Bloomberg: Audacy Gambled on CBS Radio Merger
A piece at Bloomberg by Ashley Carman looks at the $1.5 billion 2017 merger of Audacy (formerly Entercom) and CBS Radio and concludes that the deal has been a back-breaker for the company as Carman writes, “Now, six years later, Audacy is struggling under the weight of $1.92 billion in debt and shriveling demand for radio advertising, an industrywide plague.” The piece goes beyond just Audacy’s
financial struggles and looks more broadly at how radio as a legacy medium is facing “the same headwinds as other traditional media.” Carman adds, “Stations are losing their grip on younger audiences, and advertisers are tuning out. Fresh sources of revenue, like podcasts and streaming audio, are going to new contenders such as Spotify Technology SA or just failing to make up for the lost radio ad dollars.” The U.S. radio business has always touted its reach, but according to Lauren Russo, EVP at ad buyer Horizon Media, broadcast radio faces real problems. “The broadcast marketplace is extremely soft for ’23 and similarly for ’24. The overall audio ecosystem continues to grow from a streaming and podcasting perspective, but at the expense of broadcasts.” Read the Bloomberg piece here.
related to Urban One’s failure to timely deliver quarterly reports for the first and second quarters of 2023 and sets a due date of November 30, 2023 for those and a December 31, 2023 due date for the third quarter financial report. Urban One also reports that it has received an Additional Staff Delisting Determination from the Listing Qualifications Department of The Nasdaq Stock Market LLC due to the delinquent Q3 2023 report. Urban One has a hearing set for November 30 and anticipates filing the delinquent Q1 and Q2 reports prior to the hearing. It also expects to file the Q3 report on or about December 31, 2023 and will present its plan to evidence full compliance with the Nasdaq listing criteria at the hearing.
MacKenzie’s complaint paints a picture of her being consistently paid less than male and younger staffers that goes back to when she first joined the station when it was owned by CBS Radio. It says that from the beginning she was paid “about $20,000-$30,000 per year less than” her co-workers in comparable positions. MacKenzie says that the SAG-AFRTRA investigation into KYW’s compensation practices in 2021 confirmed her belief the company was engaged in gender-based pay inequity. In 2022 MacKenzie did agree to a deal with the company that paid her $150,000 per year for 2022, $152,500 for this year and $155,000 per year for 2024. But she says she has suffered “significant harms and losses” over the years and is seeking back pay, liquidated damages, interest, costs, negative tax consequence damages, injunctive and declaratory relief, and attorneys’ fees. 
the study found that eliminating 10 words of audio copy increases the Creative Standout score by 1%. Creative Standout is achieved when consumers say, “this ad stands out” and rate an ad with an 8, 9, or 10 on a one-to-ten-standout scale. Further it found that eliminating 10 words of audio copy increases web traffic by 0.25%. Creative Standout in audio advertising is strongly linked to ad response via website visits. For each 1% rise in Creative Standout achieved by an audio ad, website response rate increases by 0.25%. Also, the more messages that are included in the ad, the poorer the recall. An ad with four messages will have message recall of only 24%, compared to 43% for ads with just one message. The more messages an ad attempts to communicate, the lower the likelihood of a single message being communicated. 
figures in the state of New Jersey and WPG, Atlantic City morning drive personality Harry Hurley is ranked #55 on the list. The caption alongside Hurley’s photo in the feature states: “No other radio host show in New Jersey covers politics as hyperactively as Hurley, who has earned the trust of key players in both parties while amplifying the concerns and troubles of regular voters. An asset to the state.”
retire from the station on December 6. After his departure, John Kobylt (left) will continue in the daypart as a solo host. He quipped, “I am saying goodbye. After very little thought, this is what I’m gonna do.” The duo rose to prominence during their time at WKXW-FM, Trenton “New Jersey 101.5” beginning in 1988. They moved to KFI in 1992 and briefly went into national syndication in the late 1990s. That move drove a wedge between them and then-KFI owner Cox Communications and they left to do mornings at crosstown Disney-owned KABC, Los Angeles. That didn’t last long, and they returned to KFI where they’ve flourished since 2001. 
compensation expense, debt modification costs, gains and losses on the sale or disposition of assets, impairments, depreciation expense and amortization expense increased 0.2% to $61.0 million. The company reports a net loss of $31.3 million for the quarter, an increase of 163% over the same period in 2022. Salem presents operating results by segment and reveals that its Broadcast segment’s revenue was $49 million, down 4.2% year-over-year; its Digital Media segment’s revenue was $10 million, down 2.2%; and the Publishing segment’s revenue was $4.6 million, a decline of 17.5%. 
Audacy SVP and market manager David Yadgaroff says, “It’s a great night in support of our local veterans. Audacy Philadelphia has a strong partnership with TMF, and we’re excited for our 94WIP hosts to assist in this fundraising effort.” 94WIP guest bartenders include Joe DeCamara, Rhea Hughes, James Seltzer, Hugh Douglas, Joe Giglio, Ike Reese, Jon Marks, Jack Fritz, Howard Eskin, Devan Kaney and Eliot Shorr Parks. Also, in attendance will be Ryan Manion and Col. Manion of Travis Manion Foundation.
Survey says nearly half of all Americans over 13, nearly 135 million, listen to spoken word formats. The growth curve boasts an eye opening 52% jump in time spent listening at home.
Here’s actual news copy, from Joe Connolly’s business report one morning on WCBS, NY: “One third of all domestic flights are now late, by an average of one hour.”
from 6:00 am to 9:00 am. In addition to “Morning Juice,” Beam hosts the Ohio State Buckeyes football network post-game show in partnership with “97.1 The Fan” and Learfield/Ohio State Sports Properties and co-hosts the “Bone and Beam United” podcast. Station program director Matt Fishman says, “Beamer is a smart, versatile personality who has excelled in several roles. We are thrilled that he has decided to stay at ‘The Fan.’” Station manager Cody Welling adds, “Brandon is an emerging talent that has worked extremely hard on his development. I enjoy his energy, his passion for the station, and his love for Columbus, our teams, and our fans.”
inspiring and patriotic radio show features an exclusive interview with Jessica Lynch who recounts her harrowing experience as a prisoner of war during the early days of the 2003 Invasion of Iraq during Operation Enduring Freedom. She reveals details of her treatment during her captivity, her rescue, the ensuing years of medical treatment and the special role Fisher House played (and continues to play) in her recovery. This informational talk show will leave listeners feeling inspired during Veterans Day weekend and through the holiday season, sharing stories of amazing service members, veterans, and their families. Fisher House Foundation provides a home away from home for families of patients receiving medical care at major military and VA medical centers. Fisher Houses provide temporary free lodging so families can be close to their loved ones during medical care because “A Family’s LOVE is Good Medicine.” For more information on this radio special, available cash and barter free, contact Larry O’Connor at 562-665-9537 or loconnor@fisherhouse.org.
word, which is a 55% increase over nine years ago (20%); 2) Spoken word listening at home has grown dramatically: 60% of the total daily audio time spent with spoken word audio is at home, 24% in the car, 13% at work, and 3% at some other location. The time spent listening to spoken word audio at home has grown to 41 daily minutes in 2023 from 27 daily minutes in 2014. Increases in at-home spoken word audio listening are seen across every hour in the listening day; 3) Spoken word listening in-car has shifted post-pandemic, but AM/FM radio remains on top: Of all the daily time spent listening to spoken word audio, time spent listening in the car has declined from 36% in 2014 to 24% in 2023. In the car, 62% of spoken word audio consumed by those in the U.S. age 13+ is to AM/FM radio content, including over the air and streams; 4) For the first time ever, the mobile device is the primary way people listen to spoken word: 39% of spoken word audio consumed daily by those age 13+ in the U.S. is on a mobile device, followed by 35% on an AM/FM radio receiver. At home, 41% of spoken word audio is consumed on a mobile device, and at work, 47% of spoken word is consumed on a mobile device. AM/FM radio receivers still dominate in-car, garnering 60% of the spoken word audio listening there; and 5) Podcasts represent a large and growing share of spoken word listening: Podcasts now represent over one-third (36%) of time spent with spoken word audio. Twenty-eight percent of time spent listening to podcasts goes to NPR/public radio. At home, 40% of spoken-word audio listening goes to podcasts. 
1:00 pm (instead of its usual 6:00 pm to 7:00 pm air time). The program is hosted by travel expert Colleen Kelly, who is cost, creator, and executive producer of the popular Emmy-nominated PBS series, “Family Travel With Colleen Kelly,” and is a digital contributor to National Geographic. WLS program director Stephanie Tichenor says, “Chicago loves to travel. Colleen has been giving our WLS-AM audience travel tips and tricks for over 100 episodes. We are so excited to celebrate this milestone with her as she continues to share her experiences from all over the world.” The series is also co-hosted and produced by Megan Kudla, as well as technically produced and edited by Lane Thoelcke.
Bakersfield and Spokane. In his new role as SVP of programming, Jarquin will be responsible for the oversight of programming and promotions across all Pacific Area iHeartMedia stations. iHeartMedia Pacific Area president Steve Darnell says, “Angel has a successful track record programming some of the most dynamic station brands in the market. His creativity, leadership and background on-air make him perfectly positioned to lead our station programming to connect with listeners throughout the Pacific Area.”
NYC include WMCA “The Mission” and WNYM “AM 970 The Answer.” This is a fantastic opportunity for the right individuals. VP/GM Jerry Crowley who has been running Salem’s NYC market for 11 years, tells TALKERS, “I know our future is stronger than ever and that’s based on reality – contrary to how a lot of broadcasters think. We are looking for two multi-talented folks to participate in harnessing the power of the number one Christian/conservative cluster in America. Interested candidates should contact 
that resonate with them! The position requires extreme reliability and flexibility. Females are encouraged to apply. Second, Cumulus is seeking a news director to work with both stations. It says, “This is not a 9 to 5 weekday desk job. If news runs in your blood, if you get an adrenaline rush from breaking stories, if you are hands-on, and you realize the commitment that it takes to win from you and your team, then this job could be for you. Our ideal candidate should possess an extremely good work ethic and have a history of news department success as a news director.” And third, the company is looking for a managing editor for both stations. This is an early morning position from 2:30 am until 10:30 am. The main job is to make sure the shows on both stations have the content they need to have a successful broadcast. 
We have a saying around “The Mark Kaye Show” studio:
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.”
on Gospel WPZZ-FM, Richmond to discuss the project and the referendum and lamented the amount of money they’d spent on the process, saying, “God has blessed me with enough to build the Richmond Grand. But $10 million is what the final [campaign] bill looks like. Such a waste. I am so mad at this opposition. Do you know how much good I could have done with $10 million? I had to pay the lawyers, the accountants, and the lobbyists… just to get the opportunity for you all to vote.” Casinos have already been approved in four Virginia cities, but the project was extremely controversial in Richmond.