Cumulus Media Q4 2023 Revenue Declines 11.9%
Reporting its operating results for the fourth quarter of 2023 and for the full year of 2023, Cumulus Media Group reveals Q4 net revenue of $221 million, a decrease of 11.9% from the same period in 2022. The company posted a net loss of $54,000 in Q4 of 2022 compared to the net loss of $98 million it reports for Q4 of 2023. For the full year of 2023, net revenue was $844.5 million – a decrease of 11.4%
from the full year of 2022. Cumulus reported net income of $16.2 million for 2022, while posting a net loss of $117.9 million for the full year of 2023. Cumulus president and CEO Mary G. Berner says, “While 2023 was a tough year across the media landscape, we were able to offset some of the effects of the weak national advertising climate through strong execution in our key focus areas. Specifically, we grew our digital businesses, meaningfully reduced fixed costs, and improved our balance sheet. Looking ahead, though national advertisers are expressing interest in increasing their radio buys, as of yet, ad demand remains choppy, reducing our visibility into the rest of 2024. That said, our industry-leading performance during similarly weak macro environments gives us significant confidence in our ability to navigate through this one and rebound strongly when the advertising market improves.” Looking at Cumulus’ business segments, the digital segment to which Berner refers was up 5% in Q4 of 2023 to $39.6 million, but total broadcast revenue during the quarter was down 18.2%. Spot revenue declined 18.3% and network revenue was off 17.9% in Q4 2023 compared to the same period in 2022.
Rothman) program and as host of “The Fan” pregame show every gameday Saturday in the fall. Hayes says, “‘The Fan’ has been my home for 10 years and I’m very excited to continue working at a station that has been a part of my life for so long.” WBNS station manager Cody Welling comments, “Matt has been working extremely hard developing his broadcast talents. We value his point-of-view on topics, and is the perfect duo for our highly rated midday show, ‘Rothman and Ice.’ I’m happy that Columbus sports fans will be able to access Matt Hayes for years to come each weekday, and on college football gamedays.” 
The AI Listener Voice Generator enables library subscribers to simulate “listener” audio and addresses the challenges that stations increasingly face in collecting listener audio from the public. Benztown CEO Andreas Sannemann says, “The Text-to-Speech and Speech-to-Speech capabilities of this new feature make an audio producer’s job easier and more efficient than ever – and it sounds incredible!”
solidifying our confidence that a large number of AM/FM streaming listeners are willing to pay a subscription to avoid commercials while listening to their favorite stations. The challenge now becomes how to grow the free tier user base in the most cost-efficient manner possible to increase our pool of potential subscribers. The Radio FM acquisition allows us to acquire 4.6 million retained users at a customer acquisition cost (CAC) that is approximately 70% lower than the cost to acquire a free tier user through our direct marketing methods.”
January 24, 2024, the Group reported beneficial ownership of approximately 10.01% of the company’s outstanding Class A shares and stated its intent to acquire 20% of Cumulus. The Group has investments in other media companies, including a sizeable holding in a direct competitor of Cumulus Media. According to Investopedia, a poison pill “is a defense strategy used by the directors of a public company to prevent activist investors, competitors, or other would-be acquirers from taking control of the company. Poison pills are executed by buying up large amounts of its stock. They effectively block the accumulation of a company’s outstanding shares. Companies promise to distribute additional free or heavily discounted shares to all existing shareholders, which dilutes the shares so outsiders can’t take over the company by purchasing a controlling amount of shares.” Cumulus board chairman Andrew Hobson says, “Given the facts, the Cumulus board firmly believes it is necessary to adopt a limited-duration rights plan to protect the interests of all Cumulus shareholders. The Rights Plan is intended to enable the company’s shareholders to realize the long-term value of their investment, ensure that all shareholders receive fair and equal treatment in the event of any proposed takeover of the company, and guard against tactics to gain control of the company without paying all shareholders an appropriate premium for that control. Cumulus Media’s leadership maintains open dialogue with its investors, including the Group, and intends to continue that practice.”
file them with the IRS. After the IRS contacted Patrick and requested that she file the unfiled returns, Patrick lied to the IRS, claiming that her accounting firm had timely filed the returns and that she would provide copies of those returns. Patrick, however, did not provide copies of the accurate returns that had been prepared by her accounting firm. Instead, Patrick doctored the business returns, removing $10 million in gross receipts received by her brokerage firm, and altered the personal returns by removing over $9.5 million in related income that she and her husband had earned from 2012 through 2014. Patrick also falsely backdated her signature on each tax return to make it appear as if the returns had been timely signed and mailed these false documents to the IRS, hoping to evade paying the full amount of taxes she owed. In addition, Patrick did not timely file business and individual returns for 2015, which she had also hired the accounting firm to prepare, nor did she pay the tax due and owing for the individual return. In total, Patrick sought to evade more than $2.5 million in taxes.”
Court TV correspondent since 2019, Painter has covered the high-profile trials of Bryan Kohberger, Johnny Depp v. Amber Heard, Alex Murdaugh, Harvey Weinstein, and the death of George Floyd. In 2021 she was awarded the Scripps Give Light award for leadership, dedication, and hard work in legal journalism. She got her start in the industry in 2016, as a legal analyst for Nexstar Media Group, where she went on to become a multimedia journalist. Painter earned a Juris Doctor degree with high honors from the University of Arkansas Little Rock Bowen School of Law.
Post says it confirmed the report with Audacy and the company added, “The decision by our existing and new debtholders to become equity holders in Audacy represents a significant vote of confidence in our company and the future of the radio and audio business.” The story cites an insider close to the situation who is a Republican saying he believes its “possible Soros was buying the stake to exert influence on public opinion in the months leading up to the 2024 presidential election.” 
says, “Back in Spring of 2009, during the chaos and sleepless nights involved in launching this national media company, the media gods sent me an angel in the form of Michelle Salvatore. Michelle faced down every challenge, worked tirelessly and with good cheer, and set a gold standard of excellence for not only Compass Media Networks, but our industry. We love and will miss Michelle dearly. Our goal is to build upon the greatness she created as we move ahead into the next chapter of our evolution.” Salvatore comments, “Working at Compass Media Networks literally changed my life for the better. I was able to travel the globe, producing games throughout the United States, Latin America and Europe, and had the chance to work with incredibly talented, passionate, and kind people. I am forever grateful to my dear friends at Compass Media Networks.”
to connect with their favorite hosts and shows on social media. Half of weekly podcasts consumers follow their favorite podcast hosts on one of the social platforms; 2) Younger 18-34 podcast consumers are more likely to follow their favorite hosts on social media. Compared to 35-49 and 50+ podcast consumers, 18-45 podcast consumers are more engaged socially with podcast hosts. 68% of podcast consumers 18-34 follow their favorite hosts on social media. 55% of 35-49s follow favorite hosts on social. 40% of those 50+ follow favorite podcast hosts on social; and 3) YouTube towers as a podcast discovery platform: 19% of weekly podcast consumers use YouTube to find podcasts. When asked which social platform they’ve used to find podcasts, 19% of podcast consumers are turning to YouTube, more than all other social media platforms combined. 
In early December 1963, America was a very gloomy place. The assassination of President John F. Kennedy on November 22 brought the country to a virtual standstill for four days, and the emotional and psychological hangover lingered for weeks. The nation needed a dose of uplifting energy and fun, and the Beatles were the ideal remedy.
1964 WCAO Promotional Material: “Kerby Scott photo
largest share of listening, accounting for more than one-third of daily time with audio among those age 13+. The vast majority of that listening (31%) is to AM/FM over-the-air signals.” (The other 5% comes from radio streams.) Behind AM/FM in listening is streaming music (20%), YouTube (14%), podcasts (11%), SiriusXM (8%), owned music (4%), TV music channels (3%), audiobooks (3%) and other (1%). 
its inception in 2010. Cook told his listeners, “It’s been a blast with you guys.” Cook is also a sportswriter for the Pittsburgh Post-Gazette. He’ll leave that position after his last column appears on Sunday. Audacy Pittsburgh SVP and market manager Michael Spacciapolli comments, “From the first day ‘93.7 The Fan’ signed on the air, Ron brought instant credibility to the station with, not only with reputation as one of the top columnists in the market, but also a trusted voice that sports fans wanted to hear from. That is a rare combination, and to this day we are fortunate that Ron was here with us from the beginning.” 
RAB in 2000 to help create databases and programming as RAB.com was emerging on the internet. Since then, she has designed RAB’s proprietary systems touching nearly every aspect of RAB services and operations including, RAB’s CRM product Account Manager, GoCart (RAB’s e-commerce platform), training and education management platform and Radio Mercury Awards’ database and entry platform. Promoted in July 2023, Madison Wright is the director of events and communications for RAB, intertwining her passions for public relations, social media and creating “memory-making moments” with her love for radio. RAB president and CEO Erica Farber states, “RAB is proud and delighted to promote all three dedicated and accomplished team members. I am truly excited to see how they will continue to grow professionally and super serve RAB’s membership.”
Other notable findings: 1) Older Americans and women are listening to podcasts at a faster rate, with a 22% increase in listeners over the age of 55 and a 19% increase in female listeners 18+ over the past two years; 2) Top podcast genres of 2023 were News (22% of downloads), True Crime (18%), and Comedy (15%). Of True Crime podcast listeners, 67% were female, of Comedy podcast listeners 62% were male, and of News podcast listeners 58% were male; 3) The top sales networks of 2023 in the Triton U.S. Podcast Ranker were SiriusXM Podcast Network at #1, NPR at #2, and Wondery at #3. The top podcast of the year was “NPR News Now.” Triton Digital SVP measurement products & strategy Daryl Battaglia says, “2023 was another year of significant growth for the podcast industry, and with increasing female and over 55+ audiences, we can expect more content production to serve those groups in the coming year. As podcast listenership continues to rise and reach new audiences, we’ll continue to provide our customers with in-depth insights around podcast consumption and listener habits in the coming year.” 
back episodes published before they subscribed. Since many if not most of those were never listened to, the data about listening habits was inaccurate. As the blog notes, podcasts that publish frequently will be most affected. “This is a crucial reset for the podcast industry, a much-needed rightsizing of audience data. This is a defining moment advertisers and podcast creators should both welcome. As hosts look at their downloads and reach for the Advil, they should know Apple is putting the podcast industry on the road to more accurate data. Better audience data inspires more confidence among advertisers and agencies.” Another new feature in iOS 17 is that users who haven’t listened to five downloaded episodes over the past two weeks will stop getting automatically downloaded podcasts. 
During his CBS career, he appeared on every CBS News program including “CBS Morning News,” the “CBS Evening News with Dan Rather” and the “CBS Sunday Night News.” For almost 46 years he produced his nationally syndicated radio feature, “The Osgood File,” from which he signed off with his signature phrase, “I’ll see you on the radio.” As Osgood was preparing to retire from “CBS Morning News” in 2016, he was a guest on TALKERS magazine founder Michael Harrison’s podcast. 
Holiday 2023 PPM Data – Information for the Holiday 2023 ratings period (December 7, 2023 – January 3, 2024) 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).
audio service provides radio stations access to NewsNation content. The NewsNation Audio Network will offer an ongoing, daily service of audio clips featuring coverage from its reporters and breaking news stories from across the nation and around the globe. Radio newsrooms can sign up for access at NewsNationAudio.com. Audio can be downloaded at NewsNationAudio.com or can be delivered directly to newsroom systems including NewsBoss.”
Let’s talk streaming because I don’t get what is happening. Maybe you do.
Multimedia’s KNDK- AM/FM, Langdon and KXPO-AM/FM, Grafton, North Dakota add the program to their lineups. “The Joe Pags Show,” hosted by Joe Pagliarulo, is based at flagship WOAI, San Antonio where Pagliarulo and iHeartMedia recently signed an extension through 2026. The program is now heard on more than 170 markets across the country. Joe Pags comments, “I’m incredibly excited to welcome Tampa, Tucson and North Dakota listeners to the show to start off the 2024 presidential election year.”
Ticket radio station as a kid, and I knew within about 5 seconds it’s where I wanted to be. It was a magical place. The energy was off the charts. I was hooked. From intern, to overnight board op, to fill in producer to full time producer, to host… it didn’t matter what I did there, it just mattered that I WAS THERE. Well here we are, 30 years down the road, and I’m still here. And I still have a blast every single day, and it’s still such a magical place. I know I’m lucky. So I just signed a 5 year deal, ensuring I will begin and end my work life there. Love my team, love our show, and love that place. Cheers to you, good P1s, Let’s go.”
ticker symbol SALM. Salem Media Group previously traded on NASDAQ. Yahoo!Finance writes, “Trading on the OTCQX Market offers companies efficient, cost-effective access to the U.S. capital markets. Streamlined market requirements for OTCQX are designed to help companies lower the cost and complexity of being publicly traded, while providing transparent trading for their investors. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.”
Yellowtec, will be discussing new developments and TALKERS founder Michael Harrison will be chatting about the forthcoming United Nations’