iHeartMedia’s 2023 Third Quarter Revenue Falls 3.6%
iHeartMedia released its operating results for the third quarter of 2023 and reports revenue of $953 million, a decrease of 3.6% over the same period in 2022. The company reports operating income of $69 million compared to the operating loss of $211 million it reported in Q3 of 2022. iHeartMedia reports a net loss of $9 million during Q3 2023, down significantly from the net loss of $310 million it reported in Q3 2022. The company breaks down revenue into three segments – the Multiplatform Group (broadcast radio, networks, and sponsorship & events), the Digital Audio Group (digital excluding podcast, and
podcast), and Audio & Media Services Group. In the Multiplatform Group, broadcast radio revenue was $455 million, down 6.1% year-over-year, and networks revenue was $116 million, a decline of 8.6%. In the Digital Audio Group, digital excluding podcast revenue was $165 million, an increase of 1.1%, while podcast revenue was $103 million, an increase of 12.5%, year-over-year. iHeartMedia chairman and CEO Bob Pittman says, “We’re pleased to report that our third quarter results were at the high end of our Adjusted EBITDA and Revenue guidance ranges. Our Digital Audio Group’s performance reflects the strong flow-through characteristics of the business and Podcasting continues to be a strong growth engine for the Company; additionally, while the Multiplatform Group does continue to be impacted by advertising industry uncertainty, we’ve seen sequential gradual quarter to quarter improvement throughout the year and we remain confident that the Multiplatform Group will be an additional growth engine for the company as the advertising marketplace recovers.”
$145.7 million, down 7.1% year-over-year. Audacy president and CEO David J. Field states, “Audacy’s third quarter net revenues declined 5.6%, in-line with our quarterly guidance as ad market conditions have remained challenging, particularly on national business. Cash operating expenses were down 2%. We gained revenue share in the quarter, most significantly in radio in which we have achieved accelerating share growth since the start of the year. We also delivered solid gains in radio ratings share and digital audience metrics while making important progress on our tech roadmap and meaningful expense savings to improve our current and future business model. Fourth quarter is currently pacing down 9% on an as reported basis and down 4% on a same-station, ex-political basis. We expect Q4 total revenues to decline by high single digits and costs to decline by high single digits. As noted in our recent public filings, we remain in constructive conversations with our lenders to recapitalize the company’s balance sheet to establish a strong financial footing and position the company to capitalize effectively on our growth opportunities. Notwithstanding current challenges, Audacy has established a strong position as a scaled, leading multi-platform audio content and entertainment company distinguished by our exclusive premium content and top positions across the country’s largest markets. We salute our team for their strong work delivering solid growth against our key performance metrics and serving our listeners and customers with excellence.”
WRHU-FM, Hempstead, New York chief engineer Andy Gladding played a role in organizing the November 8 event when eight university and high school owned-and-operated stations broadcasting in the 88.1-88.9 segment of the FM band in the number one media market in the country join together to celebrate their love of college radio. Starting at 12:00 noon ET, “The Big 88” will become New York and New Jersey’s largest college radio station, covering an FM broadcast footprint of over 120 miles. In a story written for TALKERS magazine, Gladding says that despite the rash of American colleges selling their radio properties, the New York market has a vibrant college radio community. He says college radio stations have a special value. “I have spent 20 years working as a student volunteer and administrator at WRHU, ‘Radio Hofstra University,’ and have seen first-hand how college radio contributes to the growth and success of students looking to pursue a career in radio, television and digital media. Students and community volunteers who participate at college radio stations find themselves engaged in a diverse community of voices, opinions and music. While their approach and interests may be different, their practice at the college radio station unites them with one unified goal: to serve the listening audience by creating imaginative and alternative audio programming using the university’s FM transmission facility as their channel to the world. 
College radio is a special place on the FM dial. Listeners know it as the channel at the low end of the band where student and volunteer DJs have free reign to play music not usually heard from commercial operators. College students recognize it as a place where they can hone their broadcasting skills and put their passion and talents to work to prepare for a career in the industry. Hiring managers recognize it as a proving ground that provides quality pre-professional development and a destination to seek out qualified candidates to fill entry level media industry roles.
October 2023 PPM Data – Information for 
compared to $1.1 million for the same quarter last year and station operating income (a non-GAAP financial measure) decreased 14.7% to $7.6 million. Saga reports a net income of $2.7 million for Q3 2023 compared to the net loss of $104,000 it reported a year ago. The company’s balance sheet reflects $41.7 million in cash and short-term investments as of September 30, 2023. Saga also announces that it is paying a quarterly dividend of $0.25 per share on November 3, 2023 to shareholders of record as of October 11, 2023. The aggregate amount of the quarterly dividend will be approximately $1.5 million.
digital revenue growth of 9.1% year-over-year, with digital revenue representing 18.6% of total third quarter revenue. 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 our revenue in a cash flow positive manner. Our dedicated sales teams continue to leverage the tremendous audience reach and engagement of our local multi-platform content to attract new advertisers, resulting in a 22% increase in new local business revenue growth for the third quarter. Additionally, the actions we have taken to reduce our cost structure resulted in third quarter operating and corporate expenses decreases of 2.7% and 12.5%, respectively. In summary, we believe our third quarter financial performance demonstrates that our digital transformation and revenue diversification strategies continue to gain momentum and our initiatives focused on lowering operating expenses and reducing debt are positioning Beasley to generate increased and more diversified cash flows in future periods. Looking ahead, as has always been the case for non-election years, we expect fourth quarter revenues to be somewhat impacted by the absence of cyclical political advertising. While we plan to offset some of this expected softness through continued growth in digital and new business, we are hopeful that the overall advertising environment will improve in the fourth quarter and continue to closely monitor the economy.”
October 2023 PPM Data – Information for the October 2023 ratings period (September 14 – October 11) has been released for New York, Los Angeles, Chicago, San Francisco, Dallas, Houston, Atlanta, Philadelphia, Nassau-Suffolk (Long Island), and Riverside-San Bernardino-Ontario.
a net loss of $19.8 million. Cumulus reports in segments, and for the Q3 period total broadcast radio revenue was $146 million, down 17.4% from a year ago. Spot revenue was down 15.2% while network revenue declined 22.8% from Q3 of 2022. Cumulus’ digital segment reports revenue of $37.2 million, an increase of 6.6%, year-over-year. Cumulus CEO Mary G. Berner states, “Third quarter revenue and Adjusted EBITDA finished in line with expectations with results reflecting the continued dichotomy between local 
and national business lines. Despite the challenging environment, we maximized performance by 
the top sports morning shows in America and has won numerous national industry awards including a Marconi Award. Toucher was a foundational member of the launch of the station in August 2009. Prior to joining the ‘98.5 Sports Hub’ team, he worked at the former legendary rock station, WBCN.” Toucher comments, “I am thrilled to be able to work with my Beasley family over the coming years. I will continue my record of immense competence and brilliance.” Station PD Rick Radzik adds, “Fred has been entertaining ‘Sports Hub’ listeners each morning since 2009 with his compelling viewpoints and opinions on a wide range of topics. We are very pleased that he will continue on with us for years to come.” There’s no mention of morning drive co-host and Toucher’s longtime partner Rich Shertenlieb in the press release and the Boston Globe’s Chad Finn writes about the possibility Shertenlieb will exit the station soon. 
2018, Nielsen’s Total Audience Report reveals the 18-49 weekly reach of live and time-shifted TV has dropped -26%. Over the same period, TV’s daily time spent is down -59%; 2) cord-cutting is a major driver of TV’s audience collapse: The MRI Simmons January 2023 “How Americans Watch TV” report reveals 51% have cut the cord; 3) While a huge number of Americans have abandoned traditional TV for streaming, AM/FM radio remains the dominant audio platform: According to Edison Research’s Q2 2023 “Share of Ear,” AM/FM radio has a massive 69% share of U.S. ad-supported audio. AM/FM radio audience shares are over 17 times larger than ad-supported Pandora and ad-supported Spotify. 
Your crystal ball is still foggy, isn’t it?
billion in total local advertising, only a 2.2% increase in local advertising year-over-year.” BIA VP of forecasting & analysis Nicole Ovadia adds, “As expected, 2024 will be driven by political spending, and, even in markets that are not highly contested there will be a large amount of political advertising. Local political advertising will be fueled by the presidential and senate campaigns as well as issue-based advertising. When we look at the forecast without political, we expect only a slight increase in ad spending due to both global and local economic trends that may create more cautious spending.” 
and satellite delivery of programming. It contracts for that XDS satellite delivery from Westwood One. GCN CEO Ted Anderson tells TALKERS, “We’ve been working with Westwood One for almost 30 years and it appears that we are at an impasse with them contractually going forward. It has been a very positive and productive relationship, but it is time to move on. C-Band is a legacy technology that developed in the earlier days of talk radio but it is no longer a fundamental choice. We intend to provide our hosts and clients with modern, real-time audio with less delays than C-Band.”
September 2023 PPM Data – Information for the September 2023 survey period has been released for Austin, Raleigh, Indianapolis, Milwaukee, Nashville, Providence, Norfolk, Jacksonville, West Palm Beach, Greensboro, Memphis, and Hartford.
September 2023 PPM Data – Information for the September 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 (New Jersey).
Radio plans to reduce its workforce by 12% due to a “free fall in the advertising market.” The source is a memo to staffers from NYPR CEO LaFontaine Oliver. The story goes on to note that the organization employs about 340 full- and part-time workers at WNYC, classical WQXR, and the Gothamist news site. 
signature programs, My Home Library, which raises funds to provide home libraries to economically disadvantaged children in Houston. Audacy Houston SVP and market manager Sarah Frazier says, “Through the power of community and compassion, we’re delighted to help provide a brighter future for underserved children. We are proud to support the Barbara Bush Houston Literacy Foundation in their critical mission once again.”
been with the station since February of 2021 and has served as evening host, prime-time fill-in host, and co-hosts the “Cash The Ticket” sports betting podcast with WXYT afternoon host Mike Valenti. Audacy Detroit SVP and market manager 
Debbie Kenyon says, “I’m thrilled that Jim Costa will be the next co-host of the ‘97.1 The Ticket’ morning show. Jim has spent the last few years building a great relationship with his listeners. We look forward to the talents of Jim Costa and Jon Jansen entertaining and informing the Detroit sports audience and can’t wait to see how the show evolves in 2024.” Costa adds, “This is a dream come true for me. My whole career, I’ve chased the chance to build a show on ‘97.1 The Ticket.’ I grew up listening to this station and rooting for these teams. To start the conversation in Detroit every morning is special. Jon Jansen and I are a good contrast; we play off each other well, and I’m excited for the show we will create along with Heather [Park] and the entire morning show crew.”