Industry News

TALKERS News Notes

JFMN Launches WV Sports News Service. WVTheTorch.com and the John Fredericks Media Network announce the launch of West Virginia’s newest digital newspaper: WVSportsNation.com. JFMN says this fully integrated West Virginia sports news service is designed to bring Mountaineer fans in both WV and across the country the very best and most in-depth coverage ever created in the Mountain State. WVSportsNation.com is part of JFMN’s growing portfolio of digital news and information platforms.

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.

Industry News

Edison Research: Ad-Supported Audio Tops Ad-Free

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 onimg 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.”

Industry News

Urban One Changes Accounting Firms Again

In a filing with the Securities and Exchange Commission, Urban One reports that is has notified Ernst & Young LLP that it would be dismissed as the company’s independent registered public accounting firm and that the Audit Committee has appointed PricewaterhouseCoopers LLC to serve as its independent registeredimg public accounting firm for the fiscal year ending December 31, 2025 effective as of April 7, 2025. Urban One says there are no disagreements between it and Ernst & Young. Urban One does say that it reported “material weaknesses in internal control over financial reporting” that was disclosed the recent annual report, “some of which has been remediated.” The material weaknesses related to its own internal controls including insufficient information technology general controls. Read the entire filing here.

Industry News

WAOK, Atlanta Presents 2nd Annual Trailblazer Awards

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Audacy news/talk WAOK, Atlanta hosted its second annual “On Point With Juandolyn Stokes” Trailblazer Awards honoring remarkable women “making significant strides across various fields and leaving an indelible impact on the Atlanta community.” The second annual Trailblazer Awards (pictured above) will broadcast on WAOK’s YouTube channel on Monday, April 28th, 2025 at 7:00 pm ET.

Industry News

MIW Presents Dan Spears with Erica Farber Impact Award

Mentoring and Inspiring Women in Radio, Inc. names Dan Spears, vice president of industry relations and licensing for BMI, the recipient of the 2nd Annual MIW Erica Farber Impact Award that recognizes individuals who drive meaningful change by actively engaging with impactful organizations and generouslyimg contributing their time, expertise, and resources. Honorees are true champions of service, demonstrating an unwavering commitment to fostering growth and progress within the industry. Spears was presented with the award by Erica Farber on Monday, April 7, at the MIW Lipstick & Lobster Dinner. MIW board president Sheila Kirby says, “Dan is the epitome of a leader who not only advocates for progress but actively makes it happen. His dedication to mentorship, industry collaboration, and fostering new events and opportunities for women is invaluable. We are honored to recognize his contributions with this award.”

Industry News

TALKERS News Notes

Tide 100.9 Host Wins ABBY Award. Wyatt Fulton, the brand manager for Townsquare Media’s sports talk WTBC-AM/W261BT “Tide 100.9,” wins Best Sports Talk Show in a Medium Market for his “T-Town Sports Daily” program at the Alabama Broadcasters’ Association ABBY Awards. Fulton tells Tuscaloosa Thread, “I am honored to win my first Abby Award in my first year on the air on ‘Tide 100.9!’ I’m extremely grateful and hope to continue building a reputation as an award-winning multimedia sports journalist in Tuscaloosa.”

NYPR Names New Officer. New York Public Radio president and CEO LaFontaine E. Oliver announces that Thomas J. Reno is been named chief operating and financial officer. Reno joins NYPR from Precision Strategies, a DC-based strategic communications agency.

Industry Views

HC at the NAB: More Than Spots, Less Than Clutter

By Holland Cooke
Consultant

imgRadio sells advertisers our listeners’ attention. For a hundred years, our inventory has largely been commercials. Now, as our wandering audience leads us to more revenue channels, are we hooked on spots?

“We’re still in the same business. What’s changed is the tool box.”

Salem Media Group EVP, operations and revenue development Linnae Young was among panelists exploring “The Local Advertising Buying Landscape: What are Clients Buying, and how are Radio Sellers Succeeding or Missing Out?” Her laser-like focus is on the client’s need: “The HVAC company has two trucks and wants six.”

Ditto from session moderator Mike Hulvey, the Radio Advertising Bureau’s president & CEO. He called pitching a multi-store McDonald’s franchisee, who heard-him-out, then asked “Will that idea sell a hamburger?”

We sure have ideas. Researcher Gordon Borrell reckons that “the biggest mistake radio stations are making is underestimating the potential [of digital].” Many now sell video advertising. Prospects “don’t have any questions about radio, other than ‘Can you lower the price?’ They have lots of questions about digital.” Be their guide.

And obsess on outcomes. “Stop with the tactics,” urges Marketron senior director of digital strategy Dustin Wilson. “It’s all about solutions-based selling.”

“As radio has encountered increased pressure on revenue, it has often increased spot loads.”

Ad nauseam, in the view of Edison Research co-founder & president Larry Rosin, whose Ted Talk-type session “Considering Spot Loads” was plainspoken.

Radio has violated what Larry calls “The Commercial Broadcast Bargain” – the unspoken deal that content is worth the time spent listening to ads. “We’ve tilted the bargain in an unfair way,” he said, pointing to “fewer, but much longer breaks; and many, many [music] stations now loading all their spots into two interminable breaks per hour.”

Rosin’s team has long tracked listening habits through its Infinite Dial series, and the trend is clear: Radio’s “Share of Ear” never fully recovered after the pandemic; and commercial loads went up during that time.

“The real problem” is not understanding how ‘Infinite’ today’s ‘Dial’ is, “ignoring the fact that there are other things to listen to.” Ad loads tend to be shorter in podcasts and in non-paid streams. These ad-supported competitors never run more than two spots back-to-back. And increasingly, Americans are paying for ad-free content, via SiriusXM, Spotify, YouTube Premium, and others.

Solutions? Larry was clear: “What I’m NOT saying: ‘cut the load and charge more’ in today’s low-demand environment.”

— Even if you can’t lower total inventory, consider more shorter breaks. “Listeners have, or at least had, an internal clock: song (3 minutes) – song (3 minutes) – song (3 minutes) – break (3 minutes). When you ask music radio consumers, a break should be the length of a song. The two long breaks clock simply can’t be the best we can do for advertisers.”
— Bonus on Rating, not Share, which would “reorient radio programmers to consider ALL competitors, not just other local stations. Radio’s insular world hurts it.”
— Don’t demonize commercials – “a disservice to advertisers” – the way we seem to when we call the stop set “a break;” or tout commercial-free hours to pump-up a daypart (then overdose the load in adjacent hours).
— Improve the quality of commercials.

Holland Cooke (HollandCooke.com) is a consultant working the intersection of broadcasting and the Internet. Follow HC on Twitter @HollandCooke and connect on LinkedIn

Industry Views

SABO SEZ: Trying is the Real Win

Walter Sabo
a.k.a. Walter M. Sterling
Host, “Sterling Every Damn Night”
WPHT, Philadelphia
Host, “Sterling On Sunday,” TMN

imgSerious business coaches reveal that a common trait of successful people is their ability to immediately forget their failures and to move on. Next idea. Next project. Surrounded by seas of committees, forms, rules and mediocrity, effective leaders know that just trying something, regardless of the outcome, is the WIN.  

Strategic “forgetting” requires a unique worldview. An introvert’s worldview. To forget a failure means not caring what colleagues think of new ideas. Innovators do not consider if they are embraced, they care that their idea launched.

Television legend and programmer Fred Silverman recreated broadcast television. He was so successful he was recruited to helm CBS, ABC and NBC. After corporate leadership he was an independent producer commandeering four hours of prime time a week, earning… a lot.

All that mattered to him was getting it on the air. Like all programmers not everything he produced worked. One hit show is a miracle, he created dozens.

To Fred, he was proud of all his shows. He never bragged about the hits because to him, a hit was anything that got on the air. New was a hit.

Fred’s innovations can be seen on TV now. Before Fred, a TV show promo consisted of a slide and a VO. Starting at ABC, Silverman was the first to pull video from a show, edit it into a 30 second hook clip turning it into a fast-paced promo for the show. Each promo aired once. A staff of 150 people was hired to create a brand-new promo every time. Fred would often sit in the edit bays, producing fresh promos. He hated repeated promos. Finance hated him; engineering hated him; scheduling hated him. Nielsen did not hate him.

I sat many an all-nighter in edit bays as Fred’s production partner until what was on the screen matched what was in his head.

The radio greats have similar patterns of behavior: Tom Bigby, Greg Stockard, Ruth Meyer, Howard SternGreg Moceri, Rick Sklar, Skip Eskin, all the legends were/are focused and driven. There is no downtime. When one insists that their precise vision be implemented, they won’t have many friends, but they will have stunning results.

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 “Walter Sterling Every Damn Night” is heard on WPHT, Philadelphia. 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

Industry Views

Monday Memo: NAB Show, Survive and Thrive

By Holland Cooke
Consultant

imgHello 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.”

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“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

Industry News

Defining Podcasting for the Future

Edison Research and audio advertising agency Oxford Road are releasing a white paper titled, “What is a Podcast?: Preserving its Essence, Structuring for Expansion.” The authors says this report “reveals critical insights into how evolving listener habits, industry fragmentation, and ambiguity in podcast definitions are affecting podcasting’s future growth and commercial viability.” They say that data from a nationallyimg representative survey of over 4,000 people “identifies a significant identity crisis driven by the convergence of audio-only content and video formats popularized by platforms like YouTube and Spotify.” It shows: 1) 72% of Americans 12+ consider recordings of people discussing any topic on YouTube that are also available as audio-only shows elsewhere to be a podcast; 2) Advertisers face significant barriers to investment due to inconsistent standards, fragmented reporting, and unclear attribution; and 3) A clear, shared definition and interoperable measurement are urgently needed to realize podcasting’s full economic potential. Regarding defining podcasts, they propose new working definitions as follows: Podcast (noun): “An on-demand audio-driven program featuring episodic content across wide-ranging themes and formats. Traditionally delivered via open RSS and conversational in nature, it can include platform-based distribution and is commonly supplemented by video.” And Video Podcast (noun): “An episodic, on-demand program centered on spoken-word content, where synchronized visuals meaningfully shape the experience.” You can download the white paper here.  

Industry News

TALKERS News Notes

KOA, Denver Wins at CBA Awards gala. KOA, Denver talk host Ross Kaminsky tips TALKERS that his station was honored with a win in the “Best News Coverage of a Single Event” category for the program he anchored after President Trump was shot in Butler, PA. from the Colorado Broadcasting Association at its recent awards gala. KOA, led by program director Dave Tepper, was also named “Station of the Year.”

Cumulus and San Francisco Giants Extend. Cumulus Media’s sports talk KNBR, San Francisco signs a multi-year extension with the San Francisco Giants to continue as the team’s flagship radio station. KNBR has been the official radio broadcast home for the Giants since 1979. Broadcasting personalities include: Jon Miller, Dave Flemming, Mike Krukow, and Duane Kuiper.

680 The Fan and Atlanta Braves Renew. Dickey Broadcasting Company announces the extension of its flagship partnership with the Atlanta Braves. Under the terms of the 12-year extension, “680 The Fan” will remain the exclusive radio home of the Atlanta Braves, providing comprehensive coverage of all games, expert analysis, and exclusive content. Company president David Dickey says, “We are incredibly proud to extend our relationship with the Atlanta Braves. Our shared passion for baseball and dedication to delivering top-notch content to our listeners has been the cornerstone of our success. We look forward to many more seasons of exciting Braves baseball on ‘680 The Fan.’”

Industry News

Thom Brennaman Named New WLW, Cincinnati Morning Host

Numerous media outlets in Cincinnati are reporting that iHeartMedia’s news/talk WLW, Cincinnati isimg naming Thom Brennaman the station’s new morning drive host. Late last week, Mike McConnell told his listeners that he was retiring from the station and that Monday (4/7) would be his last day. Brennaman worked for WLW calling Cincinnati Reds games but stepped down after being caught on a hot mic uttering a homophobic slur during an MLB game on August 19, 2020. Brennaman has been working for the CW calling football games.

Industry News

Woodward Closes on Springfield, Illinois Stations

Woodward Communications, Inc closes on its purchase of four radio stations in the Springfield, Illinois market that it acquired from Mid-West Family for $990,000. Those stations are news/talk WMAY-FM, AC WNNS-FM, rock WQLZ-FM and classic hits WMAY-AM, plus FM translators W273DR and W234CC. Thisimg comes after Woodward closed on the $4.3 million acquisition of four stations in the market from Neuhoff Media last fall. From that deal, the company spun WCVS-FM to Educational Media Foundation. Woodward’s Springfield market manager Kevin O’Dea says, “All of us at Woodward Community Media look forward to the addition of the Mid-West Family stations to our lineup here in Springfield. These four stations along with our current lineup including Channell450.com and our Digital Services will allow us to enhance our local commitment to our listeners, advertising partners and the Springfield and Central Illinois Community.

Industry News

Triton Digital Expands U.S. Podcast Ranker

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 theimg 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.”

Industry News

WWNC, Asheville Gets Recognition for Post-Helene Work

When Hurricane Helene struck Western North Carolina last fall, iHeartMedia’s news/talk WWNC, Asheville was a lifeline for residents of the area as cell service was down and power was lost in so many areas. Fast-forward to today and the station is getting some press from CBS News for its work in the ongoingimg recovery efforts. The piece singles out WWNC personalities Mark Starling and Tank Spencer for “amplifying the messages of groups such as Valley Strong Disaster Relief” and more to keep the recovery information flowing. Spencer is quoted saying, “You don’t really notice until times of disaster what your community is really made of. They’re gonna make sure that everybody in that community, that nobody wants for anything.” Spencer adds that in the immediate aftermath of the storm, their work was crucial. “The access to the information saved lives. The only thing that was left standing was AM and FM radio, and I think there’s been a rediscovery of that.” See the CBS News piece here.

Industry News

WWO: Listeners Don’t Tire of Ads

This week’s Cumulus Media | Westwood One Audio Active Group blog looks at research commissioned by RAB to investigate “wear-out”: the point where creative testing declines from its peak due to message frequency fatigue. They key findings include: 1) Consumers don’t get tired of ads, only marketers do: Theimg ABX AM/FM radio creative study for RAB proves legendary marketing professor Mark Ritson was right; 2) Wear-out of AM/FM radio ads is virtually non-existent: Only two of 25,000 ads showed a decline in some creative effectiveness metrics. Two major creative effectiveness measures, branding and messaging, showed no wear-out; 3) The two ads showing differences were at the top end of cumulative spending and time in market: Two years in market and $8M+ of spend is where creativeness effectiveness might start to wane; 4) Repeat testing of 10 of the 12 longest running AM/FM radio ads reveals no statistically significant erosion; and 5) The giants of marketing effectiveness and creative testing conclude wear-out is non-existent: Take it from Les Binet/Sarah Carter, ABX, Kantar, System1, and Analytic Partners. See the full blog post here.

Industry News

Radio Pro Jim Quinn Dies at 82

Radio personality Jim Quinn died on Sunday (3/30) at the age of 82. Pittsburgh’s TribLIVE reports about the career radio host who worked for much of his career as a music jock and morning show host beforeimg transitioning to a conservative talk host in the early 2000s. Quinn started his radio career at KQV, Pittsburgh in the 1960s. Quinn partnered with Don Jefferson for the popular “Quinn and Banana” show on WKTQ in Pittsburgh from 1983 to 1992. The TribLIVE story notes that Quinn took a position at WRRK, Braddock, PA where he honed his conservative talk chops. He partnered with Rose Tennent and had a successful run with “The Warroom with Quinn and Rose” on iHeartMedia’s WPGB-FM, Pittsburgh as well as on satellite radio. See the TribLIVE story here.

Industry News

Audacy Names Reis-Dennis Head of Podcasts

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 hasimg 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.

Industry News

WRHU/Salem New York Engineer Produces Broadcasters Video

On the heels of the recent “radio exchange” between members of Hofstra University’s WRHU-FM, New York State community broadcasters, and “89.5FM Bush Radio” – a South African community radio stationimg in Cape Town — in which the broadcasters shared ideas about better serving their communities, the broadcasters came together to record an original song co-written and produced by broadcast engineer Dr. Andy Gladding EdD (WRHU-FM and Salem Media Group New York). The song is performed by DJs from “Bush Radio” and WKZE, Red Hook, New York. See the music video here.

Industry News

Trump Restores Funding for Radio Free Europe/Radio Liberty

The executive order from President Donald Trump to shutter the Voice of America includes radio services Radio Free Europe/Radio Liberty that were launched in 1950 to counter Soviet propaganda in Europe. Theimg radio services report in 27 languages serving audiences in 23 countries. On Thursday (3/27), the Trump administration reversed course and restored funding for the news organization two days after a federal judge temporarily blocked the closure saying the president can’t dismantle the organization created by Congress. According to a report in The New York Times, the administration also reinstated 33 employees at the Office of Cuba Broadcasting that targets Cuba’s Communist government. See the Times story here.

Industry News

Gate City Withdraws Saga Board Nominees; Critical of Company’s Direction

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 toimg 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 imgthat 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.

Industry News

Audacy Regional President Doug Abernethy to Exit Company

Audacy regional president Doug Abernethy announces that he is leaving the company after a 10-yearimg stint, effective May 9. In a memo to fellow staffers, Abernethy says, “It has been a privilege to work alongside you during the past 10-plus years with the company, and for some, my 36 years in the industry. Each market, team and person I have had the pleasure to work with has made a lasting impression on me. I am incredibly proud of what we accomplished together and confident in your continued success.”

Industry News

Urban One Reports Q4 ’24 Net Revenue Down 2.7%

Urban One, Inc reports its operating results from the fourth quarter of 2024 and reveals net revenue was approximately $117.1 million, a decrease of 2.7% from the same period in 2023. The company reported an operating loss of approximately $1.9 million for the quarter, compared to operating income of approximately $6.8 million for the three months ended December 31, 2023. Broadcast and digitalimg operating income was approximately $38.6 million, an increase of 1.7% from the same period in 2023. Net loss was approximately $35.7 million for the quarter, compared to net loss of $11.0 million for the same period in 2023. Urban One CEO and president Alfred C. Liggins, III states, “Our Adjusted EBITDA of $103.5 million came in at the mid-point of guidance, helped by strong political advertising revenues in the radio division. The radio outperformance was offset by declines in both advertising and affiliate revenues at the cable TV segment, as audience delivery continued to underperform expectations. We are however seeing some stabilization in the first quarter cable TV delivery, which should help to mitigate the continuing decline of linear TV subscribers. First quarter core radio revenue demand weakened, with pacings down 13.6%, although the second quarter is showing signs of improvement, with core pacings currently down 1.7%.”

Industry News

RTDNA Announces Scholarship and Fellowship Recipients

The RTDNA Foundation announces the recipients of the 2025 scholarship and fellowship program that is awarding more than $35,000 to 14 students and early career journalists. Scholarship and fellowship winners will attend RTDNA25, taking place June 11-13 in New Orleans. RTDNA says, “Since itsimg establishment in 1970, the RTDNA Foundation has provided more than $1 million in scholarships and fellowships to about 600 aspiring journalists, fulfilling its role as the educational and charitable wing of the Radio Television Digital News Association. Some have gone on to become reporters, producers and news directors, covering local and national issues that matter to their communities. Others have ventured into related professions, such as White House speechwriters, media regulatory attorneys and journalism educators. Several former recipients have also contributed to RTDNA’s leadership by serving as board members, while many have been honored with prestigious Murrow Awards.” You can see more about the 14 winners here.

Industry News

NAB: SBAs Support Local Radio Resolutions

National Association of Broadcasters says that state broadcasters associations representing all 50 states, plus DC and Puerto Rico adopted two resolutions. The first resolution urges members of Congress to support the Local Radio Freedom Act, which opposes any new performance fee on local radio stations.img NAB says, “Local radio stations provide trusted news, sports and entertainment to their communities free of charge, but stations’ ability to do so would be greatly threatened if faced with a new performance tax, on top of the hundreds of millions of dollars local stations already pay each year in copyright and streaming fees.” The second resolution calls on legislators to support the AM Radio for Every Vehicle Act that would ensure the continued availability of AM in all newly manufactured vehicles. NAB president and CEO Curtis LeGeyt comments, “On the heels of an incredibly successful State Leadership Conference, where over 560 local TV and radio broadcasters traveled to Washington, DC to meet with lawmakers on Capitol Hill, congressional support for local radio is strong. State broadcaster associations play a pivotal role in our advocacy efforts, and I am proud to see the collective unity behind these resolutions.”