The most discussed stories yesterday (4/22) on news/talk radio and related talk media according to TALKERS research:
1. Trump’s Trade War/Powell Status
2. Pope Francis Death
3. Hegseth Criticism
4. State Dept. Reorganization
5. “60 Minutes” Boss Quits
The most discussed stories yesterday (4/21) on news/talk radio and related talk media according to TALKERS research:
1. Pope Francis Dies
2. Tariffs/U.S.-China Trade War
3. Trump vs Fed / The Economy
4. Pete Hegseth Signal Controversies
5. Google Anti-Trust Ruling
The most discussed stories over the weekend on news/talk radio and related talk media according to TALKERS research:
1. Abrego Garcia Deportation Case
2. Google Anti-Trust Ruling
3. Hegseth Signal Chat Controversy
4. Tariffs / U.S.-China Trade War
5. Financial Markets Activity
Lotus Communications is seeking an enthusiastic, highly motivated radio and digital account executive. The company says, “We are looking for someone who can connect with clients and help them achieve
their business objectives through effective broadcast and digital advertising. The ideal candidate will possess excellent communication skills, have an enthusiastic and outgoing personality, along with a drive to succeed. Most importantly, we are looking for hard-working salespeople who want to have FUN at work, make money, and help local businesses grow.” See more about this position and apply here.
Here are the most talked about stories of the past week (4/14-18) on news/talk radio and related talk media according to TALKERS:
Stories
1. Abrego Garcia Deportation Case/Judge Threatens Contempt Charges
2. Trump vs Harvard
3. Tariffs / U.S.-China Trade War / Powell Speech
4. Meta Anti-Trust Case
5. FCC’s Carr Threatens Comcast / Trump’s 60 Minutes Criticism
6. DOGE
7. U.S. – Iran Nuclear Talks
8. Russia – Ukraine War / Israel-Gaza War
9. Bernie Sanders-AOC Rallies
10.RFK Jr Promises Autism Cause
People
1. Donald Trump
2. Kilmar Abrego Garcia/Nayib Bukele
3. Alan Garber
4. Pam Bondi
5. Jerome Powell / Xi Jinping
6. Mark Zuckerberg / Elon Musk
7. Brendan Carr
8. Vladimir Putin / Volodymyr Zelensky
9. Bernie Sanders / AOC
10.RFK Jr
To see the full TALKERS Stories, Topics, and People Charts, please click HERE.
The most discussed stories yesterday (4/16) on news/talk radio and related talk media according to TALKERS research:
1. Trump vs Harvard
2. Abrego Garcia Deportation Case/Judge Threaten Contempt Charges
3. Trump Tariffs/Jerome Powell Speech
4. FCC Chair Attacks Comcast Over News Coverage
5. RFK Jr. Promises Autism Cause
Katz Media Group promotes PJ Stack to vice president of political sales and Kevin McTigue to director of
political sales for their Katz Digital Video division. The promotions are effective immediately. The company says these leadership moves reflect Katz’s continued 
investment in delivering strategic, results-driven solutions for political advertisers through both linear and digital media. Katz Media Group CEO Mark Gray states, “Katz has built the most experienced and trusted political sales team in the industry. With deep-rooted expertise across both broadcast and digital, our team delivers unmatched scale, strategy, and results for political advertisers. As the landscape continues to evolve, Katz remains the go-to partner for campaigns looking to connect with voters in meaningful and measurable ways.”
The most discussed stories yesterday (4/15) on news/talk radio and related talk media according to TALKERS research:
1. Abrego Garcia Deportation Case
2. Harvard Refuses Trump Demands
3. Trump Tariffs/Financial Markets Activity
4. FTC’s Anti-Trust Case Against Meta
5. Joe Biden’s Public Comments on Trump
Salem Media Group announces multi-dimensional deal that it says not only adds two of the most influential voices in American media, Donald Trump Jr. and Lara Trump, but launches the company into an entirely new era of scale, relevance, and cultural power. As part of the deal, Salem acquires a 30% stake in MxM News, a mobile news aggregation app co-owned by Trump Jr., and enters into a longterm services
agreement under which Trump Jr. and Salem will work together to develop a series of high-impact promotional and growth initiatives. At the same time, Salem enters into a strategic agreement with Lara Trump to collaborate on business growth in the digital podcast space, advertiser partnerships, and content innovation. Both Trumps become significant stakeholders in Salem Media. Salem CEO David Santrella states, “These aren’t just partnerships, they’re power moves. Donald Trump Jr. and Lara Trump bring credibility, energy, and the kind of megaphone that moves markets and shapes public opinion. Their alignment with Salem signals a massive leap forward in our ability to lead the next era of conservative media. Donald Trump Jr. and Lara Trump aren’t just becoming business partners with Salem, they now also have significant ownership stakes in the company with a major incentive to grow shareholder value which in turn will drive the stock price. It’s definitely an exciting time to be a Salem shareholder.”
The most discussed stories yesterday (4/14) on news/talk radio and related talk media according to TALKERS research:
1. Abrego Garcia Deportation Case
2. Trump Tariffs/Financial Markets Stabilize
3. Trump vs Harvard
4. FTC’s Anti-Trust Case Against Meta
5. Trump Angered by “60 Minutes” / AP Blocked from White House Presser
Salem Radio Network nationally syndicated talk host Hugh Hewitt joins FOX News as a contributor.
Hewitt announced the news on Friday and made his first appearance on FOX News Channel on “Special Report With Bret Baier.” In this role, Hewitt will appear across all FOX News Media platforms. In addition to his radio work for Salem, Hewitt was also most recently a columnist with the Washington Post, a role he resigned from last November.
The most discussed stories over the weekend on news/talk radio and related talk media according to TALKERS research:
1. Trump Trade War/Financial Markets Activity
2. Deportations & Detentions
3. GOP Mega-Bill
4. Meta Anti-Trust Case
5. Pennsylvania Governor’s Mansion Arson
Season 11 of Katie Couric Podcast Debuts. iHeartMedia announces season 11 of the podcast, “Next Question with Katie Couric.” In this podcast, Couric talks with politicians, DC insiders, and journalists to uncover what’s worth attention (and what’s not). In the first episode, Couric speaks with journalist, documentary filmmaker, and best-selling author Chris Whipple, whose latest book “Uncharted” captures the human drama behind the 2024 election.
Irby Promoted at Baltimore Public Media. The corporation that operates non-commercial outlets WTMD and WYPR in Baltimore announces Danyell Irby is promoted to chief of content for both stations. Most recently, Irby served as executive director of news at WYPR, joining the organization’s leadership team in April 2020. Prior to that, she held multiple editorial and leadership roles at NPR, including anchor, editor, and senior supervising producer of newscasts.
Here are the most talked about stories of the past week (4/7-11) on news/talk radio and related talk media according to TALKERS:
Stories
1. Trump Tariffs/U.S. vs China
2. Financial Markets Activity/Recession Fears
3. Deportations- Detentions-Visa Revocations
4. SCOTUS Gangsters Ruling
5. DOGE/Universities Funding Freeze
6. U.S.-Iran Nuclear Talks
7. Russia-Ukraine War/Israel-Gaza War
8. Bernie Sanders Rallies-CNN Town Hall-“Hands Off” Protests
9. HHS Job Cuts/Health Care/Vaccines
10.Severe Weather in Mid-South/NCAA Hoops Championships
People
1. Donald Trump
2. J.D. Vance
3. Elon Musk
4. Howard Lutnick / Scott Bessent
5. Xi Jinping
6. Benjamin Netanyahu
7. Vladimir Putin
8. Kilmar Abrego Garcia
9. RFK Jr.
10.Karoline Leavitt
To see the full TALKERS Stories, Topics, and People Charts, please click HERE.
Changes are afoot at KFNS-AM, St. Louis. “FOX 2” St Louis is reporting that Zobrist Media has found a buyer for the station licensed to Wood River, Illinois that’s been airing sports talk for much of the past three decades. Big Toe Media has reportedly agreed to acquire the station and will assume control over its
operations via a local management agreement, though a format change it in the works. Big Toe Media’s president and director of sales Dave Greene tells FOX 2, “I was attempting to sell it on Dave Zobrist’s behalf and got very close with one person and had several others interested. When the strong lead didn’t work out, we were able to work out a very favorable deal for both sides.” Regarding the format, Geene says, “The idea of one singular topic for content is outdated. We will talk about what St. Louis talks about, which includes plenty of sports but also local news, culture, food, business, events and more.” FOX 2 notes that Greene is “closely involved with the leadership team” of Sports Hub STL, a digital sports network producing content from local personalities, most of whom have worked in St. Louis sports radio at some point over the years. See the FOX2 St. Louis story here.
Edison Research says that according to Q1 2025 data from its ongoing Share of Ear study the U.S. population 13+ spends most of its daily audio time with ad-supported audio sources (64%) compared to ad-free audio sources (36%). Ad-supported sources include AM/FM radio and radio streams, music on
YouTube with ads, SiriusXM talk channels, free versions of streaming audio sources, and podcasts. Breaking it down demographically, time spent with ad-supported sources is highest among Americans age 55+, with 75% of their audio time spent with ad-supported audio. While the 18-34 demographic spends the majority of its audio time with ad-supported audio sources, 46% of its listening time is spent with ad-free audio. Edison says, “The strength of ad-free audio with this age group is not surprising considering that younger Americans spend more time on platforms that make removing advertisements easy and not terribly expensive, such as Spotify and YouTube.”
The most discussed stories yesterday (4/9) on news/talk radio and related talk media according to TALKERS research:
1. Trump Pauses Most Tariffs/U.S. vs China
2. Financial Markets Reactions
3. Deportations & Detentions/Trump Orders Investigation of Critics
4. Bernie Sanders Rallies-CNN Town Hall
5. U.S.-Iran Nuclear Talks
By Holland Cooke
Consultant
These conventions used to be about making-the-most-of those towers behind radio stations that played in several rooms at home and occupied two knobs and six buttons in the dashboard. Back to the future…
“Take every available opportunity to connect with audiences.”
Longtime programmer turned podcaster Buzz Knight moderated the session, “Cross-Platform Content Wins – Radio and Podcast Success Stories.” And here’s one now, a radio news guy I’d like to clone, WBZ-AM, Boston’s Matt Shearer, the next-gen’ talent whose skill set and perspective yields the sort of content that takes radio beyond those towers.
Shearer told us he “had been making video from my radio pieces. Now, I’m making radio from my video.” Whereupon Alpha Media EVP of content Phil Becker urged broadcasters to “focus on THAT they use you, not WHERE they use you.” And noting that – as “streaming services have divided audiences” – South Carolina Public Radio director Sean Birch recognizes that “We have to hit a bunch of audiences all at once.”
Common thread in panelists’ remarks: Broadcast and podcast listeners “are very different audiences;” and “we have to be where people are.” Still, revenue stacks-up in two piles: broadcast bucks and digital dimes. And Hubbard Radio EVP/programming Greg Strassell reckons, “Any engagement you do is an opportunity to promote the mothership.” Hubbard’s WTOP, Washington simulcasts its on-air programming via YouTube, and Greg says average Time Spend Listening there is 17 minutes.
“Using Social Media to Develop Community”
In this session, Beasley Media Group’s Dave Snyder recommends a Basic Success Framework:
— Understand your community. Rather than thinking platform (“We need to be on TikTok”), limit your reach to platforms that offer the most engagement potential. “Not all platforms will be a fit for your content.”
— Set your goals. What does success look like? Gauge value by engagement counts like Comments and Likes, rather than mere Views.
— Be authentic. Build brand guidelines, and have a moderation policy, and a style/tone guide. AI is a useful tool, “but it’s not authentic.”
Develop Engagement. Social media gives broadcasters a unique potential to:
— Share a behind-the-scenes view as content is created, “how the sausage is made,” giving your community a different perspective.
— Expose the community to content creators’ personalities. Building community is only possible if people feel like they actually “know” you.
— Interact with the audience. “Community building can’t just be about pushing content. Engagement flows two ways.”
Keep it going. “Once you have your Framework and Content plan, then comes the hard part.”
— “Consistency and cadence is probably the most important part of growing a consistently engaged community.”
— “Use ‘the whole buffalo.’ Optimize your content for cross-platform use.”
— Use analytics to “build on what works and chuck what doesn’t.”
Holland Cooke (HollandCooke.com) is a consultant working the intersection of broadcasting and the Internet. Follow HC on Twitter @HollandCooke and connect on LinkedIn
The most discussed stories yesterday (4/8) on news/talk radio and related talk media according to TALKERS research:
1. Trump Trade War/Markets Reactions/Recession Fears
2. University Funding Freeze
3. U.S.-Iran Nuclear Talks
4. SCOTUS Venezuelan Migrants Ruling
5. Russia-Ukraine War/Israel-Gaza War
The most discussed stories yesterday (4/7) on news/talk radio and related talk media according to TALKERS research:
1. Trump Trade War/Markets Downturn
2. Alien Enemies Act Ruling/Student Visas Revoked
3. Netanyahu-Trump Meeting
4. U.S.-Iran Nuclear Talks
5. Russia-Ukraine War
By Holland Cooke
Consultant
Hello from Las Vegas, ever-changing yet timeless. Here this week the NAB Show is “Powering the Next Era of Storytelling.” And it’s about time. While there is now a filibuster-proof U.S. Senate majority to require that cars include AM receivers, some AM stations are being shut off. Over the weekend millions took to the streets and this morning Wall Street braced for more. So, the vibe here is positively rejuvenating.
“If you’re here, you’ve already defied the odds.”
National Association of Broadcasters president & CEO Curtis LeGeyt congratulated attendees at a perennial event that – on its own – paid for the trip, the NAB Show Small and Medium Market Radio Forum. As big corporate owners make big trade press headlines in big markets, the mojo in the minor leagues is downright invigorating.
Picture speed-dating for great ideas. The room is set up with roundtables. Each half-hour, attendees share what’s working back home, then rotate. Table topics included, “The Secret to Radio’s Digital Ad Success is Being Local First,” and “Podcasting Strategies for Radio,” and “Monetizing High School Sports,” and there were heartwarming stories about “Developing Your Community with Events and Social Media.” And, yes, THE most popular table – to which participants dragged chairs from elsewhere: “AI’s Use Throughout Your Station.”
Did you know that May is National Small Business Month? And National Small Business Week is May 4 to 10? Plan now to do what these plucky broadcasters shared ideas for doing: Use your broadcast and digital assets and your local engagement to, in NAB Show speak: “Unlock the Power of the Creator Economy.”
“A connection on LinkedIn is worth a hundred on Instagram.”
As corporate cost cuts continue, I’ve been collecting and sharing opportunities. In a recent column here, I described 18 non-radio career options for which your skill set as a broadcaster could qualify you. And in last week’s column I recommended and demonstrated some valuable and FREE tools.
Now – courtesy of ThinkTAP’s Richard Harrington – a road map for selling your services. Here’s the deck from his super-useful session “Working with Brands: How to Get Your Foot in the Door and Stay There.” And don’t let the term “brands” scare you. Think local businesses.
Sampler:
— Your prospects crave the sort of engagement that successful on-air people have accomplished. “Build your Email list!” Harrington urges.
— Then, take every opportunity to engage. Important: “Reply to people who replied” to something you have posted. “Such a small percentage do reply that this makes their day.”
— “Do what you can to pull audience into a place you can control.” Anyone working in the industry we used to call “radio” now needs to be facile with social media and podcasting and video. So, use those skills and tools to “create content that can be used by the brand.”
— Especially opportune: demonstrate how to use what your client sells.
New to selling your services? Generous with his experience, Harrington’s deck will suggest lots of transactional technique.
Our industry, like ‘Vegas, is ever-changing yet timeless.
Holland Cooke (HollandCooke.com) is a consultant working the intersection of broadcasting and the Internet. Follow HC on Twitter @HollandCooke and connect on LinkedIn
The most discussed stories over the weekend on news/talk radio and related talk media according to TALKERS research:
1. Trump Trade War/Markets Tumble
2. Weekend “Hands Off” Protests
3. Deportations/Detentions
4. DOGE/Elon Musk
5. Russia-Ukraine War/Israel-Gaza War
Here are the most talked about stories of the past week (3/31-4/4) on news/talk radio and related talk media according to TALKERS:
Stories
1. Donald Trump’s Trade War
2. The Economy-Jobs-Inflation
3. Wisconsin & Florida Elections Aftermath
4. Musk-DOGE Activities / Tesla Under Attack
5. Israel-Hamas War / Russia-Ukraine War
6. HHS Job Cuts / Health Care / Vaccines
7. Trump vs Judiciary
8. Big Tech / Misinformation / Censorship
9. Tornadoes-Severe Weather / Myanmar Earthquake
10.March Madness / MLB Season Opens
People
1. Donald Trump
2. Elon Musk
3. J.D. Vance
4. Howard Lutnick / Scott Bessent
5. Mike Waltz / Pete Hegseth
6. Benjamin Netanyahu
7. Vladimir Putin
8. Volodymyr Zelensky
9. RFK Jr.
10. Karoline Leavitt
To see the full TALKERS Stories, Topics, and People Charts, please click HERE.
Regular TALKERS readers and talk media industry watchers probably know that news/talk KSEV-AM, Houston owner Dan Patrick is also the Texas Lieutenant Governor. In fact, Patrick gave up his daily regular talk show to take on the lieutenant governor role. But that doesn’t prevent the veteran broadcaster
from using his radio and TV skills to raise awareness of issues that are important to him. In a piece by KPRC-TV, Houston, Patrick’s efforts to draw attention to courier service lottery sales and legal marijuana in Texas via “amateur investigative-style videos” are highlighted. Patrick tells the station that his efforts are just for the sake of theatrics. “It’s not theatrics to say, ‘look at me.’ It’s theatrics to tell a story, so that people can connect with what we’re doing here and why we’re doing it.” He adds that most people are busy and don’t pay attention to the day-to-day goings-on at the state capitol. “Our job is to break through that.” See the entire piece here.
The most discussed stories yesterday (4/2) on news/talk radio and related talk media according to TALKERS research:
1. Trump’s Trade War/Markets React
2. Wisconsin & Florida Elections Aftermath
3. Deportations & Detentions
4. Russia-Ukraine War
5. Tornadoes & Severe Weather
Triton Digital announces that it is adding survey-based listener rankings to the existing U.S. Podcast Ranker to “provide a holistic view of podcast consumption.” The company says the current U.S. Podcast Ranker based on downloads will continue to be issued monthly, for publishers using Triton Digital’s IAB-certified measurement services. It will be supplemented with a quarterly ranking of the podcasts with the
most listeners, based on a nationally representative survey that includes all publishers and podcasts. Triton Digital’s Demos+ audience profiles will also be added to the ranker, which lists the podcasts that most efficiently reach advertisers’ desired audiences, such as various demographic, socio-economic, lifestyle, and purchase intent segments. Triton SVP of measurement & analytics Daryl Battaglia says, “The combination of census-level download measurement blended with survey measurement provides the most comprehensive understanding of podcast audiences and their consumption habits. By adopting new methods to measure audiences and augmenting our current tools, we are enriching the podcast information available to advertisers so they can feel confident in reaching their target audiences.”
The most discussed stories yesterday (4/1) on news/talk radio and related talk media according to TALKERS research:
1. Today’s “Liberation Day” Tariffs Announcement
2. Wisconsin & Florida Special Elections
3. Sen. Cory Booker Speech
4. Iran-Russia-U.S. Nukes Tensions
5. Trump Third Term Questions
The most discussed stories yesterday (3/31) on news/talk radio and related talk media according to TALKERS research:
1. Trump’s Trade War
2. Wisconsin & Florida Elections
3. DOGE/Federal Health Agencies Cuts
4. Trump Third Term
5. Russia-Ukraine War/Trump-Putin Relationship
By Holland Cooke
Consultant
Corporate cost cuts continue. In a recent column here, I described 18 non-radio career options for which your skill set as a broadcaster could qualify you. In just the last couple years, several longtime TV news people I know – who had-it-up-to-here with the hours – reinvented themselves accordingly.
“But radio is all I’ve ever done!” you say? No. Radio is (or was) your platform. And – as clients are accustomed to hearing me say – “Everything we do is storytelling.” So where else can you tell yours?
Tools are available, many free. To illustrate, I wrote a novella (shorter than a novel, longer than a short story). It’s the first fiction I’ve written since a high school homework assignment, and you can download it, also free.
I had an idea for a John Grisham/James Patterson-style thriller. ChatGPT and MS Copilot were my co-authors, suggesting plot twists and critiquing, chapter-by-chapter. After ChatGPT reviewed each one, I ran it through Copilot – like having a team of writers. Both AI tools also created the images you will see on the landing page. Tell either app how you want your web page to look, and it will write the HTML code! And Google Search helped with details.
Every one of those functions was completed in five seconds or less, free. As is Audacity, if you’d rather not spend for your own copy of the Adobe Audition you use (or used) at the radio station. And before you subscribe to Microsoft Office 365, peruse the suite of lookalike tools at OpenOffice.org. Video? Premiere Pro is pricey, but Adobe Express is free and there are shareware alternatives.
Seen those TV ads TikTok is running to stave-off a USA ban? Storytellers share how they’re making a living there. Could you?
I hope you like my story. But even if you don’t, I hope you will experiment with new ways to tell yours. I’m not saying any of us will write a best-selling novel. But if you do, you can also voice the audiobook version.
Now, grab the armrest, for chilling intrigue, and a damning narrative about the corporate consolidation that plagues broadcasting, set in the beguiling place where we live, populated by pseudonyms (including the author’s) which some will find thinly-veiled: http://getonthenet.com/TalkersPreview.html
That’s your sneak peek. It drops on April Fool’s Day.
Next week, I’ll be reporting here from The NAB Show in fabulous Las Vegas. If you’re going, wear comfortable shoes! But even if you do – and you plan on walking from where shuttle busses drop you off at the Convention Center to the West Hall where most radio and podcasting sessions will be – pack a lunch. It’s a hike!
Better idea: Let Elon Musk give you a free ride… UNDERGROUND, in “The Loop.” He has 100 Teslas zooming through what seems like a high-tech Batcave that his Boring Company is…boring. Here’s video I shot at CES: https://youtu.be/wqqQd9vZnM0
Holland Cooke (HollandCooke.com) is a consultant working the intersection of broadcasting and the Internet. Follow HC on Twitter @HollandCooke and connect on LinkedIn
Audacy promotes Leah Reis-Dennis to head of podcasts, in which she’ll lead content, partnerships, and marketing for Audacy’s slate of podcasts. Audacy chief business officer Chris Oliviero says, “Leah has
been instrumental in the growth and success of our podcast portfolio, and we’re honored to elevate her into this expanded leadership role. Her creativity and strategic vision will drive our continued investment in digital audio and podcasting, advancing our content strategy, deepening our partnerships and delivering a premium experience for listeners and innovative solutions for advertisers.” Reis-Dennis joined Audacy in 2022, most recently serving as vice president of podcast content strategy and business development.
The most discussed stories over the weekend on news/talk radio and related talk media according to TALKERS research:
1. Trump Tariffs and “Liberation Day”
2. Trump Third Term
3. Deportations & Detentions
4. Musk & Wisconsin Supreme Court Race
5. Le Pen Convicted of Embezzlement
In a filing with the Securities and Exchange Commission, Gate City Capital Management LLC revealed it is withdrawing its nominees to the board of Saga Communications as Saga requested. Founder and portfolio manager Michael Melby states, “The continued pursuit of our Nominees would not be in the best interest of Gate City or the Company’s shareholders at this time. Gate City appreciated the opportunity to
communicate directly with the Company’s management and directors regarding our views and concerns.” Gate City owns an almost 14% stake in Saga. Melby expresses Gate City’s concerns about Saga, saying, “Gate City’s decision to nominate directors was based on our belief that Saga was determined to pursue its Digital Transformation regardless of the negative impact the transformation could have on Saga’s profitability, cash flow, and share price. Our determination was made following careful analysis and nearly nine months of conversations with the Company’s senior leadership and Board. We repeatedly expressed our concerns 
that Saga lacked the expertise, and the competitive advantages required to succeed in the low-margin and highly competitive digital advertising space. The pursuit of the Digital Transformation would also divert time, attention, and resources away from the Saga’s core broadcast business, where Saga has competitive advantages and earns high incremental margins. Saga also failed to provide investors with any meaningful financial targets or metrics associated with the Digital Transformation including expectations for incremental revenues, costs, margins, and return on investment. Our recommendation that Saga partner with a digitally-savvy company with the capability and experience to execute Saga’s digital strategy without the added costs and risks associated with the transformation was also dismissed.” Melby’s criticism of Saga Communications’ business strategy continues, “In 2024, the Company’s station operating income fell 23.1% year-over-year to $21.1 million, the Company’s operating income fell 79% year-over-year to $2.4 million, and the Company’s operating profit margin fell to 2.1% in 2024 from 10.2% in 2023, a decline of over 800 bps. To make matters worse, this deterioration in financial results occurred during a presidential election year, when Saga should benefit from elevated levels of political spending. Our concern that the pursuit of the Digital Transformation strategy could detract from the Company’s highly profitable broadcast business also appears prescient. On Saga’s Q4 2024 earnings call, the Company noted that it generated $3.3 million in political revenue in 2024. Saga’s 2024 political advertising revenue declined 52% from the $6.9 million generated in 2020 (the last presidential election year) and also fell from the $3.6 million generated in the 2022 midterm election year. The Company’s two largest stations by revenue are located in the battleground states of Ohio and Wisconsin, calling into question the Company’s explanation that Saga’s stations were not in the correct markets. In addition to posting poor financial results, on March 18, 2025, Saga issued a financial filing stating that the Company would be unable to file its 10-K annual report in a timely fashion. This filing further highlights the potential challenges faced by the Company in executing the Digital Transformation.” You can find the full text of Gate City’s filing with the SEC here.