Top News/Talk Media Stories for Week of August 12 – 16
The presidential race was the most-talked-about story in news/talk media this week, landing atop the Talkers TenTM. At #2 this week was the Economy and the announcement that prescription drug costs will be lowered, followed by the U.S. migrant crisis at #3 and the various primary races at #4. The Talkers TenTM is a weekly chart of the top stories and people discussed in news/talk media during the week and is the result of ongoing research from TALKERS. It is published every Friday at Talkers.com. See this week’s complete chart here.
awaiting the FCC’s blessing on the plan to complete reorganization and its Debtor-in-Possession credit facility in the aggregate principal amount of $32 million matures on August 19, 2024. (This DIP Facility allows Audacy to function during the reorganization period.) Audacy is asking the Court to extend the maturation date to September 30, 2024. Audacy stated in its second quarter 2024 financial report that it expects to receive FCC approval in the third quarter of this year. 
engineering. In his new role, he will be responsible for overseeing all engineering activities across Beasley’s 57 radio properties throughout the United States. Beasley CEO Caroline Beasley comments, “Lamar’s commitment, dedication and experience are exactly what we need as the organization continues to evolve and innovate into the future.” Smith, who will remain based in Charlotte, says, “Many thanks to Caroline and the Beasley family for this incredible opportunity. I look forward to being able to lead the engineering division as the company continues to evolve for years to come.”
Malone – an unapologetic liberal on a station comprised of conservative talk hosts – anchored the 9:00 am to 10:00 am hour. He posted to X, “I’ll have more to say later, but after decades of loyalty to my company, they fired me after my show today and didn’t give me a chance to say goodbye to my listeners. I’m grateful for all of the support I’ve received for so long.” Malone was a longtime cast member on the “Lanigan & Webster Morning Show” on WMJI-FM, Cleveland. His program on WTAM debuted in April of 2022. 
York market president Chris Oliviero states, “New York has always been proudly unique in supporting two all-news radio brands, but the news business has gone through significant changes. The headwinds facing local journalism nationwide made it essential to strategically reimagine how we deliver the news for the most impact. WCBS 880 has been one of the most respected radio stations in history, with a legacy cemented by the hundreds of world-class journalists, on and off the air, who willed it into existence over the decades. If it happened in New York or the world, you heard about it on WCBS 880. Today, 1010 WINS@92.3FM, equally iconic, moves forward as New York’s only 24/7 all-news station with the best distribution platform, the largest audience and the most recognized brand in the industry. All-news is a pillar of Audacy, and this decision, though difficult, fortifies that leadership position for generations to come.” Audacy says that to honor WCBS 880’s meaningful impact, the station will broadcast a live commemorative special, “WCBS 880 News: The People, the Moments, and the Events that Shaped our Lives,” on August 22 from 10:00 am to 1:00 pm ET. This special edition of “NEWSLINE” with Brigitte Quinn will include interviews and historical clips. Audacy New York will continue to serve as the exclusive rights holder and flagship audio home of the New York Mets. Audacy-produced broadcasts will continue to air on 880 AM and stream on the Audacy app.
success of our digital transformation strategy led to a 10.4% year-over-year increase in same-station second quarter digital revenue, partially offsetting ongoing challenges related to softness in the audio advertising spot market. Digital revenue accounted for nearly 22% of total second quarter revenue, in-line with our full-year 2024 goal of 20% to 25% of total revenue. On the new business front, our dedicated sales teams are leveraging the audience reach and engagement of our platform to attract new advertisers. We have and will continue to see the benefit of political revenue through the end of year, and at the same time, we are taking aggressive action to address near-term challenges through expense management initiatives, which drove approximately $2 million in expense savings compared to the prior year. We expect to achieve $10 million in annualized expense savings.”
acquisition of five radio stations and one translator in Lafayette, Indiana on May 31, 2024, and that the stations were operated by Saga for one month during the second quarter of 2024. Saga paid a quarterly dividend of $0.25 per share on June 28, 2024. The aggregate amount of the quarterly dividend was approximately $1.6 million. To date, Saga has paid over $132 million in dividends to shareholders since the first special dividend was paid in 2012. Saga’s balance sheet reflects $24.1 million in cash and short-term investments as of June 30, 2024, and $26.2 million as of August 5, 2024.
located another device that had many if not all of the text messages. Those messages were produced to Smartmatic in the litigation. Newsmax also notes that it informed the Special Master that neither Ruddy nor any senior staff sought to hide text messages or emails, which in many cases were also collected from dozens of other Newsmax witnesses in the case and produced to Smartmatic. Newsmax separately filed a Motion for Sanctions against Smartmatic on May 13, 2024, and a Motion for Contempt against Smartmatic on July 16, 2024. Both of those motions remain pending. In its motions Newsmax argues that Smartmatic and its executives have misled Newsmax, the Special Master, and the Court about the Department of Justice’s ongoing criminal investigation into Smartmatic in which the agency alleges that Smartmatic and several of its senior executives participated in an international scheme involving a multi-million-dollar bribe allegedly made to an election official in the Philippines in exchange for the company getting nearly $200 million in contracts. 
The fourth of four rounds of ratings data from Nielsen Audio’s July 2024 PPM survey has been released for 12 markets including Austin, Raleigh, Indianapolis, Milwaukee, Nashville, Providence, Norfolk, Jacksonville, West Palm Beach, Greensboro, Memphis, and Hartford. The survey period covered June 20 through July 17. Today, TALKERS magazine editor Mike Kinosian presents his Ratings Takeaways from this group of markets. In Raleigh, iHeartMedia’s news/talk WTKK-FM adds three-tenths to finish with an 8.9 share (weekly, 6+ AQH share) that keeps it locked in the #3 rank, while Curtis Media’s news/talk WPTF is up one-tenth for a 0.6 share finish good for the #23 rank. In Milwaukee, iHeartMedia’s news/talk WISN adds a half share to finish with a 13.0 share that keeps it ranked #1 for the eleventh straight month. (Good Karma Brands’ crosstown competitor news/talk WTMJ ceased subscribing to Nielsen several months ago.) In Nashville, Cumulus Media’s news/talk WWTN-FM rises 1.2 shares for a 6.7 share finish that lifts it to the #3 rank, while iHeartMedia’s news/talk WLAC adds three-tenths to finish with a 1.3 share and remains ranked #18. 
$22.2 million, a decline of 26.7% from the same period in 2023. Urban One CEO and president Alfred C. Liggins III states, “On a same station basis our radio division finished Q2 -5.6% excluding political, and -3.0% with political. We saw a sequential improvement in national revenues vs. Q1, which was offset by weaker local revenues. Q3 core radio revenue is currently pacing down 6.9% on a same station basis, down 5.1% including political, and up 7.0% overall. We are starting to see a significant uptick in political advertising revenues, and remain optimistic for the remainder of the year, which should benefit both our radio and digital divisions. Our Cable TV business continues to suffer from subscriber churn and audience delivery shortfall, impacting both advertising and affiliate revenues, although we are seeing a bounce-back in ratings and delivery in Q3. Our digital business experienced weaker advertising demand than prior year but remains well positioned for the second half of the year, particularly with political and CTV advertising. During Q2 we repurchased an additional $35.5 million of our 2028 notes at 78.0%, and we ended the quarter with approximately $132.4 million of cash.”
and our unique and differentiated digital platform… In the second quarter, the Company reported a net loss of $48.9 million, in large part due to non-cash impairment charges. Our Q2 performance was driven by stabilizing and/or improving trends across segments: Townsquare Interactive returned to sequential revenue growth in each month of the quarter, as a result of positive subscriber trends that have improved dramatically compared to previous quarters; Digital Advertising net revenue growth continued at +1% year-over-year; and Broadcast Advertising net revenue was approximately flat as compared to the prior year, an improvement from first quarter declines. In total, Digital represented 52% of Townsquare’s net revenue in the first six months of the year. Additionally, we continue to generate strong cash flow, granting us the ability to invest in our digital growth engine while preserving financial flexibility, as evidenced by our ongoing debt and share buybacks in the open market… Most importantly, due to our current cash position and our strong cash generation, we retain financial flexibility moving forward and we are confident in our ability to build shareholder value for our investors through long-term net revenue and cash flow growth, net leverage reduction, future dividend payments, and potential future share repurchases.”
7.8%. The company says net broadcast revenue was $47.1 million (-5.1%), while net digital media revenue was $11.9 million (+9.9%), and net publishing revenue was $1.56 million (-70.3%). It should be noted that Salem sold Regnery Publishing in December of 2023. The company reports net income of $2.3 million during the quarter, compared to that net loss of $7.1 million it reported in Q2 of 2023. 
6:00 pm to 9:00 pm host. Tatum filled in for Elder during his run for governor of California in 2021 and subsequently assumed the role full time. Elder joined the 2024 Republican presidential primary race but dropped out last fall and threw his support behind Donald Trump. Since then, he’s been hosting his podcast, “Larry Elder – We’ve Got a Country to Save.” He’ll continue the podcast with Salem handling sales and marketing for the it. Salem SVP of spoken word Phil Boyce says, “Larry is one of a rare breed who actually grew in popularity and influence AFTER he departed the radio. Now we get to hear his sage words of wisdom daily on radio stations across the country, on Salem News Channel, and the Salem Podcast Network.”
July 2024 PPM Data – Information for Nielsen Audio’s July 2024 ratings period (June 20 – July 17) 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.
investors are defined by the Securities and Exchange Commission’s Rule 501(a) as individuals with a net worth greater than $1 million – excluding their primary residence – or incomes in excess of $200,000 in the last two years with the expectation of the same in the current year – or $300,000 with a spouse.) Last month, Newsmax announced that it would seek to become a public company later in 2024 or in early 2025 with a listing on the NYSE or Nasdaq. In preparation for this contemplated public offering, Newsmax has launched a private placement offering seeking to raise up to $225 million. Ruddy states, “We are excited to connect with the tens of thousands of investors nationwide who have already shown interest in investing in Newsmax. There is much to be enthusiastic about Newsmax, including significant growth in our audience, a surge in interest in conservative media and our expanding portfolio of platforms and distribution. Now more than ever — especially in this election year of 2024 — America needs Newsmax. We look forward to sharing more details with everyone who tunes in to the webinar.” 
president and CEO Mary G. Berner says, “In the context of a challenging advertising environment, second quarter total revenue finished in line with our pacing guidance, down 2.5% year-over-year. However, our unrelenting focus on areas of the business that are in our control helped us to mitigate the impact of soft demand while also driving tangible progress in key priority areas. During the quarter, we grew our digital marketing services business by 24%, reduced fixed costs by $4 million, and continued to strengthen our balance sheet through the successful completion of our exchange offer, ABL upsizing, and the buyback of a portion of our remaining 2026 maturity debt. Looking ahead, while the advertising outlook remains uncertain, our advertisers continue to be focused on when – not if – they’re going to return to more typical spending levels. Fortunately, thanks to our success at extending our debt maturities, we have time on our side and the flexibility to pursue multiple paths to create shareholder value.”