstown competitor news/talk WTMJ ceased subscribing to Nielsen several months ago.) In Nashville, Cumulus Media’s news/talk WWTN-FM rises 1.2 shares for a 6.7 share finish that lifts it to the #3 rank, while iHeartMedia’s news/talk WLAC adds three-tenths to finish with a 1.3 share and remains ranked #18. See Mike Kinosian’s complete Ratings Takeaways from this group of markets here.
The presidential race was the most-talked-about story in news/talk media this week, landing atop the Talkers TenTM. At #2 this week was the global financial markets activity, followed by the U.S. migrant crisis and the U.K. anti-immigrant riots at #3. The Talkers TenTM is a weekly chart of the top stories and people discussed in news/talk media during the week and is the result of ongoing research from TALKERS. It is published every Friday at Talkers.com. See this week’s complete chart here.
By Walter Sabo
CEO, Sabo Media Action Partners
A.K.A. Walter M Sterling
Daily host, WPHT Philadelphia
Weekly host, Talk Media Network
Wall Street investors do not put up money for traditional radio and television stations.
That myth has been a burden within our culture for about 10 years and it just is not true. From a 1980s fast-buck perspective, traditional media does not offer the no-effort returns it once did. But major investors continue to seek opportunities from radio and TV acquisitions. Notably, today the money is much “smarter” than that found in the 1980s.
(Side note, the 1980s rush to radio put the business in the hellish financing we live with today. The new money won’t do that.)
Marc Rowan is the CEO of Apollo Advisors which bought Cox TV and radio. Apollo was first money in Sirius radio. Their escrow check closed the deal for Howard Stern and changed the radio industry. Marc explained to me that Apollo is not an investor, they are “owners.” Apollo has a long game plan as savvy operators with decent, moral standards. Marc actually likes, consumes and celebrates media. Apollo is not a chop shop. They build businesses.
George Soros is about to close on Audacy. Mr. Soros is a brilliant business builder. Like Apollo, he is an owner/operator. Soros represents smart money going into the proven medium of radio.
John Malone, builder of the cable industry, saved Sirius within days of bankruptcy. The company was about to miss payroll, Malone pulled it out the fire and through Liberty holdings he continues to control 83% of SiriusXM. Over the years he has grown, not diminished Liberty’s stake in the satellite company.
Rowan, Soros, and Malone have one thing in common: They are not jokers. They each have robust histories of sober, sane investments which has made them billionaires. While you and I shop the price of milk, the new owners of proven media are model guides for future Wall Streeters.
Walter Sabo has been a C Suite action partner for companies such as SiriusXM, Hearst, Press Broadcasting, Gannett, RKO General and many other leading media outlets. His company HITVIEWS, in 2007, was the first to identify and monetize video influencers.. His nightly show “Walter Sterling Every Damn Night” is heard on WPHT, Philadelphia. His syndicated show, “Sterling On Sunday,” from Talk Media Network, airs 10:00 pm-1:00 am ET, and is now in its 10th year of success. He can be reached by email at sabowalter@gmail.com
iHeartMedia reports operating results for the second quarter of 2024 and reveals consolidated revenue of $929 million, an increase of 1% over the same period on 2023. iHeartMedia reports its business in three segments. The Multiplatform Group – which includes its AM/FM radio stations – achieved revenue of $575.9 million – a decline of 3.4% over the same period in 2023. The Digital Audio Group’s revenue was $285.6 million – an increase of 9.5% over Q2 of 2023. The Audio & Media Services Group revenue was $70 million – an increase of 6.5% over the second quarter of 2023. iHeartMedia chairman and CEO Bob Pittman
comments, “Our second quarter results mark the first quarter that our consolidated revenues increased year-over-year since Q4 2022. We continue to see strong momentum in our podcast business, our Digital ex. Podcast business, and have seen sequential improvement of our Multiplatform Group’s year-over-year revenue performance. This performance is built on iHeartMedia’s strong and unparalleled audience and demonstrates the progress we are making in maximizing the monetization of it.” Company COO and CFO Rich Bressler adds, “We continue to see signs of improvement throughout our business and the broader advertising marketplace, and our second quarter 2024 results were in line with, and in the cases of revenue, slightly above guidance. Our high-growth Digital Audio Group revenues were up 10% year over year, and represented 31% of our company’s revenues, and our Multiplatform Group revenues exceeded our previously provided guidance. Our full year 2024 political revenues are currently pacing approximately 20% higher than the last presidential election cycle, which gives us confidence that this will be a record political year for us, and we expect to see a significant year-over-year improvement in our full year Adjusted EBITDA performance.”
Second quarter 2024 net revenue for Urban One Inc. was $117.7 million, a decrease of 9.2% from Q2 of 2023. Breaking down Urban One’s report by segment, the Radio Advertising segment brought in revenue of $45.4 million, basically flat from one year ago. Digital Advertising revenue for Q2 of 2024 was $15.5 million, a decrease of 17.6%. The biggest change for Urban One was Cable Television Advertising, which brought in
$22.2 million, a decline of 26.7% from the same period in 2023. Urban One CEO and president Alfred C. Liggins III states, “On a same station basis our radio division finished Q2 -5.6% excluding political, and -3.0% with political. We saw a sequential improvement in national revenues vs. Q1, which was offset by weaker local revenues. Q3 core radio revenue is currently pacing down 6.9% on a same station basis, down 5.1% including political, and up 7.0% overall. We are starting to see a significant uptick in political advertising revenues, and remain optimistic for the remainder of the year, which should benefit both our radio and digital divisions. Our Cable TV business continues to suffer from subscriber churn and audience delivery shortfall, impacting both advertising and affiliate revenues, although we are seeing a bounce-back in ratings and delivery in Q3. Our digital business experienced weaker advertising demand than prior year but remains well positioned for the second half of the year, particularly with political and CTV advertising. During Q2 we repurchased an additional $35.5 million of our 2028 notes at 78.0%, and we ended the quarter with approximately $132.4 million of cash.”
Compass Media Networks brings three new staffers aboard, including news pro Chad Robison, who is named a news anchor for “Your Money Now.” In this role, Robison will anchor the “Your Money Now” twice
-hourly money news reports Monday through Friday in middays and PM drive. Robison most recently served as evening news anchor at Townsquare Media’s WKXW-FM, Trenton New Jersey 101.5.” Compass Media Networks also names Joe Mackay director of audio sales. The 25-year radio sales pro, based in Chicago, will manage advertising sales relationships throughout the West Coast and Midwest. Also joining the company as manager of sales planning is Laura Schaeffer. The 10-year radio industry pro will help manage customer relationships and assist sales executives and management with sales proposals and inventory management. She is based in New York.