SABO SEZ: Look at the Actual Numbers
By Walter Sabo
A.K.A Walter Sterling
Host, The Other Side of Midnight
WABC, New York / Red Apple Audio Networks
Billionaires make predominantly good investments, which is why they are billionaires.
John Malone saved Sirius with a $500 million investment just days from the company missing payroll. He remains the controlling shareholder.
Warren Buffett just made a significant investment in highly profitable SiriusXM.
George Soros owns Audacy. Audacy’s robust list of major market radio stations are jewels that require a better financial structure. Soros Fund Management bought $400,000,000 of the company’s debt and controlling ownership. Note that Soros now owns all but one of the country’s all-news stations.
Apollo Advisor’s billionaire CEO Marc Rowan – a former candidate for Secretary of the U.S. Treasury – owns Cox Radio and Television. Apollo was an original investor in Sirius.
John Catsimatidis wrote a check for WABC-AM and is buying more properties. Radio properties. Cats owns an oil refinery, land, and the Gristedes supermarket chain, but his focus is on WABC Radio.
The health of radio? The future? Those sharp investors, brutal businesspeople, determine the business future of radio, and they are apparently very optimistic!
Failing industries don’t expand
In 1970, there were 2,126 commercial stations in the U.S.
Today there are:
- AM stations: 4,342
- FM commercial stations: 6,589
- FM noncommercial (educational) stations: 4,755
Sell the biggest number
Cable channels are investor valued by “Homes Passed.” Not audience or cash flow. How many people who can see the programming rather than how many people actually see the programming. Now apply that logic to radio station values.
BILLBOARDS sell impressions. Impressions represent the total number of people who could potentially see a billboard ad. That is the biggest number by which billboard can be measured, so that’s what they sell.
DIRECT MAIL is the number one local ad medium. It is data driven beyond your wildest dreams. Direct mail automation uses real-time signals and integrated data to deliver mail at the most meaningful point in the customer journey. For example, when someone abandons a shopping cart or repeatedly views a product online, you can design a programmatic mailing campaign to automatically send print pieces in response to that specific consumer behavior.
Rather than pushing the biggest, stable number – CUME – radio sells the smallest measurements. Radio’s 100+ years of success, astonishing outlet growth, 92% penetration of American homes, 65% daily population usage deserve has earned a much higher commercial unit price.
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 “The Other Side of Midnight” is heard on WABC, New York and the Red Apple Audio Network 1:00 am – 5:00 am. 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. He can be phoned at 646-678-1110.
Wayne Allyn Root” Saturdays at 12:00 noon for the past four years. The new show will be caller-based, something that Root says has rarely been done on television. He tells TALKERS he tested the caller-based model on a special show last month and received 21,000 calls. Root comments, “The people of America are angry, disillusioned, motivated, and intensely focused on national politics. They want to have their say. They want their ‘15 minutes of fame.’ This is their soapbox. Anyone and everyone will now get to talk with Wayne Allyn Root and give their opinions live on national TV.”
Awards from the National Association of Broadcasters, and eight Edward R. Murrow Awards from the Radio Television Digital News Association. In 2024, Jurgens was presented with The Pioneer Award from the North Dakota Broadcasters Association. He says about his decision to retire, “I’m getting to the point where I want to do something else. There’s a lot of things that happen – phone calls, texts in the middle of the night, so I think it’s just time.” The station says that while Jurgens is leaving KFGO in a full-time capacity, it is possible that he returns to the station on a part-time basis in the future. His replacement is expected to be announced today (5/28) on the Joel Heitkamp show.
music brands. iHeartMedia area president Matt Bell says, “Margie’s passion for this business, her commitment to the Mansfield and Marion communities and the relationships she built over nearly four decades have left an incredible mark on our company and everyone fortunate enough to work alongside her. She has been a trusted leader, mentor and advocate for both our employees and our partners, and her presence will truly be missed. We are deeply grateful for everything she has contributed to iHeartMedia and wish her nothing but happiness and success in this next chapter.” Reflecting on her career, Tasseff comments, “Spending 39 years with one employer is truly uncommon. I’m deeply proud of what we’ve built together over the years — from the friendships and partnerships to the impact we’ve made through local radio. I’ve been fortunate to grow professionally while working with outstanding colleagues and serving a community that has meant so much to me. These stations will always hold a special place in my heart.”
Mike Hulvey says, “Sabina’s leadership experience, industry knowledge and understanding of broadcasters and the local communities which they serve make her an outstanding addition to the RAB team. Her passion for helping media organizations grow and evolve will further strengthen the support, education and resources RAB provides to its members.” Widmann comments, “I’m excited to join RAB during such an important time for the industry. Radio and audio continue to play a vital role for our communities and advertisers. I look forward to working with RAB’s members and team to help provide meaningful resources, education and support that help broadcasters navigate continued change and growth.”
Radio for Every Vehicle Act in its surface transportation reauthorization package. We thank Chairmen Brett Guthrie and Gus Bilirakis and Ranking Member Frank Pallone for their continued leadership on this critical issue and for creating another path to pass this overwhelmingly bipartisan legislation. As lawmakers consider policies affecting America’s transportation infrastructure, ensuring continued access to AM radio in vehicles remains essential for public safety. Leaders on both sides of the aisle recognize AM radio’s unique and indispensable role in keeping Americans informed, especially in times of emergency. We appreciate the support of the Act’s nearly 380 House and Senate cosponsors and urge Congress to take swift action to advance this legislation into law.”
with those breaks filled by exclusive bonus segments, behind‑the‑scenes moments, extended discussions and original content – resulting in nearly three continuous hours of programming each day.” iHeartMedia chairman Bob Pittman comments, “The Breakfast Club has always been at the center of culture, breaking artists, shaping conversations, and reflecting real life in real time. Taking this show live every day to a global audience on Netflix is a powerful example of how we’re expanding the reach of our biggest brands while giving audiences entirely new ways to experience them. Whether it’s morning in NYC or the afternoon in London, the conversation is live and reaching the world in real time.”
Although I don’t have a machine to play it, I have saved the cart. December 9, 1980, the sad morning-after John Lennon died, Charles Osgood, doleful: “I read the news today. Oh boy.” That morning’s CBS World News Roundup – and on-hour newscasts throughout that day – delivered more moments that would keep you sitting in a parked car at your destination. As they would 3 months later when President Reagan was shot. Then soon again when Pope John Paul II was severely wounded in St. Peter’s Square. And five years yonder, when the Space Shuttle Challenger exploded just 73 seconds into its flight.
available to radio hosts and producers free of charge. Kaye says, “I built this for me. I needed a faster way to break down what the media was actually saying versus what they were leaving out. Then I showed it to a few people. Then a few more. And it hit me. Every American deserves this tool. Not just hosts. Not just journalists. Everyone.” Kaye says RightPen.ai’s signature feature is the trademark Red Pen Correction Tool, which marks up news articles and headlines the way an English teacher marks up a bad essay. Bias gets circled. Spin gets crossed out. Missing context gets added in. The corrections appear directly on the article itself. Hosts or producers interested can reach out to Mark Kaye at 
These are scary times. People on all sides of the mic are on the front lines. Not just “them,” otherwise referred to as the audience. We try to fool ourselves into thinking that society and civilization are relatively “safe.” However, simply being alive and stepping outside in the morning, turning on the computer, or checking the annoyingly smart phone, puts us smack dab in the middle of a war. Literally and figuratively. But like so much else in this modern era, this war lacks foundation.
broadcasting is at its best when it informs, connects and serves the community. Our goal is to provide timely, relevant information that keeps the Spokane-Coeur d’Alene metropolitan area well informed, whether it’s breaking news, traffic slowdowns, severe weather or the stories shaping our region each day.” Nelson adds, “After more than 25 years in Spokane broadcasting, I’ve seen how important live and local news is when people need it most. News Radio KBNW is built to be present at the start and end of every weekday, delivering reliable information people can depend on, along with engaging and entertaining talk programs the rest of the broadcast day.” The two say the news staff will consist of Steve Wilke, Joe Paisley, Erich Ebel and Scott Carlon. Talk programs will include: Dave Ramsey, Mike Gallagaher, Lars Larson, and Armstrong & Getty. 
May the Fourth be with you today, as DJs and talk hosts are bumping with Star Wars music. And with Mother’s Day looming, 
morning program on Cumulus Media’s WMAL-FM, Washington, DC. O’Connor also serves as editor of Salem’s Townhall.com. Salem says, “By aligning O’Connor’s leadership role at Townhall.com with his national radio and television presence – and his growing digital footprint – Salem is further strengthening its integrated, cross-platform content strategy. This move positions O’Connor at the forefront of conservative political discourse while reinforcing Salem Media’s role as a leading destination for news, commentary, and influential voices.” Salem SVP of content Phil Boyce adds, “Larry is the go-to media voice for the people shaping policy in our nation’s capital. He’s built a show insiders rely on and an audience that cares deeply about the direction of the country. We’re proud to 
expand that success across our national lineup, leading the conversation every morning across America.” O’Connor says, “We’re excited to bring ‘O’Connor & Company’ to a broader national audience while maintaining the strong foundation and audience connection the show has built in Washington. At the same time, we’re building the future of media across radio, streaming, and digital platforms with Townhall and the Salem News Channel. Salem’s integrated vision aligns perfectly with my work across platforms, including my daily streaming show “LARRY,” and makes this an incredibly exciting next chapter. I’m also thrilled that my longtime collaborator and executive producer Heather Hunter will continue with the program as we expand nationwide.”
University on Long Island. TALKERS publisher Michael Harrison states, “The selection of ‘Cats’ as keynoter is in keeping with one of the major themes of this year’s edition of the iconic industry event – radio, talk media, and entrepreneurism. John Catsimatidis is presently setting the greatest example of entrepreneurism at work in giving an injection of much needed energy, focus and life to the medium of radio.” Harrison will serve as facilitator of the presentation in a Q&A / interview style format – a role he has played before with the dynamic billionaire media, grocery, and energy mogul.
Catsimatidis will be joined by more than 60 speakers comprised of legendary industry figures as well as fresh faces and rising stars. A detailed agenda including speakers and schedule – a “who’s who” of industry luminaries – will be posted in TALKERS this coming Tuesday (4/28). See the link below for the names of all speakers booked to date.
Harrison continues, “This important conference will illuminate the forward path of the expanding talk media universe, including all aspects of digital communications from AI and podcasting to streaming networks. As has been its tradition, this latest TALKERS conference will approach the onrushing future of the talk business from a radio perspective. This crucial gathering will cover the new undeniable realities of the radio business for those who not only want to survive but thrive as well. It will be about opportunities, networking, and entrepreneurism for individuals in talent, programming, sales, marketing, and management who are serious about staying in the game.”
across audio and digital channels within a unified framework.” Magellan AI’s platform will leverage iHeartMedia’s simulcast data, which maps listeners exposed to broadcast radio to measurable outcomes. Attribution reporting powered by that data will be available exclusively to advertisers working with iHeartMedia. Magellan AI says, “Advertisers using the solution will gain deeper insights into how radio campaigns deliver full-funnel results, including web visits, form fills, leads and purchases. By combining measurement across the full spectrum of audio and digital channels, Magellan AI provides a complete view of how campaigns perform across the media mix.” iHeartMedia Insights president Lainie Fertick states, “iHeartMedia has always focused on helping advertisers understand the power of audio. By combining Magellan AI’s attribution technology with our proprietary in-market simulcast data, we’re providing brands with deeper visibility into how broadcast radio works alongside podcasts, streaming audio, connected TV, and other channels to drive meaningful results.”
on consumer lifestyles, purchasing behavior and cross-platform media usage while TOMA.Solutions adds a powerful layer of competitive insight by measuring “Top-of-Mind Awareness,” revealing which local brands own the first-to-mind position in their categories. Cumulus president of operations Dave Milner says, “Today’s advertisers want more than audience delivery. They want insight, clarity, and a stronger connection between marketing decisions and business results. By integrating specialized resources like The Media Audit and TOMA.Solutions into our broader research suite, our teams in these markets provide an even deeper level of local intelligence, helping our clients build more precise and effective campaigns.”
To quote a radio friend, “Some talk show hosts think the news of the day only exists to serve up interesting fodder for their shows.” Many media practitioners, whose jobs encompass letting their audiences know about the pain and suffering of “others,” feel personally exempt from experiencing a connection to the talking points of poverty, ignorance, violence, and injustice that they eagerly collect (and even welcome) as fresh “content” for their platforms. It’s all just “material” to them.
Stations I work with are confronting a generational revenue issue: Local direct retail business owners who are Baby Boomers are retiring. And their heirs are moving the radio dollars that built their parents’ businesses to search engine optimization and elsewhere-digital. The narrative we present them: “Radio is ‘a reach engine’” for the digital content people their age personally favor. In this mode, the station feels less like “your father’s Oldsmobile;” and more present tense. Many of these next-generation businesspeople are avid podcast listeners, and that presents an opportunity.
responsibilities outside of Philadelphia, including the Upstate New York, Mid-Atlantic and New England areas. iHeartMedia EVP of programming Thea Mitchem says, “Jeff is a proven leader with a deep understanding of our brands, our audiences and the power of strong programming. His ability to strategically elevate stations while developing great teams makes him the right choice to lead programming in Philadelphia, and I’m confident he’ll continue to drive success in this important market.”
TALKERS magazine associate publisher) Matthew B. Harrison, a work designed for today’s news/talk media environment where audio, video, screenshots, and quotes are not just supporting elements – but serve as the actual content itself. This technique has become particularly prevalent on YouTube and even cable news/talk TV but increasingly appears in audio form as what used to be called “actualities” – sound from another source.
book explains the legal concept of fair use not as a permission structure, but as a legal defense raised after copying has already occurred – an uncomfortable but essential distinction that underpins the entire analysis.
Lenawee Broadcasting president Julie Koehn didn’t sugarcoat it: “We have [competitors] that steal our news.” And she meant literally – lifting her station’s local reporting and republishing it.
newscast that some 700 stations respected enough to put on their air. Schwalb tells the Tribune, “Conversations have been going on since the announcement, and I think we get closer and closer to a decision every day. But we have to be very careful and be very diligent about making sure the product that we select is going to make sense from a listener perspective and a revenue perspective as well… CBS has been a great top-of-the-hour news piece for a long time, but it’s a very small percentage of what we do in a given hour between business, traffic and weather together on the eights, local news – the strongest local newsroom in Chicago radio.” 
As a newly minted program director (remember them?), I found the 1980 “NAB Radio Programming Conference” downright enchanting. New-tech cart machines (remember them?) would FIND the splice! And after the cart played, a flashing light saved careless DJs from accidentally playing it again.
In a 
Time Spent Listening to podcasts has now surpassed TSL with spoken word radio. And both are fraught.
advertising market that was partially offset by the continued expansion of our high-margin, owned-and-operated direct digital revenues. Beasley recorded an operating loss of approximately $230.0 million in the fourth quarter of 2025, compared to operating income of $7.6 million in the fourth quarter of 2024, driven primarily by a non-cash FCC license impairment charge of $224.8 million, reflecting the company’s updated assessment of the fair value of its broadcast licenses in light of continued secular pressures on the radio industry, as well as $1.7 million in other operating expenses.”
we made tangible progress reshaping this company for long-term value creation. Our digital business delivered record performance, with digital revenue representing approximately 24% of net revenue, up from roughly 19% of net revenue in 2024, and digital segment operating margins reached record levels as our continued shift toward owned-and-operated and programmatic products gained traction across our markets… Building on this progress, we recently announced a debt exchange transaction with our second lien bondholders, pursuant to which we expect to reduce our second lien debt by approximately 50% and repay roughly $15 million of our first lien debt. Upon completion of the transaction, which is subject to bondholder participation and expected to close by the end of April, we anticipate total outstanding debt will be reduced to approximately $110 million from $220 million today. We believe this transaction will meaningfully strengthen our balance sheet, enhance financial flexibility, and better position the Company to execute on its strategic priorities. Following its completion, our focus will shift toward further deleveraging through EBITDA growth and continued portfolio optimization.”
San Francisco. Cumulus chief content officer Brian Philips says, “Among our strong field of Cumulus programmers, Luis leapt from the pack as the person possessing the energy and imagination to lead WMAL. Luis visualizes the multi-dimensional future of this big brand. The immense benefit of keeping Luis ‘in house’ is that he will continue to offer expert counsel to our revitalized operations in San Francisco and Los Angeles, as needed.” Segura says, “I’m incredibly excited to work with the legendary staff of Cumulus’ flagship news/talk. WMAL is packed with national names like Larry O’Connor and Chris Plante, and I can’t wait to join the team.”
In “
Markets Group, including the radio stations, the iHeart live events and sponsorships; the radio networks businesses, including Premiere and TTWN; the Enterprise Business Development Group; and data targeting and attribution products for broadcast radio. iHeartMedia chairman and CEO Bob Pittman states, “We couldn’t be more pleased that Ann Marie will be leading the growth and innovation efforts for our company’s largest segment. In addition to helping businesses and brands grow effectively and efficiently, the Multiplatform Group has been an important engine to develop our own important new businesses – including podcasting and the iHeartRadio digital service – as well as our iconic live music events and awards shows. We look forward to the additional growth that will come as we move broadcast radio into the digital buying world through our data services and programmatic platforms.” The company also announced that Bernie Weiss will be promoted to president of the Markets Group. Weiss will oversee the operations of the company’s 160 markets. Weiss was previously COO of the iHeartMedia Markets Group.