Cumulus Completes Successful Debt Exchange
As Cumulus Media Group announces its 2024 first quarter operating results today (5/3), it also reveals that it has refinanced its capital structure. Cumulus CEO Mary Berner states, “We are thrilled to have refinanced our capital structure to secure five-year maturities with favorable terms through a successful
debt exchange and ABL Facility upsize and extension. This is an excellent outcome for the company especially given the generally difficult financing environment for legacy media companies. Specifically, we extended maturities to 2029, reduced the principal amount of outstanding debt by approximately $33 million, obtained attractive interest rates, maintained a structure free of financial maintenance covenants, and increased capacity on our ABL Facility by 25%.” The Exchange Offer means approximately $325.7 million aggregate principal amount of the Issuer’s 6.750% Senior Secured First-Lien Notes due 2026 (the “Old Notes”) were tendered for new 8.000% Senior Secured First-Lien Notes due 2029 (the “New Notes”) issued by the Issuer. Following the expiration of the Exchange Offer and Term Loan Exchange Offer, approximately 96.8% of the aggregate principal amount of outstanding Old Notes and Old Term Loans on a combined basis, were tendered for exchange of New Notes and New Term Loans, respectively.
continues to weigh on advertisers. With the advertising environment still unsettled, these new terms (spelled out in the preceding story) provide us additional time and flexibility to execute against our key business priorities – accelerating digital growth, reducing fixed costs, and continuing to de-lever our balance sheet – each of which is foundational to our ability to build long-term shareholder value.” The company took a net loss of $14.2 million in Q1, but it was far less than the net loss of $21.5 million it reported in Q1 of 2023. Cumulus breaks out its revenue in segments and the total broadcast revenue for Q1 of 2024 was $139.7 million, down 5.6% from Q1 of 2023. Spot revenue was $90.5 million (down 7.3%) and network revenue was $49.2 million (down 2.3%). The company’s digital segment reports revenue of $34.5 million, up 7.3% over the first quarter of 2023.
the chief engineer for Cumulus Media in Fort Walton Beach and Pensacola, Florida. Beasley says Ringer will be responsible for transmitter and studio maintenance, troubleshooting and repairs of the market’s RF systems, maintaining and utilizing Wheatstone and WheatNet for audio routing and broadcasting, and other related duties. Ringer comments, “Having been raised in studios and transmitter sites, I feel that broadcast engineering is in my DNA. My father has been a broadcast engineer for more than 40 years and has taught me most of what I know. I credit him with instilling an unwavering work ethic in me as I watched him work tirelessly through my childhood years. I have been working in radio for more than 25 years and love every aspect of what I do.”
client, Yamanair Creative. James McDaniels moves up from his role as producer to production manager for the Yamanair Commercial Production Team. He will be responsible for assigning, producing, and coordinating spots for clients. Kyle 
Castellani is promoted from writer to head writer for the Yamanair Commercial Production Team. In his new role, Castellani will oversee copywriting and project management for the team. East Coast director of commercial production MJ Bloch says, “We are thrilled to have Kyle Castellani as Lead Writer. His creativity is unmatched, and we’re excited to see what the future brings. James McDaniels has been an amazing producer and voiceover artist for many decades. We are so delighted to have him on the Benztown team in this role. His talent and dedication to his craft are top notch.”
trip to the semifinals in the NCAA Tournament. GKB founder and CEO Craig Karmazin comments, “We are proud to introduce broader coverage of Badgers Volleyball and to create additional avenues for audience expansion. It is an exciting time, and our partnership with UW Athletics will present opportunities for a team that is proven to be best in class both on and off the court.” GKB market manager Greg Scalzo adds, “We are excited to build off of the already established UW Women’s Volleyball brand and enthusiasm surrounding women’s sports to deliver the ultimate listening experience for fans.”
the new magazine-style show, “The WORD on the Street,” on Saturdays from 12:00 noon to 1:00 pm. Audacy Greenville SVP and market manager Steve Sinicropi says, “I am thrilled to have Mike return to ‘News/Talk 98.9 WORD.’ Mike is part of the fabric of Greenville; he connects with our audience and will be a terrific advocate for our advertisers. Having Mike and Joey onboard will enhance our incredible lineup and offer listeners live, locally connected talent.” Gallagher comments, “To return to the same station where I started my radio career 35 years ago is mind-blowing. I’m excited to reconnect with Upstate audiences and advertisers on this powerhouse brand. Having my dear friend Joey play a significant role in the show is the icing on the cake. Everyone knows the Upstate is home to me. So, who says you can’t go home again?” Hudson adds, “I’m ecstatic to join the team at this heritage station. It’s especially gratifying to join my longtime friend and mentor Mike as he makes his triumphant return to the Upstate. As a lifelong resident of the area, I’m fortunate to continue serving the community I love as part of The Voice of the Carolinas. Thank you to Steve Sinicropi, Mark Hendrix and the 98.9 WORD family for welcoming me back to the airwaves.” As part of the changes, “Straight Talk with Bill Frady,” now airs from 12:00 pm to 3:00 pm.
daypart, starting Monday (5/6). KLIF program director Bruce Collins says, “We are extremely excited to add Brian Kilmeade to the 570 KLIF-AM/96.3 FM-HD2 weekday radio lineup, especially as we head into the election season. Brian will be talking each day to the movers and shakers in the political world, keeping DFW up to date. Together with Sean Hannity weekday afternoons from 4:00 pm to 7:00 pm, we have the national political scene more than covered.” Kilmeade comments, “I am thrilled to be joining a great station with a rich history like KLIF and enter the fourth biggest market in the country. I’m honored to be a part of this first-class lineup right in the middle of this historic election season, and in short order will be in Dallas to meet all the listeners in person!”
(R-VA) will lead the investigation. They say, “NPR is entrusted with Americans’ hard-earned tax dollars. Serious allegations from a then-senior editor who spent decades at NPR reveal NPR engages in viewpoint discrimination and ideological bias that caters to a narrow, leftwing audience. From dismissing all debate over the origins of the COVID-19 pandemic to statistics about NPR’s editorial staff significantly skewing to the Democratic party, these allegations are deeply troubling and merit congressional investigation. This hearing will provide Members an opportunity to question NPR’s leadership directly about concerns we’re hearing from our constituents across the nation.” NPR president and CEO Katherine Maher is invited to testify.
after being diagnosed with kidney cancer, worked in the radio industry for 40 years – almost 20 of those years as morning host for WJBC. WJBC states, “Laughlin was a longtime supporter of the Salvation Army, volunteering each year to ring bells and help raise money for the Bloomington non-profit. That included the ‘Cubs vs. Cards’ challenge with his good friend Gary Morefield – and the ‘Scott vs. Scott’ challenge alongside WJBC’s Scott Miller. Last year, the Salvation Army created the ‘Scott Laughlin Spirit Award’ to honor its top fundraisers through the annual red kettle campaign.” Laughlin is survived by his wife Lori.
resources, and encourage people to prioritize their mental well-being. “I’m Listening,” Audacy’s flagship program created on the belief that the power of talk saves lives, is continuously committed to delivering more mental health conversations, resources, and pathways to help over 200 million listeners. The company says, “We are trusted companions and loyal friends to our listeners. We know the power of talk saves lives. We meet people where they are and assure them it’s okay to not be okay. Each year, Audacy activates ‘I’m Listening’ through national campaigns featuring artists, celebrities, and athletes who share their experiences with mental health. Partnering with the American Foundation for Suicide Prevention (AFSP), these events help raise awareness and support of issues that we all face in our daily lives. This year’s broadcast will air on Wednesday, September 25 from 7:00 pm to 9:00 pm.” 
National Association of Broadcasters. She said, “AM Radio is important to communities across the country not only because it is a cultural, news and sports oasis that educates the public, but also because it is a resilient lifeline during public safety emergencies. To put it as simply as I can, the foremost reason that Congress should care about AM radio is that it is a lifesaver. No other communications medium has the reach or resiliency of AM radio. A single station can be heard as far as 700 miles away. The signal cuts through buildings and mountains. In remote areas where no cell signal or FM station can be found, AM 
is there. When the power goes out, radio stations can still be found on battery or crank radios, or in your car.” She argued that cell phone notifications alone in emergency situations are unreliable as power outages can affect cell service. 
Arkansas; WUVS-LP, Muskegon, Michigan; WVBH-LP, Benton Harbor, Michigan; WUMO-FM, Montgomery, Alabama; WMIS-AM, Natchez, Mississippi, and KBWC-FM, Marshall, Texas. Tavis Smiley says, “The show’s expansion into media markets across the United States, including heritage stations in key battleground states like Michigan and Wisconsin, represents the continuation of our vision for this innovative, unapologetically progressive programming. We will continue to provide our growing listener base with enlightening and empowering programming geared toward African Americans and other citizens of color, and we will cover topics that other radio shows are too timid to discuss.”
subscriptions to Pandora Plus and Pandora Premium services fell by 64,000. During the analyst conference call, SiriusXM CEO Jennifer Witz admitted that the focus on the company’s new streaming app has been disruptive, but she says they feel good about their goal of getting new, younger subscribers for the streaming-only service. “We are confident that our app platform relaunch and the product improvements coming in the car are putting us on the right path.” She says in a press release, “We have significantly stepped-up the pace of experimentation and innovation, a critical lever in our mission to deliver improved subscriber performance while maintaining a disciplined approach to spending in our focus on profitability.”
airchecks, and salary requirements to the address below. The company also seeks an on-air talent and programming assistant to be a part of the Lite Rock 95.9, Rock 93.7, 106.9 Kicks Country, News Talk 94.1, 93-3 The Dawg, Sports Radio 104.7, 101.9 / AM 920 WLIV, 96-9 Hwy 111 Country team. Send your resume. Send an aircheck. Send two sentences describing your goal in work and why this job interests you. You must do all three. And finally, Stonecom is seeking a graphic artist who designs clean, attention-getting logos, posters, mailers and web graphics. A great opportunity to supplement your income, add additional clients to your growing repertoire, or work from home. Send at least five examples of your work – along with your resume. Reply to: Stonecom, Attn: Human Resources, 1 Stonecom Way, Cookeville, TN 38501 Or email 
posted on X: “Some personal news to share. After 26 yrs at WBZ Radio, I’ve been let go due to corporate budget cuts. Quite the shock, but I’m taking some time for me, & spending lots of qt w/my pets. They love having me home & honestly, I don’t miss the hellish Boston commute…. I’m taking time to decide what I want to do next, but in meantime, I want to thank all the ppl I’ve interviewed over the years, esp the everyday folks who welcomed me into their homes as if I were family. Thank you for trusting me w/your stories. It’s been an absolute honor!”
top of these trends when developing cross-channel media strategies. That’s why we created The Record – a quarterly look at how U.S. audiences spend their time with audio. An important tool 
for advertisers, artists, broadcasters, and podcasters alike, The Record offers a unique view of time spent with ad-supported content. The total use of audio is significant – Americans spend more than four hours with audio every day – and it’s important to view it from multiple lenses. Consumers give nearly 70% of their daily ad-supported audio time to radio, 20% to podcasts and the rest to streaming audio (music services) or satellite radio (select channels). Data from the first quarter of 2024 indicates that (for over-the-air and streaming combined), by format news/talk was tops with the 35+ demographic with a 12.3 share of total audience and was also first in persons 18+ with a 10.8 share of total audience. 
Effect Podcast Network’s top talent for a day of live podcast recordings from the network’s most popular shows including: “Carefully Reckless with Jess Hilarious,” “WHOREible Decisions,” “Black Tech, Green Money” and “Deeply Well with Devi Brown,” featuring special guests John Hope Bryant and Dr. Joy Harden-Bradford. The festival also featured special live recordings of hit shows “Pour Minds,” “The Baller Alert Show” and guests Wallo267 and Gillie Da King. Additionally, the event included the panel discussions “Podcasting 102: Money and Marketing” and “Content Authenticity x Brand Partnerships.”
station after retiring from Cumulus Media’s crosstown sports talker KTCK-AM/FM “The Ticket” tells the Observer that he and castmates Julie Dobbs and Jeff Cavanaugh were let go on Friday (4/26). Rhyner says, “I could be standing at the New Mexico border and still see this coming. It’s a feeling that I and plenty of others at the station had been getting for some time now. iHeartRadio is a music company that really doesn’t do that much talk radio, and the talk radio they do is not local or locally originated, and they got caught into something [97.1 The Freak] they didn’t know anything about, and they were kind of overwhelmed by it, and they decided that ‘this is not our bag.’” Whitt’s Athlon story noted that “lagging ratings” and the talent expense [high overhead] had the station in corporate’s fiscal sights. 
over for Greg Olsen alongside play-by-play announcer Kevin Burkhardt. Francesa is quoted saying that Brady obviously has a deep knowledge of the game but he believes Brady will struggle. “I don’t think his personality is such. I don’t think he’s going to be great at it. I really don’t. I think there’s a unique quality that you have to bring that allows you as an analyst to see the game, see the game quickly, plus bring personality into it. It’s a tricky job for the analyst in football because you’re going to spend a lot of time over replay. You’re going to spend a lot of time breaking down what happens on replay. And you also have to be very personable and glib in how you do it. I don’t see him there.” 
