Townsquare Media Q2 Net Revenue Off 0.6%
Townsquare Media, Inc reports its financial results for the second quarter of 2023 and says net revenue for the period was $121.2 million, a decline of 0.6% from the same period in 2022. Breaking the company’s revenue down by segment, Broadcast Advertising net revenue decreased $3.3 million, or 5.8%, and Subscription Digital Marketing Solutions net revenue decreased $1.7 million, or 7.5%, compared to the same period in 2022. These revenue declines were largely offset by Digital Advertising net revenue which increased $4 million, or 10.6% from Q2 of 2022. Townsquare reports a net loss of $2.7 million in Q2 of 2023 compared to the net income of $4.9
million reported in Q2 of 2022, primarily due to a $16.8 million increase in non-cash impairment charges to the company’s FCC licenses and investments, partially offset by an increase in other income, net due to a $5.2 million gain on the sale of one of the company’s investments and an increase in the effective tax rate for the current period. Townsquare CEO Bill Wilson says, “I am pleased to share that Townsquare’s digital growth engine continued to drive results in the second quarter, demonstrating its strength and resiliency, as we delivered second quarter net revenue and Adjusted EBITDA that met our previously issued guidance… With its differentiated and sophisticated products and solutions, our Digital Advertising segment was once again our largest driver of growth, increasing second quarter net revenue by 11% year-over-year… The strong cash generation characteristics of our assets allowed us to produce $31 million of cash flow from operations in the first six months of 2023, an increase of $8 million as compared to the prior year. We could not be more pleased to share that given our strong cash position, we were able to repurchase nearly 9% of our total shares outstanding, repurchase and retire approximately $13 million of our Unsecured Senior Notes at a discount, and pay a high-yielding dividend to our shareholders during the first six months of the year. We also ended the quarter with a strong cash balance of $50 million and net leverage of 4.36x, retaining financial flexibility moving forward.”
Broadcast revenue decreased 5.3% to $49.7 million from $52.5 million; Station Operating Income decreased 43.5% to $6.2 million from $10.9 million; Same Station net broadcast revenue decreased 5.8% to $49.4 million from $52.4 million; and Same Station operating income decreased 37.7% to $6.8 million from $10.9 million. Digital Media revenue increased 0.5% to $10.9 million from $10.8 million, and Publishing revenue decreased 3.5% to $5.2 million from $5.4 million. Salem reports that as of June 30, 2023, the company was not in compliance with its fixed charge coverage ratio. On August 7, 2023 it signed a forbearance whereby the bank agreed not to exercise remedies on the default during the month of August. Additionally, the notional amount of the revolver was reduced from $30 million to $25 million with a minimum availability of $1 million. The interest rate associated with the revolver increased by two percentage points effective July 1, 2023 through the date of the forbearance amendment.
The second of two rounds of ratings information from Nielsen Audio’s July 2023 PPM survey has been released for 12 markets including Washington, Boston, Miami, Seattle, Detroit, Phoenix, Minneapolis, San Diego, Tampa, Denver, Baltimore, and St. Louis. Nielsen’s July 2023 sweep covered June 22 – July 19. Today, TALKERS magazine managing editor Mike Kinosian presents his Ratings Takeaways from this group of markets. In Washington, DC, Hubbard Broadcasting’s all-news WTOP leaps nine-tenths for a 9.1 share (weekly, 6+ AQH share) finish and remains ranked #2, while Cumulus Media news/talk WMAL-FM loses one-tenth to finish with a 3.5 share good for the #9 rank. In Boston, iHeartMedia news/talk WRKO sheds seven-tenths to wrap the survey with a 3.4 share and falls to the #13 rank, while sister all-news WBZ-AM dips three-tenths for a 4.5 share finish and remains ranked #7. In Seattle, Bonneville news/talk KIRO-FM rises six-tenths to wrap the survey with a 4.9 share that lifts it to the #5 rank, while Lotus Communications’ crosstown news/talk is up three-tenths for a 1.9 share and the #19 rank. 
37-year career in journalism, during which he broke barriers and uplifted young sports writers. Parker says, “There’s nothing better than being honored by your own people, your peers, so this is very special to me. I want to thank my family, my friends, all the people who have supported me throughout the years, all my mentees – they fuel me, they inspire me every day. How I got here is that plenty of people helped me along the way, and that’s what it’s all about.” Premiere Networks president Julie Talbott says, “We couldn’t be more proud of Rob. He truly deserves this recognition for his trailblazing career in sports journalism, and for his continuing efforts to elevate and mentor the next generation.”
July 2023 PPM Data – Information for the July 2023 sweep has been released for Washington, Boston, Miami, Seattle, Detroit, Phoenix, Minneapolis, San Diego, Tampa, Denver, Baltimore, and St. Louis.
iHeartMedia’s financial by segment, broadcast radio revenue was $429 million, a decline of 7.2% over Q2 of 2022. Network radio was $122 million (down 4.2%), digital revenue (excluding podcast) was $164 million (down 1.6%), and podcasting revenue was $96.7 million (up 12.9%). iHeartMedia chairman and CEO Bob Pittman says, “We are pleased to report that our second quarter 2023 results reflected Adjusted EBITDA slightly above the midpoint of the guidance range, and more than double the Adjusted EBITDA we generated in the first quarter, and our consolidated revenue were above the guidance range. The continued positive performance of our Digital Audio Group, led by our Podcasting business, and the significantly improved relative performance of our Multiplatform Group during this soft advertising period, are encouraging metrics for us, and we’re seeing indications of improving macroeconomic trends which we expect to have a positive impact for us in the second half of the year, with most of that impact in Q4.”
compared to net income of $3.8 million for the second quarter last year – a decline of 12.3% – although it should be noted that Saga is the only radio company thus far to report net income – as opposed to a net loss – during the second quarter. Saga Communications stock pays dividends and during Q2 of 2023 it paid a quarterly dividend of $0.25 per share on June 16, 2023. The aggregate amount of the quarterly dividend was approximately $1.5 million. To date Saga has paid over $109 million in dividends to shareholders since the first special dividend was paid in 2012. Saga’s balance sheet reflects $34.4 million in cash and short-term investments as of June 30, 2023. The company carries no long-term debt.
come to terms on a renewal to remain with “The Ticket.” The sticking point was their desire to explore digital initiatives outside of their work with Cumulus. They have since launched a podcast via Patreon that Cumulus says violates their six-month non-compete. The company also alleges the two have violated the non-solicitation and non-disparagement clauses of their contract. It alleges the duo have “commandeered” company-owned social media accounts, threatened to release “conversations Defendants illicitly recorded” with company executives. Cumulus is seeking “emergency injunctive relief” plus attorneys’ fees and costs.
July 2023 PPM Data – Information for the July 2023 ratings period has been released for New York, Los Angeles, Chicago, San Francisco, Dallas, Houston, Atlanta, Philadelphia, Nassau-Suffolk (Long Island), Riverside-San Bernardino-Ontario, San Jose, and Middlesex-Somerset-Union.
Network revenue was $20.8 million (down 4.4%). Digital revenue was $66.7 million (down 4%). Audacy also reports revenue based on radio format and says revenue from sports stations was $65.6 million (up 1.2%), while revenue from all-news and news/talk was $44 million (down 14.8%). Revenue from music-formatted stations was $ 145.3 million (down 8.3%). Audacy chairman, president and CEO David J. Field comments, “Second quarter net revenues were down 6.6% in line with our quarterly guidance, 
reflecting challenging ad market conditions. During the quarter, we saw accelerated growth across certain of our key performance metrics including radio revenue share, station audience ratings, and digital platform usage. We also made meaningful progress on our ad tech and ad product roadmap as we work to develop important new pools of digital demand and growth… We have initiated discussions with our lenders to enhance our balance sheet and establish a strong financial footing to enable the company to capitalize on its growth opportunities. Notwithstanding current challenges, Audacy has established a prominent position as a scaled, leading multi-platform audio company distinguished by our exclusive premium content, top positions across the country’s largest markets, and unrivaled leadership in news and sports radio. We continue to invest in our people, platform, content, technology and capabilities and serve our listeners and customers with excellence. Ad market conditions remain challenging but have stabilized entering the third quarter. We are pacing down 4% with local spot considerably stronger than national spot. We expect Audacy’s Q3 revenues to decline by mid-single digits.”
the history making adventure of a lifetime, blowing the lid off the Iran-Contra scandal and almost taking down the Reagan presidency.” Former New York Times bureau chief Stephen Kinzer states, “During the 1980s and 1990s, Cookie Hood was the single driving force behind the most successful television coverage of Central America that appeared across the United States. ‘Journalista’ is a series of stories over four decades in the making and will entrance each listener to the realities of what really happened during that time.”
Newsmax registered an impressive 88% percent jump in prime time, among all viewers, year over year. Nielsen also reported Newsmax witnessed 62% in total day and 56% in day-time ratings Monday through Friday.” Newsmax CEO Christopher Ruddy states, “It’s clear millions of Americans have made the switch to Newsmax, and they like what they see. They also like our powerhouse lineup starting with Greta Van Susteren every night at 6:00 pm Eastern.”
ongoing challenges related to the economy and softness in the national spot market, Beasley’s successful digital transformation, continued local audio leadership and revenue diversification initiatives, combined with our proactive initiatives to reduce expenses, resulted in net loss declining by more than $4 million in both the quarter and year-to-date periods, compared to the same periods in 2022, as well as quarterly adjusted 
EBITDA growth of 16.8% and 2023 year-to-date Adjusted EBITDA growth of 28.1%. During the quarter, we made additional progress with reducing leverage and strengthening our balance sheet as we repurchased another $3 million of our debt at a discount and lowered quarterly interest expense which support our goal to drive cash flow growth. We are generating cash from operations, and we expect to continue to generate positive cash flow for the full year. Our digital strategy delivered second quarter digital revenue growth of 14.8% year-over-year and accounted for 19.4% of total second quarter revenue. Our digital revenue is primarily derived from our owned and operated assets, with our proprietary content creation driving the largest increase with the best margins and third-party products that come with a higher cost. Our talented sales teams have been able to combine our over-the-air and digital platform offerings to create marketing campaigns and brand solutions that provide great results for our clients. Our continued strong digital revenue growth has moved us to within a few basis points of reaching the bottom end of our goal of digital revenue accounting for 20% to 30% of total revenue and we remain laser focused on this initiative as a means to diversify and complement revenue in a cash flow positive manner.” Beasley reports its total debt as of June 30, 2023 was $287 million. 
apologize for the pain I caused WUSA sports reporter Sharla McBride. As has been reported, I insensitively used the terms ‘Barbie,’ ‘Barbie girl,’ and ‘chick’ when talking about Ms. McBride, a fellow broadcaster who I did not know or recognize when she walked by our broadcast position. My attempts to be humorous and topical backfired, and I needlessly deprecated a professional colleague… I have reached out to Ms. McBride to apologize. When she feels ready, I hope that we can have a conversation and that I will have the opportunity to reiterate my apology to her in person. I hope that Ms. McBride and the listeners who heard me will forgive me. I am better than this, and I promise to demonstrate that going forward.”
Congressman to support the AM Radio For Every Vehicle Act, Senate Bill 1669…stopping automakers from removing the AM band from new models they are manufacturing. SRN hosts Mike Gallagher, Charlie Kirk, Sebastian Gorka, Hugh Hewitt, Brandon Tatum and Dennis Prager are featured in the PSAs. SRN VP/news & talk programming Tom Tradup comments, “This action is one way the 80-million people who depend on AM radio for news, critical weather updates and vigorous debate on issues can peacefully and patriotically approach their lawmakers directly to share their views.”
HALF of all radio stations in the United States lose money – at least they did back in 1991. The NAB used to put out an annual report revealing how many radio stations were profitable. Usually half the stations in America lost money. Since consolidation, the NAB stopped putting out that report. It is reasonable to believe that far, far fewer stations lose money today. Shared costs, real estate, technical economies due to digital equipment versus analog all indicate that there must be fewer money-losing properties.
10:00 am to 1:00 pm show, filling the role of retired “Ticket” host Norm Hitzges. New to the daily lineup is the 1:00 pm to 3:00 pm duo of Sean Bass and David Mino. Bass has been with “The Ticket” for 22 years, most recently as producer of “The Norm and D Invasion.” Mino has been with the station for 11 years, most recently as producer of “The Hardline” afternoon drive show. Station program director Jeff Catlin comments, “I couldn’t be more excited for the midday makeover on ‘The Ticket.’ Matt, Sean, and Mino have all earned this opportunity. All three guys are well-known and well-liked by our passionate listeners and their ‘Ticket’ teammates. They will fit in well and make this a seamless transition.”
platforms. He says this year there are attendees from 47 states coming to the sold-out program. Erickson says, “This is the tenth of these I have done, and I have to thank Charlie, my producer, for doing so much of the heavy lifting while I have concentrated on doing my show. The format for each individually named speaker is a conversation on stage with me asking them questions from the attendees. The attendees will shortly receive a survey link where they can submit questions for me to incorporate into the conversations. The theme of the conference this year is ‘Forward: Which Way.’” 
normalcy and measured thought by telling people the truth on local issues. Johnson says the independent element of local news is crucial in being the voice of the people who live in the community.” In a release, Big Radio CEO Ben Thompson says, “Local news, information, and entertainment is what people look for from their local stations and Johnson will add to that aspect in a positive way.”