Salem Media Group Q1 2024 Revenue Down 8.3%
The first quarter of 2024 brought in net revenue of $58.6 million, a decline of 8.3% from the same period in 2023 for Salem Media Group. The company’s broadcast revenue fell 4.6% to $46 million, while its digital media revenue rose 1.9% to $10.7 million. The company reports a net loss of $5.1 million, basically the same as it reported in Q1 of 2023. Regarding its revenue,
Salem states, “Revenue growth from the sale of broadcast airtime is negatively impacted by audiences spending less time commuting, certain automobile manufacturers removing AM radio signals, increases in other forms of content distribution, and decreases in the length of time spent listening to broadcast radio as compared to audio streaming services, podcasts, and satellite radio. These factors may lead advertisers to conclude that the effectiveness of radio has diminished. We continue to enhance our digital assets to complement our broadcast content. The increased use of smart speakers and other voice activated platforms that provide audiences with the ability to access AM and FM radio stations offers potential sources for radio broadcasters to reach audiences. Our broadcast advertising revenue is particularly dependent on advertising from our Los Angeles and Dallas markets, which generated 15.3% and 18.4%, respectively, of our total net broadcast advertising revenue during the three-month period ended March 31, 2023, compared to 15.1% and 18.7%, respectively, of our total net broadcast advertising revenue during the three- month period ended March 31, 2024.”
Moberly, Missouri – including news/talk KWIX – have been let go and all programming is now syndicated. The same is being reported about the company’s stations in the Farmington/Festus, Missouri market that includes news/talk KJFF. KOMU-TV reports that Moberly market manager Bob Dakin would not comment on how many employees were let go but confirmed that all local programming – including news and sports – is being replaced by national content. 
hosted by FOX Business Network anchors and correspondents including Taylor Riggs, Kelly O’Grady and Lydia Hu. The company says the launch of the podcast follows the success of “The FOX News Rundown Podcast,” which saw over 35 million downloads in 2023, with over five million unique listeners according to Megaphone. “The FOX News Rundown Podcast” is also a syndicated morning show on over 100 FOX News Radio affiliate stations nationwide.
revenue was $102 million, down 5.5% from the same period a year ago. The company’s Digital Audio Group revenue was $239 million, up 7% over Q1 2023. Breaking that segment down, Digital (excluding Podcast) revenue was $148.3 million (up 1.2%), and Podcast revenue was $90.6 million (up 18%). iHeartMedia chairman and CEO Bob Pittman says, “We’re pleased to report our first quarter of year-over-year Adjusted EBITDA growth in five quarters, driven by the substantial sequential year-over-year improvement in the performance of all our segments: the Multiplatform Group, the Digital Audio Group, and the Audio and Media Services Group – with the Digital Audio Group hitting its best Q1 EBITDA margin ever. Additionally, our Q1 results were in line with our previously provided Adjusted EBITDA and Revenue guidance ranges. Although the marketplace continues to be dynamic, we continue to see meaningful opportunities for growth in our businesses and we remain confident in 2024 as a recovery year.”
-FM, Philadelphia “97.5 The Fanatic.” Egan posted confirmation of his exit on X, saying, “So last night I got laid off from the Fanatic. I figured it was coming when I heard there were cuts, & the writing was on the wall when I got moved to nights.” As Crossing Broad notes, “Egan was one of the longest-tenured employees remaining at the station. He began as an intern in 2011 and then became a street teamer and producer.” 
of $3.5 million for the same period in 2023, “primarily due to the $6 million gain on the sale of an investment in BMI holdings and lower interest expense.” Company CEO Caroline Beasley states, “Beasley continues to advance our core initiatives, which are focused on driving revenue and cash flow, including our digital transformation, revenue diversification and expense management initiatives. We expect digital to account for between 20% and 25% of total revenue in 2024, driven by the ongoing growth and success of our premium content creation and digital services. On the new business front, our dedicated sales teams are leveraging the tremendous audience reach and engagement of our platform to attract new advertisers. In summary, Beasley’s underlying fundamentals – mainly, our local audio and digital platforms and audience engagement – remain strong. We are proud of our teams’ steadfast commitment to delivering exceptional content and services to our listeners, advertisers, online users and sports fans, and remain confident that the actions we are taking to transform our company and strengthen our balance sheet, are laying the foundation for future growth and success.”
(5/11) airing from 10:00 am to 1:00 pm ET. Good Karma Brands founder Craig Karmazin comments, “We are so proud of the work Aaron and Emmett have put in to earn the opportunity for a new national show. Fans are familiar with their voices locally in Cleveland and nationally with their fill-in hosting work. They are a great representation of Good Karma Brands and Cleveland, and their contributions will continue to put the city on the national stage.” The program will also air on “ESPN Cleveland,” ESPNCleveland.com, TheLandOnDemand.com, and the ESPN and The Land on Demand apps. 
with Westwood One Sports. Eaby joined Westwood One as an editor after graduating from college in 1997. He has been an on-site producer for the NFL on Westwood One for 25 years, including 16 Super Bowls and 23 AFC/NFC Championship Games. Eaby has also served as an on-site producer for the network’s NCAA March Madness basketball tournament broadcasts for 23 years. WWO president and Cumulus EVP, corporate strategy & development Collin Jones says, “Our listeners, advertisers, and league partners turn to Westwood One Sports because we deliver consistently outstanding audio broadcasts. With Mike’s experience, passion, and vision, I’m confident he is the perfect person to quarterback Westwood One Sports into its next era.” 
Rogers and producing Olympic-specific episodes from some of iHeart’s existing podcasts. NBCU’s coverage on iHeartRadio’s channels is expected to include Team USA men’s and women’s basketball, soccer, and volleyball, as well as swimming, gymnastics, track & field, and more. iHeartMedia president of business development and strategic partnerships Michael Biondo comments, “We are thrilled to partner with NBCU on coverage of the Paris Olympics this summer and heighten the excitement around this year’s games. As the leading sports audio destination, it’s an honor to be able to provide our platform and our massive reach to bring further awareness and up-to-the minute coverage of NBCU’s broadcast of this year’s Olympics.”
moves of note for radio-related shows include FOX Audio Network’s “FOX News Hourly Update” rising four places to the #8 rank; The Daily Wire’s “The Ben Shapiro Show” falls two places to the #9 rank, and Cumulus Podcast Network’s “The Dan Bongino Show” steady at #10. 
“Walter has demonstrated the importance of the late-night talk radio with his Sunday night nationally syndicated program and has welcomed his listeners, who he refers to as ‘friends on the radio,’ to unpack their day-to-day lives. He’s made strides at ‘Talk Radio 1210 WPHT’ for a decade, and we’re ecstatic to finally bring his entertaining brand to the Delaware Valley five nights a week.” Sterling, who as Walter Sabo operates the Sabo Media Partners consultancy, comments, “Late-night radio is golden media time for a live program. It’s a one-on-one stage for lighter conversations, serving as morning drive for late-shift doctors, nurses, bus drivers, hotel managers, security staff and more. Thank you, David Yadgaroff, Greg Stocker, Jeff Sottolano and the incredible programming and engineering teams at Audacy. Over the years, I’ve made strong connections with Talk Radio 1210 WPHT listeners and look forward to building them as I join weeknights!”
determined that granting a limited waiver deferring its foreign ownership review to facilitate a licensee’s prompt emergence from bankruptcy is consistent with the Communications Act.” Further, Audacy says, “According to the MRC, Audacy is attempting to employ an ‘entirely new’ and ‘vague and undefined’ special warrant process’ to delay the Commission review of Audacy’s proposed foreign ownership until ‘sometime down the road’ when the company ‘may choose’ to file a petition for declaratory ruling seeking such review. This specious claim not only mischaracterizes the company’s waiver request detailed in the Application, but completely ignores longstanding precedent establishing the Commission-approved special warrant process used in a number of prior transactions to allow licensees to emerge from bankruptcy promptly, while affording the Commission sufficient opportunity to review foreign ownership issues post-emergence.” Separately, FCC Chairwoman Jessica Rosenworcel responded to Congressman Nicolas Langworthy (R-NY) and Congressman Chip Roy (R-TX), who both wrote to her implying that the Commission is not going through “its normal, statutorily required process” and voiced concern over Soros Fund Management’s acquisition of Audacy debt. Langworthy wrote that Audacy being “owned by a deeply partisan individual [George Soros], could have a fundamental impact on the nature of local radio and potentially silence political viewpoints.” Rosenworcel’s response indicates she believes the Commission is handling the matter appropriately, saying, “The Bureau staff will review the record and decide if the transfer is in the public interest pursuant to Section 310(d) of the Communications Act.”
rock WBCN-FM and then on sports talk WBZ-FM, “98.5 The Sports Hub,” will be back on the Boston airwaves “soon.” Shertenlieb exited WBZ-FM last November after his professional relationship with partner Fred Toucher fell apart and Toucher re-upped with Beasley to continue hosting the “98.5 The Sports Hub” morning show. Now, iHeartMedia cuts ties with the classic rock WZLX-FM, Boston morning team of Pete McKenzie and Heather Ford and installs “The Rich Shertenlieb Show.”
There is something about 40.
station for the past 17 years. He says, “This is truly a dream come true for me. We have recruited a new board of directors who are committed to work with us to make the station even stronger. WGSO Radio will continue to be independent, committed to free speech and opposed to censorship in any form. While our focus will always be the New Orleans area, we are proud to welcome listeners from around the country… Our station is an important part of our community and will continue to serve our region for many years to come. I look forward to serving in these new roles to ensure a bright future for WGSO Radio.” Crouere’s “Ringside Politics” will continue to air on the station from 7:00 am to 9:00 am and from 6:00 pm to 7:00 pm.
Conway and David Flouffe.” PodcastOne says that the weekly podcast – to debut on May 22 – will “go beyond the headlines and bylines driving the heated 2024 presidential race to offer expert opinions and perspectives in the most pivotal presidential campaign in American democratic history.” PodcastOne president and co-founder Kit Gray says, “Kellyanne and David are icons in the political landscape. Their intelligent delivery of data and facts, their dynamic presentation of opinions and strategy and their wealth of knowledge on what it takes to become the next President of the United States is a privilege and a thrill to listen to, and we at PodcastOne are excited to be able to bring this podcast to the public.”
and podcasts are all a part of what we do, so show us what you’ve got. The successful candidate will be responsible for all aspects of programming including scheduling content, coaching on-air staff, station and AM/FM cluster strategy, development of on-air/online promotions and generating associated revenue, oversight and content creation for digital extensions (including streams, websites and podcasts), and have a strong customer service approach towards listeners, staff, & sales. Additionally, the candidate will act as the program director for Legendary News Radio KKOB and KNML The Sports Animal. 
They seek someone who understands small-market, local radio and is willing to be involved in the community. Knowledge of radio automation software, Adobe audition, WordPress, and general computer experience is preferred. SRG offers paid vacation and great benefits including – health, vision, dental and 401K. Send your resume and demo! No phone calls. No voicetrack inquiries. Saga Communications of Iowa, LLC is an EOE. Kevin Tlam, Operations Manager, Spencer Radio Group, P.O. Box 260, Spencer, Iowa 51301 
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.”
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.