Yesterday’s (8/14) Top News/Talk Media Stories
Former President Donald Trump is indicted by a grand jury in Georgia; the 2024 presidential race; the special counsel investigation of Hunter Biden; the wildfire destruction of Lahaina, Hawaii; a Montana judge rules in favor of young climate activists; Russia’s economic troubles and the ongoing war against Ukraine; the battle between Florida Governor Ron DeSantis and Disney; and the Blind Side controversy were some of the most-talked-about stories in news/talk media yesterday, according to ongoing research from TALKERS magazine.
July 2023 PPM Data – Information for the July 2023 survey period has been released for Austin, Raleigh, Indianapolis, Milwaukee, Nashville, Providence, Norfolk, Jacksonville, West Palm Beach, Greensboro, Memphis, and Hartford.
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.
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.
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.
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.”
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. 
weekend on behalf of the NFL Alumni Health. A special panel has been put together that will be led and moderated by Doctor Asa on the topics of mental health, performance, 
longevity, and living a healthier lifestyle. In partnership with Hall of Fame legend Ray Lewis, Doctor Asa will be leading some powerful fireside chats with some of the all-time NFL greats, including Emmitt Smith, Terrell Owens, Warren Sapp, and more. Doctor Asa says, “It’s an honor to be invited to speak at such a prestigious event. Being in the Pro Football Hall of Fame is the league’s highest honor. It means that these champions used their natural talent, overcame tremendous adversity, and found a way to win in every area of life.” Hall of Fame weekend takes place August 4-6 in Canton, Ohio. 
reach from Edison Podcast Metrics. “The Joe Rogan Experience” is #1 for this period, followed by audiochuck’s “Crime Junkie” at #2, and The New York Times’ “The Daily” at #3. Podcasts hosted by commercial talk radio personalities that made the Top 50 include: Cumulus Podcast Network’s “The Ben Shapiro Show” (#8), Cumulus Podcast Network’s “The Dan Bongino Show” (#21), The Ramsey Network’s “The Ramsey Show” (#22), and Cumulus Podcast Network’s “The Matt Walsh Show” (#42). 
being inducted into the New York State Broadcasters Association’s Hall of Fame this year. Matthews served as host of the WHAM-AM, Rochester evening sports talk show for 35 years. He was also a newspaper sports columnist and a regular contributor to the Gannett News Service. 
annual “95.5 WSB Care- a-Thon” to benefit the Aflac Cancer and Blood Disorders Center of Children’s Healthcare of Atlanta, raising $1.9 million. Throughout the two-day radio broadcast WSB hosts Scott Slade, Clark Howard, Mark Arum, Erick Erickson, Eric Von Haessler and Shelley Wynter were joined on-air by patients and families as they shared their stories of resilience, loss and hope.
No, this isn’t about college football or New Year’s Eve. Wait, maybe it is.
Cumulus president and CEO Mary Berner comments, “Despite continued challenges in the overall market, our second quarter revenue performed in-line with expectations while Adjusted EBITDA exceeded them. As in prior quarters, we generated strong revenue growth in our digital marketing services business, implemented meaningful cost reductions, and further improved our balance sheet by generating cash from operations and reducing our total and net debt to the lowest levels in more than a decade. Additionally, we executed a highly accretive and opportunistic tender offer, which resulted in the retirement of approximately 10% of our shares outstanding. Our proven track record of strong operational and financial execution in adverse conditions gives us unwavering confidence in our ability to optimize results in the current weak ad market and rebound strongly when the environment improves. In the meantime, we will continue to invest in our digital businesses, further enhance our operating leverage through additional cost reductions, and execute on our strategy to opportunistically deploy capital to maximize long-term shareholder value.”
drive program alongside Kevin “KT” Turner and takes on “The Downbeat” as its name. Jeff Cavanaugh and Julie Dobbs move from the morning daypart to afternoons alongside Mike Rhyner for “The Speakeasy” program. The show times are altered by an hour with the morning program airing from 6:00 am to 10:00 am, the midday “Ben and Skin” show airing from 10:00 am to 2:00 pm, followed by the afternoon show airing from 2:00 pm to 6:00 pm. Zaccagnini tells the Dallas Morning News, “The catalyst for this change was to make a better fit for our same staff to further excel in a weekday lineup that best suits their professional and personal lifestyles.”
was known by millions of listeners of ‘The Bob & Tom Show’ for the indelible comedic characters he played on-air, including Donnie Baker, Kenny Tarmac, and Floyd the Trucker, as well as his spot-on celebrity impersonations. Ron was a much-loved colleague and friend, and we will miss him greatly. We send our sincerest condolences to his family and friends. He made many, many people happy during his more than 20 years with ‘The Bob & Tom Show,’ and we will remember him with love and gratitude.”
he plans to retire from the business in four years at the end of 2027. Patrick’s radio program is nationally syndicated via Premiere Networks and is simulcast via YouTube. The former ESPN personality responded to fans who questioned his decision by saying, “This is a young man’s game. I’m the oldest guy doing this. And I enjoy doing it, but by the end of 2027, that’ll be it. You have my word, so plan accordingly.” 
June 2023 PPM Data – Information for the June 2023 survey period has been released for Austin, Raleigh, Indianapolis, Milwaukee, Nashville, Providence, Norfolk, Jacksonville, West Palm Beach, Greensboro, Memphis, and Hartford.
politically conservative news/talk formatted radio stations and media assets nationwide. Epperson was a longtime leader in Christian radio as a former member of the board of directors of the National Religious Broadcasters Association. In 2005, Time Magazine named him one of the 25 most influential evangelicals in America. Salem executive chairman Ed Atsinger comments, “Stuart will be greatly missed by many. I will miss him, but I take comfort in realizing that he is already receiving his reward for a life well-lived. A life that personifies the words of the Apostle Paul in 2 Timothy 4:7-8: ‘I have fought the good fight. I have finished the race. Now there Is in store for me the crown of righteousness, which the Lord, the righteous Judge, will award to me on that day and not only to me, but also to all who have longed for his appearing.’”
June 2023 PPM Data – Information for the June 2023 sweep has been released for Washington, Boston, Miami, Seattle, Detroit, Phoenix, Minneapolis, San Diego, Tampa, Denver, Baltimore, and St. Louis.
When golf’s original championship is contested next week at Hoylake’s Royal Liverpool (England), SiriusXM will offer 45 hours of live coverage on its “Open Radio” channel (92). SiriusXM president/chief content officer Scott Greenstein comments, “We’re very excited to deliver our listeners another extensive week of programming for the historic Open Championship. Our coverage will feature live shot-by-shot commentary from voices who are excellent at capturing and conveying the character and excitement of Open Championship golf, as well as daily programming that will deliver all the latest news from the event and interviews with the competitors in the field.” Championship broadcasts will 
hosts. The ideal candidate will be able to execute either two- or four-hour air-shifts on WICC, along with booking guests, creating compelling local content, fielding listener phone calls, and pivoting subject matter as the news cycle dictates. This position will have different hours based on need. 
Simulcasting on 98.7 HD-2, iHeartMedia Washington, DC launches “Freedom 104.7 – DC’s Real News. Real Talk.” Senior vice president of programming Jeff Kapugi states, “We are excited to welcome a number of best-in-class personalities to ‘Freedom 104.7.’ We are confident [the station] will quickly become a favorite destination for DMV talk radio listeners.” Premiere Networks executive vice president of affiliate sales Peter Tripi adds, “We’re thrilled to have our industry-leading talk lineup join ‘Freedom 104.7 & 98.7 HD-2.’ These stellar talents will provide entertaining, unique and insightful views on the latest news, politics and events that Washington, DC listeners are looking for.” The station’s weekday lineup includes: “America’s First News” (6:00 am – 9:00 am); Glenn Beck (9:00 am – 12:00 noon); Clay Travis & Buck Sexton (12:00 noon – 3:00 pm); Sean Hannity (3:00 pm – 6:00 pm); Jesse Kelly (6:00 pm – 9:00 pm); “Our American Stories” (9:00 pm – 12:00 midnight); “Coast to Coast Early Edition” (12:00 midnight – 1:00 am); and “Coast to Coast AM with George Noory” (1:00 am – 6:00 am). Approximately six months ago (1/5), WWDC-HD2 and 104.7 translator station W284CQ became “iHeart Sports DC”; it was not listed in Nielsen Audio’s May 2023 sweep. Among persons 6+ in that ratings period, American University public radio news/talk WAMU ranks first (11.4); Hubbard all-news WTOP & WTLP “Washington’s Top News” is second (8.0); Cumulus Media news/talk WMAL “105.9 FM – Where Washington Comes To Talk” finishes seventh (4.7); and Audacy business news WDCH “Bloomberg 99.1 FM” ranks #22 (.5).