Audacy Q2 Net Revenue Rises 1%
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.”
“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.
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. 
-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.
and our unique and differentiated digital platform… In the second quarter, the Company reported a net loss of $48.9 million, in large part due to non-cash impairment charges. Our Q2 performance was driven by stabilizing and/or improving trends across segments: Townsquare Interactive returned to sequential revenue growth in each month of the quarter, as a result of positive subscriber trends that have improved dramatically compared to previous quarters; Digital Advertising net revenue growth continued at +1% year-over-year; and Broadcast Advertising net revenue was approximately flat as compared to the prior year, an improvement from first quarter declines. In total, Digital represented 52% of Townsquare’s net revenue in the first six months of the year. Additionally, we continue to generate strong cash flow, granting us the ability to invest in our digital growth engine while preserving financial flexibility, as evidenced by our ongoing debt and share buybacks in the open market… Most importantly, due to our current cash position and our strong cash generation, we retain financial flexibility moving forward and we are confident in our ability to build shareholder value for our investors through long-term net revenue and cash flow growth, net leverage reduction, future dividend payments, and potential future share repurchases.”
Radio. The company says that in his new role, Goforth will collaborate closely with local Hubbard Radio markets to enhance sales strategies for existing podcasts. And as part of the Hubbard Radio corporate team, he will create new podcast initiatives and strategic partnerships, to build an even more robust podcast network. Hubbard EVP and chief financial officer Dave Bestler says, “We fully understand and embrace the evolution in our business from radio to audio. We are creating must-hear content in all eight of our Hubbard Radio markets, and listeners are increasingly accessing our content on-demand. John will help expand our podcast offerings, while growing revenue with the podcasts we already have.” Goforth comments, “I couldn’t be more excited to join the amazing team at Hubbard and help grow their already impressive portfolio. It’s thrilling to be at the intersection of local and national in the podcast space. As we’ve seen in other channels, cracking the code on local is the key to explosive growth.”
passion to continue SRG’s long tradition into the future. The person for this position will need to live in Spencer, Iowa (or surrounding area). We need someone who understands small-market, local radio and is willing to be involved in the community. Knowledge of radio automation software, adobe audition, word press, and general computer experience is preferred. We value creativity and the desire to win! Duties for this position include (but not limited to): 1) Gathering, writing and reading local news stories; 2) Covering some meetings/events; 3) Conducting on-air interviews; 4) Anchoring LIVE, local, severe weather coverage; 5) Compiling/recording local weather data for National Weather Service; 6) Read LIVE market updates on air; 7) Posting local content on our websites/social media platforms. Send your resume and demo to operations manager Kevin Tlam at 
Mike Missanelli is a possible replacement. He writes, “Jonny Marks reported last week that the Mike/Fanatic reunion looks to be in place ahead of football season. My understanding is that 97.5 is also high on Bill Colarulo and Amy Fadool as new pieces. Colarulo hosts weekends and has filled in on P.M. drive while Fadool had been co-hosting alongside Cooney.” For his part, Cooney posted the following to Facebook: “Wanted to say thanks to all who listened over the years during my time at The Fanatic. Loved the conversations and getting to know a lot of you. They told me today they are moving in a different direction.”
Horne to a full-time reporter position. Pamplin has spent the past 30-plus years with WDIV-TV as a photojournalist and reporter. Horne has been a part-time producer and 
reporter at WWJ since 2021. Previously, she was a weekday reporter and weekend fill-in producer at WLNS-TV. Audacy Detroit market manager Debbie Kenyon states, “We couldn’t be more excited for Tim to join our news team. We plan to leverage his renowned breaking news reports to provide our listeners with quality coverage of each day’s top stories. We’re also looking forward to supporting Darrylin in this new role as she applies her skillful storytelling in everything from feature stories to contributions on our digital platforms.”
Citizens Bank Park and from the 76ers’ practice facility in Camden, New Jersey after an unwanted advance on an Aramark employee at the ballpark. Eskin was off WIP since that time. He said, in part, “I’d like to briefly address the recent reports about an incident at Citizens Bank Park. Now I’m not going to get into specifics other than to say that I recognize my actions have offended and upset her. I feel awful about that. I really do. I apologized to her at the time of the incident, and I apologize again now. I’m truly sorry that this did occur. I know a lot of you want me to say more about this, but I don’t intend to comment on this any further and hopefully you understand.” 
The 33-year (1975 – 2008) radio voice of the NBA Houston Rockets, Gene Peterson, died this past Wednesday (7/24) succumbing to cancer at the age of 83. “How sweet it is” was Peterson’s signature victory call and – as noted on a Rockets’ Facebook page post – that catch phrase, “spanned across many franchise moments that will forever live in the hearts and minds of Rockets fans.” Peterson once told The Houston Chronicle, “I’ve watched the Rockets’ family grow, and I’ve watched my own family grow through it all; I know I’ve been blessed to live this life.” Team owner Tilman Fertitta comments, “We say goodbye to my friend and broadcasting legend, Gene Peterson. Gene devoted his life to the Rockets and brought passion and energy towards creating timeless memories for countless fans, including myself. I am forever grateful for the time I knew Gene and for the invaluable contributions he made to our city and franchise for over three decades. My thoughts are with his [family] during this difficult time.”
Sacred Heart University-owned public radio news/talk WSHU appoints Brad Dancer general manager. Sacred Heart president John J. Petillo notes that Fairfield, CT’s WSHU is a, “unique organization whose mission is to serve our community with extraordinary programming that informs and inspires. I am confident that Brad Dancer will foster a culture of innovation and shepherd the station into a new era of content creation that goes well beyond the radio.” Holding bachelor’s and master’s degrees from Purdue University and the University of Maryland, respectively, Dancer remarks, “WSHU has a remarkable legacy of excellence, and I am honored to be part of this community. The collective talent and passion of the WSHU team has earned us the loyalty of our dedicated audience as well as countless prestigious awards – this uniquely positions us for success. I am confident that – together – we will achieve even greater things.” Dancer has previously held news, education, and cultural content positions at National Geographic, WWE, Disney, Canela Media, and Paramount. In addition to serving on the boards of All People Marketplace; Modal Learning; and Connecticut Gift of Adoption, he’s been an adjunct professor at Roosevelt University.
Founded 11 years ago by Dave Ruden, The Ruden Report website (www.therudenreport.com) is dedicated to Fairfield County (Connecticut) sports news and information. Ruden will remain with the online publication as director of operations. Connoisseur Media owner/chief executive officer Jeff Warshaw comments, “We’re happy to have The Ruden Report join our family. We look forward to offering our audience local content with his exceptional reporting.” Connoisseur Media senior vice president/general manager Kristin Okesson states, “This addition to our programming lineup is a perfect fit for each station and their audiences. As someone who values high school sports coverage, I’m excited to bring The Ruden Report to our six radio stations. I know our Southern Connecticut listeners will enjoy the local updates and in-depth coverage of their favorite teams, athletes, and games.” Ruden adds, “My ongoing goal has been to cover more which is why I have decided to partner with Connoisseur Media. It is a company that has both a longstanding tradition of excellence and the infrastructure to help take The Ruden Report to the next level.” Connoisseur’s six Connecticut stations include Bridgeport heritage news/talk WICC.
executive-level employee of the FCC to craft and advance a political playbook to influence the presidential election in favor of Donald Trump.” The Democrats say he may have violated ethics laws for federal employees and the Hatch Act. Carr tells Forbes that he sought counsel from FCC ethics officials prior to working on Project 2025 and they “approved of me participating in my personal capacity, which I did.” He also says they approved him using his FCC title in his biography. Forbes reports, “Carr’s chapter on the FCC calls for the agency to ‘change course’ and focus on reining in big tech and promoting national security. The FCC commissioner proposes overhauling legal protections that shield tech companies from liability for content posted on its platforms and supports Congress passing legislation similar to laws in Texas and Florida that punish social media companies for suspending or banning users based on their ‘viewpoints’ – part of broader claims by conservatives that social media companies are biased against them. Project 2025’s FCC agenda also calls for banning TikTok as part of a crackdown on infrastructure from China and calls for tech companies to provide greater transparency.” 
radio stations in Omaha, Des Moines, Cedar Rapids, Davenport, Ogallala, and Sioux City. Division president Shosh Abromovich says, “I am thrilled to announce Rhonda as our new area president. Her insightful knowledge of the industry, combined with her sharp skillsets, will undoubtedly drive our team’s growth and development throughout the Nebraska-Iowa Area and throughout iHeartMedia. Her fresh perspective and unwavering dedication to excellence will make her an invaluable asset to our community, our partners, and our listeners.” 
advertising, where consumers express greater comfort with audio ads crafted by humans compared to those produced by AI. This trust in human voices isn’t just a preference; it’s a critical factor in advertising and content consumption.” Further, the data shows that radio hosts are valued 2.5 times more than social media influencers for delivering news (56% vs. 22%) and twice as much for sports commentary (40% vs. 21%). Similarly, podcast hosts are preferred over social media figures when discussing social issues (43% vs. 34%). Audacy concludes, “These statistics underscore the profound impact of human voices in fostering meaningful connections and reliable information dissemination.”
and WHQT in Miami; WCBS-AM, New York; WINS, New York; and WBLI, WALK, and WKJY on Long Island. She was a two-time Gracie Award winner and was a recipient of other honors and awards. Her greatest joy was her son Ethan, who she shared with her former husband Andrew Kalb. Garcia loved her animals and fostered many kittens through the years as well. 
ideal medium platforms for retailers and e-commerce brands: Heavy audio listeners are more likely to shop online. Heavy AM/FM radio and podcast listeners also spend more online than TV viewers. AM/FM radio listeners and heavy podcast listeners over-index on Amazon Prime membership and purchase intent; 2) AM/FM radio makes your TV better – “20 gets you 50”: Nielsen Media Impact optimizations reveal shifting more media weight to AM/FM radio generates significantly more reach, especially among younger demographics 18-49. AM/FM radio does an extraordinary job increasing campaign reach among light TV viewers, who are far less likely to see retailer TV ads. The rule of thumb is “20 gets you 50”: a 20% shift of a TV media budget to AM/FM Radio generates a 50% increase in reach; and 3) Audio holiday AM/FM radio campaigns work: Consumers exposed to an Amazon holiday AM/FM radio campaign have higher brand equity (awareness, ad recall, prior purchase and purchase intent). Nielsen sales effect studies reveal AM/FM radio campaigns for retailers generate significant return on advertising spend: $15 dollars of incremental sales for every dollar of AM/FM radio advertising. 
Next month, as the school year begins in so many places, the listeners that local retailers want as customers transition back to their “normal” routines. Their tempo changes and builds to a holiday season climax. And we – and our advertisers – want to be their soundtrack.
June 2024 PPM Data – Information for Nielsen Audio’s June 2024 survey period (May 23 – June 19) has been released for Austin, Raleigh, Indianapolis, Milwaukee, Nashville, Providence, Norfolk, Jacksonville, West Palm Beach, Greensboro, Memphis, and Hartford.
the Biden campaign. Civic Media said in a statement that through the moves, that station “fell short of journalistic standards.” Civic Media said, On Monday, July 8th, it was reported to Civic Media management that immediately after the phone interview was recorded, the Biden campaign called and asked for two edits to the recording before it aired. Civic Media management immediately undertook an investigation and determined that the production team at the time viewed the edits as non-substantive and broadcast and published the interview with two short segments removed.” The network airs programming in Madison, Milwaukee and numerous other markets throughout the state. 
added to the program schedule at Nexstar Media’s WGN, Chicago beginning Monday (7/15). WGN Radio VP and general manager Mary Sandberg Boyle says, “‘The Other Side of Midnight with Frank Morano’ is engaging, creative, and lively – a trifecta not often found in late night radio shows.” 
His expertise, passion, and approach align perfectly with our mission to deliver exceptional audio content and services.” In his new role, Jones will oversee all aspects of USRN’s operations, including programming, services, affiliate relations, and affiliate sales. He will continue to work closely with the talented team at USRN and parent company Gemini XIII to develop innovative strategies that enhance the network’s offerings and drive value for its affiliates and partners.
week’s Republican National Convention. “The Megyn Kelly Show” will broadcast live from the pavilion at the Fiserv Forum on both Wednesday and Thursday. Julie Mason will host her POTUS show each day from 3:00 pm to 6:00 pm and will then kick off the channel’s special nighttime coverage starting on Monday at 8:00 pm ET. And David Webb will also host his Patriot channel program, “The David Webb Show,” in late mornings in addition to joining Patriot’s primetime programming starting Monday at 9:00 pm ET.
station – WRLL, Chicago “1450-La Vozde la Comunidad Latina – will also be on hand, fielding Spanish-language interviews. Midway CEO Melody Spann-Cooper comments, “This initiative underscores our commitment to delivering authentic voices and viewpoints from our multicultural audience. We are excited to bring the RNC closer to our listeners and provide them with direct access to the conversations shaping our nation’s future.”
June 2024 PPM Data – Information for Nielsen Audio’s June 2024 ratings period (May 23 – June 19) has been released for Portland, Charlotte, San Antonio, Sacramento, Pittsburgh, Salt Lake City, Las Vegas, Orlando, Cincinnati, Cleveland, Kansas City, and Columbus.
FP&A since 2020 and has been interim CFO for the past six months. CMG president and CEO Dan York states, “Brad brings a unique skillset and perspective to the role of CFO. He’s committed to maximizing company performance and efficiency and has been invaluable in helping CMG win in our local markets today while positioning us to continue to do so in the future. This is a well-earned promotion for Brad that also reflects the strength and depth of CMG’s talented team.”
MARU/Matchbox was hired to conduct an in-depth study of 603 weekly podcast consumers from April 19-24 of this year. Takeaways include: 1) YouTube is used most among Podcast Newcomers, Podcast Pioneers, and heavy podcast consumers; 2) YouTube podcast audience profile: Male and younger than the Apple Podcasts audience; 3) As the world’s entertainment search engine, YouTube is the dominant podcast discovery platform where audiences are more likely to find podcasts; and 4) Those who discover a podcast on YouTube say they stick with the platform for video, comments, community, entertainment, recommendations, and platform features. This growth for YouTube comes at the expense of Apple Podcasts. In July of 2019, Apple Podcasts was the most-used platform for 29% of weekly podcast consumers with 15% for YouTube. Five years later the figures are nearly reversed with 31% of weekly podcast consumers preferring YouTube and just 12% reporting Apple Podcasts as their most-used platform. 