Industry News

WHBY, Appleton Updates its Brand

Woodward Community Media’s Appleton, Wisconsin news/talk WHBY says that following a historic year celebrating a century of service to Northeast Wisconsin, it is launching its new brand identity and logo. Woodward says, “The rebranding effort comes on the heels of WHBY’s year-long, 100th-anniversary celebration, which concluded last week. While the festivities honored the station’s deep roots and legacy since 1925, the new visual identity is designed to carry that legacy into a multi-platform future. The new look is encapsulated by the station’s rebrand slogan: Brand New Look. Same Trusted Voice. Woodward Fox Valley market manager B.J. DeGroot says, “We spent the last year lookingimg back at a century of service to the Fox Valley, but today, we turn our gaze forward. After retiring our special 100-year commemorative look, we didn’t want to just go back to ‘business as usual.’ We’re kicking off our second century with a fresh new look that reflects the evolution of WHBY and our unwavering commitment to the next generation of listeners.” WHBY brand manager Alex Thomas adds, “We are excited to usher in a new era of WHBY. Our rebrand represents a new chapter of WHBY and reflects who we are today and where we are heading next. This transformation goes beyond a new logo. It represents our vision of strengthening community awareness, enhancing the way we deliver news and conversation in the Fox Cities and beyond. While our look may be changing, our core values remain the same. Being trusted, local, and community driven remains a pillar of WHBY.”

Industry News

Westwood One: Radio Reaches 64% of Registered Voters

A blog post by the Cumulus Media | Westwood One Audio Active Group using data from Edison Research’s Share of Ear study says “AM/FM radio is an alternative to YouTube and CTV that can generate strong voter reach and impact during election seasons.” Using the recent Q4 2025 Share of Ear study, the post says data reveals how politicalimg agencies can use AM/FM radio in their upcoming media plans. Some key points include:1) AM/FM radio has a 64% share of ad-supported audio among registered voters; 2) AM/FM radio has substantial shares (62% to 65%) among Independents, Republicans, and Democrats: 3) Marketers and media agencies significantly underestimate AM/FM radio listening shares and dramatically overestimate Spotify and Pandora audiences; and 4) Digital audio only reaches a third of Americans. With AM/FM radio, reach soars to 73%. See the blog post here.

Industry Views

Monday Memo: Why Local Media Still Moves Communities

By Holland Cooke
Consultant

imgIn “When Everyone Knows That Everyone Knows” (Scribner) cognitive scientist Steven Pinker unpacks a deceptively simple idea: Society runs on common knowledge. Not just what people know individually, but what they know OTHERS know-they-know.

Read that again, aloud. It describes the invisible wiring that drives humans to coordinate, trust, cooperate, and sometimes revolt.

If that sounds abstract, it shouldn’t. Radio and television are the most powerful common knowledge machines ever invented. And in an era when media fragmentation has turned audiences into isolated microtribes, broadcasters who understand Pinker’s point gain a strategic advantage.

Broadcasting creates the “Shared Reality” communities run on

When a radio or TV station says, “Schools are closed,” that’s not just information. It’s a signal that everyone else in town heard the same thing. That shared certainty is what lets a community move in sync. Pinker reckons that this is the essence of coordination: people don’t just act on facts – they act on what they believe others believe.

This is why broadcasters remain indispensable during storms, emergencies, elections, and civic moments. Digital platforms can inform individuals. Only broadcasting can inform everyone at once, and – crucially – make it known that everyone else heard it too.

Trust and legitimacy flow from common knowledge

Pinker notes that institutions derive their authority from shared understanding. Money works because everyone knows everyone else accepts it. Laws work because everyone knows everyone else knows the rules.

Local broadcasters occupy that same psychological space.

A trusted anchor or morning host doesn’t just deliver news – they confer legitimacy. When they say, “Here’s what’s happening,” they’re not merely reporting; they’re establishing the community’s shared frame of reference. In a fragmented media world, that’s gold.

Dueling Realities: FOX News vs MSNow

Inside each bubble, people know what everyone-like-them knows. When national narratives clash, local broadcasters become the last shared reality left.

Local radio and TV, by contrast, still operate in the realm Pinker describes: weather, schools (and EVERYTHING ELSE that triggers a parent’s concern), roads, emergencies, local elections, shared rituals and routines. These are not ideological. They’re lived. Local broadcasters still produce the kind of common knowledge that makes a town function. Cable networks and partisan talk radio produce the kind that makes a tribe feel coherent.

Local broadcasting is still where a community becomes a community.

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

Uncategorized

Dr. Asa Andrew Poised at Dynamic Intersection of Radio and Pro Wrestling

Health/lifestyle syndicated talk media star and ringside physician, Asa Andrew, M.D. (a.k.a. Dr. Asa) finds himself strategically positioned at the dynamic intersection of radio and wrestling as TNA Wrestling announces a collaboration that will integrate its premium live events, weekly television programming, digital platforms, and fan experiences across iHeartMedia’s formidable audio network. Dr. Asa has achieved imgTALKERS “Heavy Hundred” national prominence for years, originally launching his daily three-hour “The Dr. Asa Show” on its flagship radio affiliate, iHeart’s WLAC, Nashville. Andrew has subsequently and simultaneously returned to his roots as a professional wrestler and recently joined TNA Wrestling as the company’s ringside physician and head of sports medicine.

Andrew tells TALKERS, “I am excited to see these two entertainment and media giants come together. Finally, my two passions are aligning synergistically. TNA Wrestling has seen immense expansion this year as its president Carlos Silva led the company into one of its largest growth periods. This includes a major TV network deal with AMC for our weekly live show, ‘Thursday Night iMPACT!,’ as well as filling up arenas in major cities across America with record breaking crowds. Now – from the radio, TV, and podcast studio to the professional wrestling ring – talk media’s ‘America’s Health Coach’ and professional wrestling’s ‘Ringside Physician’ Dr. Asa has a significant cross-section of his brand in one place.”

As part of the agreement, iHeartMedia will serve as the presenting sponsor of the TNA Wrestling Pay-Per-View Pre-Show for all remaining 2026 premium live events. The integration will feature prominent brand visibility across broadcast graphics, in-arena announcements and event marketing. On TNA’s flagship weekly television program, “Thursday Night iMPACT!,” airing nationally on AMC, and streaming on AMC+ in the U.S., and worldwide on TNA+, iHeartMedia will receive premium broadcast integration including sponsorship of the LED Walkout Ramp, one of the most visually recognizable elements of TNA’s live events and television presentations.

Check out Dr. Asa, the ringside physician, in action

Dr. Asa had to respond a real-life medical emergency during a recent TNA World Championship match in New Orleans between current standard bearer Mike Santana and challenger, “Bulletproof” Steve Maclin. Maclin took a superkick and Santana connected with the left side of his jaw almost knocking him out and delivering an instant concussion (as immediately evaluated by referee Alice Lane).  Dr. Asa‘s instincts were equally quick as he was sliding into the ring while referee Lane was throwing up the X sign. That’s when a referee crosses the two forearms to make an X. It signals there is a serious injury and the match needs to pause until a medical doctor can evaluate the wrestler to see if the match is to be stopped or can continue. Dr. Asa made the decision to stop the match, and Maclin was transported to the hospital for further evaluation. Thankfully, Maclin only suffered a mild concussion with slight neck pain and spasm. He should be returning to the ring soon once he is medically cleared.  To see a video clip of this incident, please click here

Industry News

Warshaw Implies Cumulus Had Eyes on Audacy Before SFM Got Involved

The Jeffrey Warshaw vs Soros Fund Management case has brought up questions about how SFM became majority owner of Audacy. Connoisseur Media owner Jeffrey Warshaw is suing SFM for breach of contract, unfair trade practices and more in alleging that he had a deal with the company’s Michael Del Nin in 2022 and began working together “to try acquiring Cox Radio, with Del Nin agreeing that Warshaw wouldimg manage the business as CEO upon successful acquisition.” Warshaw also says he steered SFM and Del Nin to the deal that made SFM a majority stake holder of the new Audacy in early 2024 and alleges he was promised he’d be the next CEO of Audacy or that he would get 5% of SFM’s profits from the Audacy acquisition.

imgNow, in recent court filings, Warshaw claims that by mid-2023 he had identified HG Vora as the key holder of Audacy’s distressed debt and, through industry contacts, came to believe that HG Vora was already aligned with Cumulus Media to merge the two companies. But the filings stop short of proving that such a deal ever existed in a formal sense.

Warshaw relies on what he “deduced” from conversations in the market – not on a signed agreement, binding term sheet, or documented commitment between HG Vora and Cumulus. SFM’s response goes directly at that point saying it had been evaluating a potential investment in Audacy for more than a year before Warshaw’s involvement, positioning its eventual acquisition not as a hijacked opportunity, but as the result of an independent strategy already in motion.

Now we wait to see if Warshaw can prove a Cumulus-backed pathway was real or if SFM can demonstrate that it was already tracking Audacy. Whether the Cumulus-Audacy deal was a genuine near-transaction or simply informed speculation appears to hinge on what documents and/or third-party witnesses reveal.

Industry News

Beasley Brings Sontag Aboard as VP of HR

Beasley Media Group names Bill Sontag vice president of human resources. Sontag has served for the past 30 years with Procter &img Gamble. Beasley says in his new role, he’ll oversee all human resources and benefits functions across Beasley Media Group. His responsibilities include employee relations, benefits administration, compliance, and the development of programs designed to support the well-being and professional growth of employees across the organization. He will also oversee the company’s business insurance programs.

Industry News

Debbie Kenyon to Lead Central U.S. Markets for Audacy

Audacy promotes Debbie Kenyon to regional president for its Central U.S. markets. Kenyon currently manages the company’s Detroit stations, and her new responsibilities will include Chicago, Cleveland, Minneapolis, Milwaukee and Madison. She’ll oversee such heritageimg signals as WSCR-AM/FM “The Score” and news/talk WCCO-AM. Audacy president and CEO Kelli Turner comments, “Debbie Kenyon has been a pillar of our business for over a quarter century, and her elevation to regional president for our Central region is a testament to her ability to drive innovation and deliver consistent performance. Her appointment supports our commitment to empower our teams and build on our unmatched presence in local markets and communities while fully leveraging our scale and reach.” Kenyon joins Jeff Federman, Mark Hannon, Claudia Menegus and chief business officer Chris Oliviero in regional president roles overseeing key Audacy markets.

Industry News

Dan Dakich Re-Ups with Outkick; Exits WXNT, Indy Radio Show

Multimedia sports platform OutKick and sports personality Dan Dakich sign a multi-year contract for Dakich to continue as the host of the “Don’t @ Me” program. As part of the new deal, Dakich will step away fromimg hosting his radio show on Cumulus Media’s WXNT-AM, Indianapolis “Indy’s Sports Ticket 1430 AM” and he will be exclusive to OutKick starting April 1. OutKick senior vice president and managing editor Gary Schreier says, “Dan Dakich has been a vital part of OutKick’s success. He provides unique insight and never hides from sharing his opinion. That combination is what OutKick stands for and we’re thrilled to have him for the years to come.” Dakich comments, “I’m beyond thrilled to continue as the host of ‘Don’t @ Me.’ This journey with OutKick has been incredible and has allowed me to share my opinion unapologetically. I can’t wait for what’s to come as my OutKick show continues to stand out among other sports shows that are afraid to speak their minds.”

Industry News

Salem Media Adds Roku to FAST Partners

Salem Media reveals a deal with The Roku Channel that will see its Salem News Channel available on Roku’s ad-supported streaming channel. Salem notes that while Salem News Channel has long been available through a dedicated Roku app, this new distribution places the network imgdirectly within Roku’s Live TV guide, allowing viewers to discover as they browse and begin watching instantly. Salem News Channel VP and general manager Cary Pahigian says, “This is a significant expansion of Salem News Channel’s reach, which already increased viewership by over 178% this year. Being part of The Roku Channel opens the door for entirely new audiences to discover the unique news and opinion that SNC provides.” This news comes two weeks after Salem announced Salem News Channel is joining Amazon Prime Video’s free, ad-supported TV (FAST) channel.

Industry News

Scarborough and Brzezinski Re-Up with MS Now

Variety reports that Joe Scarborough and Mika Brzezinski have signed a new deal to remain with MS NOW. The new contract keeps the duo with the network through 2029. Recently, thte program was cut from four hours to three to make room for a new program hosted by Stephanie Ruhle. Scarborough comments, “Mika and I are excited to be staying with our ‘Morning Joe’ family and friends who have been watching regularly for almost 20 years.” See the Variety story here.

Industry News

Beasley and Investors Heading Toward Refinancing Agreement

On Friday (3/20), Beasley Broadcast Group filed a Form 8-K with the Securities and Exchange Commission revealing it is entering into a Transaction Support Agreement with 98.7% of holders 11.000% Senior Secured First Lien Notes due 2028 and 76.5% of the aggregateimg outstanding principal amount of the 9.200% Senior Secured Second Lien Notes due 2028. This exchange offer includes an exchange of all of the Existing Second Lien Notes for newly issued 10.000% Senior Secured Second Lien PIK Notes due 2027 at an exchange ratio of 50.0% of the aggregate principal amount of the Existing Second Lien Notes tendered for exchange, and an offer to purchase up to $15,899,000 of the Existing First Lien Notes at a price equal to 100% of the par value thereof.


The upshot of this is that if these offers are accepted, lien holders will have a lot of control over how the company operates. They will be allowed to appoint a director to sit on the company’s board of directors. But the most telling part of this plan is that it allows for lien holders to exchange their debt for equity – meaning they could assume control of the company. Beasley provided “cleansing information” to lien holders in the form of a profit & loss statement ahead of its 2025 Q4 and 2025 full year financial statements that indicates a significant decline in audio net revenue “driven by continued weakness across the industry as a result of reduced consumer sentiment.”  We’ll know soon enough whether this goes forward as the Transaction Support Agreement will terminate on May 15, 2026 if it’s not consummated.

Industry News

FCC Commissioner Gomez Criticizes “Unlawful” Nexstar-Tegna Merger

FCC Commissioner Anna M. Gomez issued a statement on Friday (3/20) after the FCC’s Media Bureau approved the Nexstar/TEGNA merger, which Gomez notes violates the existing 39% national ownership cap inimg federal law. She says, “The FCC has once again chosen bureaucratic cover over public accountability. This merger was approved behind closed doors with no open process, no full Commission vote, and no transparency for the consumers and communities who will bear the consequences. A transaction of this magnitude, which includes new and novel issues before the FCC, demands open deliberation before the full Commission, not a quiet sign-off meant to avoid public scrutiny. Given the increasingly alarming pace of reckless media consolidation, the American public deserves to know how and why this decision was made.

“Local journalism is under extraordinary strain. Across the country, newsrooms are being consolidated, reporters laid off, and editorial decisions made far from the communities broadcast stations are licensed to serve. The Nexstar/TEGNA merger will accelerate exactly that trend, concentrating broadcast power in fewer corporate hands, shrinking independent editorial voices, and prioritizing national business interests over local needs. Nexstar has already begun cutting newsrooms throughout the country, and as these billion-dollar companies grow even larger, their increased negotiating leverage will drive up fees that translate into higher monthly bills for those families who can least afford them. The consequences of this rubber stamp approval will be felt in living rooms and newsrooms across the country, resulting in fewer voices, less competition, and higher costs for consumers.”

Industry Views

Take Back the Airwaves: Why Radio’s Future Belongs to Main Street, Not Wall Street

By John Caracciolo
President/CEO
JVC Broadcasting

imgThe recent shutdown of CBS News Radio isn’t just another media headline – it’s a wake-up call. A clear example of what happens when decisions about our information, our communities, and our voices are made in corporate boardrooms disconnected from real life.

This wasn’t a programming failure. It wasn’t a lack of audience. It was an accounting decision – made by people who don’t live in the communities radio serves, don’t rely on it, and don’t understand its true value. And that’s exactly why they got it wrong.

Radio has never been more important. In an era flooded with misinformation, algorithm-driven content, and faceless digital noise, radio remains immediate, local, and – most importantly – trusted. It’s the one medium that still shows up live, every day, in real time, for real people.

Radio isn’t dying. It’s being stripped down by people who don’t know how to grow it. But here’s the truth: this moment isn’t just a loss – it’s an opening. A rare and powerful opportunity to rebuild something better. Because what’s missing right now isn’t demand. It’s leadership. This is the moment to create a new kind of radio network – one built not for Wall Street, but for Main Street. A network designed to empower local stations, not replace them. One that helps stations monetize their greatest strength: localism. Local voices. Local news. Local advertisers. Local trust.

Let’s be clear about something: consolidation itself isn’t the enemy. When done right, consolidation can be a powerful tool – one that strengthens local newsrooms, provides resources, and creates the scale needed to compete in a modern media landscape. But there’s a line. When consolidation is used purely for profit – when it strips stations of their local identity, cuts talent, and replaces service with spreadsheets – that’s when it fails. Profit must be our servant, not our master. The future of radio depends on getting that balance right. We need smart, strategic growth that invests in journalism, expands local reporting, and gives stations the tools to thrive – not survive. We need leadership that understands scale should support localism, not suffocate it. That’s where the opportunity is right now.

The future is a network that works differently – a network that partners with local stations to amplify their voices, not drown them out. One that provides national scale where it matters – news gathering, distribution, sales infrastructure – while keeping content authentic and rooted in the community. A network that helps local stations win. Because local radio doesn’t need to be replaced – it needs to be reinforced.

Imagine a network that:

  • Delivers credible, trusted national news while allowing stations to localize and own the story • Builds shared revenue models that actually benefit local operators.
  • Gives advertisers access to both national reach and local impact.
  • Invests in talent, not cuts it.
  • Uses modern tools – digital, streaming, social – to extend radio’s reach without losing its soul.

That’s not just possible – it’s necessary. This is how we make radio competitive again. Not by shrinking it, but by strengthening what made it great in the first place. And let’s be honest – no one is better positioned to build this than the people who actually believe in radio. We have the tools. We have the experience. We have the relationships. And most importantly, we understand the audience because we’re part of it.

This is the time to act. The vacuum left by corporate retreat is real, and it won’t stay empty for long. Either Main Street steps in to rebuild radio with purpose, or something else will fill that space – and it won’t have the same commitment to trust, community, or truth.

So, let’s not waste this moment. Let’s take back the airwaves from bureaucratic investors who see radio as a line item instead of a lifeline. Let’s build a network that works for stations, communities, and listeners. Let’s make radio great again – not by looking backward, but by building forward. This isn’t the end of radio. It’s the beginning of its next chapter. And this time, we’re writing it. Let the revolution begin my friends, who’s with me?

John Caracciolo is the president and CEO of JVC Broadcasting.  He can be emailed at johnc@jvcbroadcasting.com or phoned at 631-648-2525.  

Industry News

Congressional Subcommittee to Review Telecom Act of 1996

The House Committee on Energy and Commerce and the Subcommittee on Communications and Technology announce that next Thursday (3/26) the subcommittee will hold a hearing titled, The Telecommunications Act of 1996: 30 Years Later. Chairmen Congressman Brett Guthrie (KY-02) and Congressman Richard Hudson (NC-09) say in a statement, “The communications marketplace has transformed dramatically in the 30 years since the Telecommunications Act of 1996 was signed into law. This hearing will examine what parts of the law have worked, what have not, and how Congress can build on those lessons to modernize our laws to promote innovation, strengthen competition, and drive investment in modern communications networks.”

Industry News

New Syndicated Radio Programming Initiative Launches

Maryland Media One announces the launch of Seaboard Networks, a new radio programming and syndication company offering 24/7 turnkey radio formats and syndicated programming to stations nationwide. The company says this initiative involves developing and distributing bothimg music-driven and spoken-word programming. Maryland Media One CEO Steve Clendenin says, “The landscape of radio programming is changing. We’re here to partner with stations to develop and distribute top-tier music and spoken-word formats and content. Our goal is to help stations grow with compelling programming that is affordable, easy to implement, and designed for today’s radio and streaming environment.” Among the first offerings available through Seaboard Networks is the Outdoor Radio Network, a full-time programming format built around hunting, fishing, conservation, and outdoor lifestyle content.

Industry News

NRG Media to Sell Northern Wisconsin Stations to Midwest Communications

NRG Media is divesting its Northern Wisconsin stations in the Wausau and Rhinelander markets in a proposed sale to Midwest Communications’ WRIG, Inc subsidiary. This deal includes sports talkimg WOBT-AM and 11 other signals and FM translators. NRG CEO Mary Quass states, “We are proud of the great broadcasters in Wisconsin that we have proudly worked with and are happy they will continue serving Wisconsin with WRIG, Inc.” Midwest Communications president Peter Tanz comments, “Mary and her entire team have built an outstanding community service organization in Wisconsin. For over a century, the Wright family has proudly called Central Wisconsin home. We are honored to add NRG’s Wisconsin stations to our home market.”

Industry News

Nielsen Releases National Audio Today Report

Nielsen, using its own data as well as data from Edison Research’s Share of Ear Study, publishes its Audio Today 2026 report. Some of the key findings include: 1) that radio reaches 93% of all U.S. adults monthly, outperforming smartphones (89%), TV (84%), and PCs (76%). Its reachimg is nearly universal among Hispanic (94%) and Black (93%) consumers; 2) AM/FM radio commands more than 80% of all ad-supported audio time in vehicles. Nearly three-quarters of out-of-home radio use during peak drive times occurs in the car, placing brands closest to the point of purchase; 3) however, a significant “perception gap” exists; while marketers often rank radio low for effectiveness, Nielsen data reveals it delivers the highest ROI of any platform trailing only social media; and 4) radio and podcasts combined account for more than 80% of all daily ad-supported audio time, while streaming music accounts for only 15%. See the report here.

Industry News

AURN Partners with AdGrid for Cultural Audience Accelerator

American Urban Radio Networks (AURN) announces a strategic partnership with advertising technology platform AdGrid to launch the “Cultural Audience Accelerator.” AURN says the new initiative isimg “designed to help brands reach and engage multicultural audiences across today’s digital media landscape.” AURN CEO Chesley Maddox-Dorsey says, “AURN has always been committed to helping brands connect authentically with multicultural audiences. Our partnership with AdGrid allows us to expand that connection beyond audio and into the broader digital ecosystem, giving advertisers new ways to reach these influential audiences with scale, cultural relevance and measurable results.”

Industry News

Bold Gold Foundation Announces 10th Event & Dinner Featuring Jimmy Failla

The non-profit arm of Bold Gold Media Group is The Bold Gold Broadcast & Media Foundation whose goal is to support educational programs that help students prepare for careers in broadcast journalism. The organization announces that its signature Event & Dinner this year will feature national radio and TV host, Jimmy Failla. Failla hosts hisimg nationally syndicated radio show, “FOX Across America,” and his FOX News Channel show, “FOX News Saturday Night.”  The theme for this 10th Event & Dinner at Mohegan Pennsylvania on May 5 is “250 Years of American Liberty!” Bold Gold president Vince Benedetto says, “This being our 10th event and coinciding with imgAmerica’s 250th Birthday, we are doing everything bigger this year. In addition to celebrating 250 years of America, we’ll be celebrating 250 years of freedom of speech… and there is no greater daily example of that freedom that radio broadcasters. Radio, especially talk radio, remains America’s modern town hall. Our efforts at this event will help the next generation of radio broadcasters.” The Bold Gold Foundation will also be honoring Northeast Pennsylvania business leader and philanthropist Robert Tamburro with The Atlas Award for Citizenship.  Bold gold says the Atlas Award is bestowed on individuals who, through their hard work and bold actions, show what is possible to achieve in a free society, and who exhibit extraordinary dedication to the highest ideals of character, community service, entrepreneurialism, patriotism, leadership, and virtue.

Industry News

Urban One’s 2025 Q4 Net Revenue Down 16.5%

Urban One’s operating results for the fourth quarter of 2025 show net revenue of $97.8 million, down 16.5% from the same period in 2024. The company reports broadcast and digital operating income was approximately $23.8 million for Q4, a decrease of 38.3% from the same period in 2024. Urban One reports a net loss of $54.4 million for Q4 of 2025, compared to a net loss of $35.7 million for the same period inimg 2024.  Urban One CEO and president Alfred C. Liggins, III, states, “As expected, we had a tough fourth quarter due to a combination of non-recurring political advertising, soft radio markets and declining audience delivery in our cable television business. Despite this, we were able to achieve full-year Adjusted EBITDA within our previous guidance range at $56.7 million. The biggest revenue drag in the fourth quarter resulted from weak cable TV prime delivery, down approximately 20.0% from the third quarter, although we have seen a significant recovery in the first quarter 2026 as the revised Nielsen methodology has given us an approximate 40.0% – 50.0% lift compared to the fourth quarter 2025. Radio pacings in the first quarter of 2026 are currently down 5%, but we remain positive on the outlook for mid-term political revenues later in the year. I was pleased that we were able to repurchase a significant amount of our 2028 Notes at a discount, extend out the maturity on all but a small stub of the notes, and increase the size and term of our ABL Credit Agreement. This transaction sets up the company with a stable capital structure and extended maturity runway to allow us to continue to de-lever the business. In January 2026 we also regained compliance with the Nasdaq listing requirements by effectuating a 1-for-10 reverse stock split.”

Industry News

Edison: Moving Ad Spend from TV to Podcast Improves Reach

Edison Research says that data shows moving 5% of the broadcast and cable TV spend in a marketing plan, brands can achieve “outsized results in audience reach.” In this example, using data from Nielsen Podcast Fusion powered by Edison Podcast Metrics, a leadingimg pharmaceutical brand’s original buy targeting adults 18-54, 100% of the budget was allocated to traditional television, with 87% to broadcast and 13% to cable. This achieved a reach of 39%. By shifting only 5% of the total spend away from the usual go-to television outlets, and into podcasts, reach increased significantly. Reach among those ages 18-54 went from 39% in the old campaign to 55% in the new campaign, a lift of 41%. Note that this is shifting dollars, not adding dollars. The brand reached 26 million additional people without increasing the advertising budget.

Industry News

Audacy: Podcasts Eating into Social Media and Streaming Music

An analysis by Audacy senior manager, research & insights, Deepika P Das concludes that the rise in podcasting is coming at the expense of social media scrolling and music streaming listening. Citing data from Edison Research’s Share of Ear study that notes podcast consumptionimg among adults has surged from just 6% of audio listening in 2015 to 23% in 2025. The two factors responsible for his are new people listening to podcasts (reach) and existing podcast consumers listening more (frequency).  Das says that additional listening is replacing other behaviors. “Nearly four in 10 podcast listeners say the time they spend with podcasts is replacing time spent scrolling social media. Another 34% say it’s replacing time spent listening to streaming music.” Das cites data indicating that “U.S. adults spend an average of 103 minutes per day listening to podcasts, outpacing TikTok (77 minutes), Facebook (69 minutes), and Instagram (65 minutes); and “Podcast listening surpassed streaming music in 2023, and now commands an 11 point share advantage in daily digital ad-supported audio listening.” See the Audacy report here.

Industry News

Connoisseur Closes on Sale of Minnesota and Missouri Stations

Connoisseur Media closes on the sale of 19 signals to two companies. The first is the sale of KLQL-FM and KQAD-AM, in Luverne, Minnesota to Christensen Broadcasting LUV, LLC. That company also operatesimg eight stations in Minnesota. The second deal transfers 17 signals in a number of small markets in the state of Missouri to Carter Media Too, LLC., a Carrollton, Missouri‑based limited liability company led by the Carter Media family. Carter Media Too also operates three radio stations in Missouri plus the streaming platform, MidVid.com. Exclusive broker Kalil & Co says Miles and Michael Carter expressed their enthusiasm for expanding the organization’s footprint and restoring a strong local presence in news, weather, sports, and agriculture.

Industry News

FCC Seeking Public Comments on Sports Broadcasting Practices and Marketplace Developments

The FCC’s Media Bureau is asking for the public’s comments on the current state of sports broadcasting. In making the announcement, the Commission says, “Many games are still available for free over broadcast TV, but there has been a surge in recent years of games going behind the paywalls of various streaming services.  While this can increase the number of games and sports available to fans, many consumers today find it more difficult to find the events they want to watch and are now paying to sign up for one or more video distribution platforms that consumers can find difficult to navigate.”

With that said, it is asking for consumers to “address the current and emerging trends in the distribution of live sports programming.  How does the present marketplace benefit or harm consumers?  How does theimg recent trends towards fragmentation facilitate or inhibit the ability of local broadcast television stations to meet their public interest obligations, including their production of local news and reporting?  In what ways is the marketplace continuing to evolve and how will future changes impact consumer access to free over-the-air news and information, including public safety information?”

NAB president Curtis LeGeyt issued the following statement in response: “NAB thanks Chairman Carr for his leadership in examining the rapid changes in the sports broadcasting marketplace and what they mean for American viewers and local communities.

“Consumer access to premier games through free, over-the-air television has long been a cornerstone of the American sports fan experience. As distribution becomes more fragmented across streaming services and paywalls, fans face higher costs and greater confusion just to follow the teams they care about. Local broadcasters provide the widest reach for live events, bringing fans together to celebrate their favorite teams.

“As the Commission evaluates these marketplace trends, it is important to ensure that local stations have a fair opportunity to compete for premium sports rights. That includes modernizing outdated ownership restrictions that limit broadcasters’ ability to achieve the scale necessary to compete in today’s media marketplace. We look forward to participating in this proceeding and providing real-world insight into how disruption in the media landscape is affecting viewers and local stations.”

Industry News

Edison: Podcasting Overtakes AM/FM Spoken-Word Listening

According to data from Edison Research, podcasts have overtaken AM/FM in consumption of spoken-word audio. Edison says, “In 2015, AM/FM radio accounted for 75% of the time Americans spent with spoken-word audio sources. AM/FM radio was not only the mostimg dominant spoken-word audio listening platform, but it was fully sixty-five percentage points higher than podcasts, which accounted for 10% of listening time back then. Quarter by quarter and year over year, time spent using AM/FM radio to listen to spoken-word audio has declined significantly and shifted to time spent with podcasts. As of Q4 2025, 40% of time spent listening to spoken-word is now spent with podcasts and 39% of time is spent with AM/FM radio. Not only does radio not beat podcasts by a significant margin, it now trails the on-demand platform for spoken-word audio listening.”