Urban One Announces Securities Exchange Offer
Urban One has begun an offer to exchange any and all of its outstanding 7.375% Senior Secured Notes due 2028 held by Eligible Holders for newly issued 7.625% Senior Secured
Notes due 2031, to be issued by the company and guaranteed by each existing and future subsidiaries of the company, and cash. In connection with the Exchange Offer, Urban One begins offer to purchase up to $185 million in aggregate principal amount of the Existing Notes for up to $111 million in cash. In connection with the Exchange Offer, the company is also offering Eligible Holders the right to subscribe to purchase up to $60.6 million in aggregate principal amount of 10.500% first lien senior secured notes due 2030.
The dividend will be paid on December 12, 2025, to shareholders of record on November 24, 2025. The aggregate amount of the payment to be made in connection with the quarterly dividend will be approximately $1.6 million. The quarterly dividend will be funded by cash on the company’s balance sheet. Including this dividend, Saga Communications will have paid over $141 million in dividends to shareholders since the first special dividend was paid in 2012.
advertisers and publishers across traditional and digital channels. Naylor will ensure the measurement company is meeting the needs of a wide array of clients, while working with Nielsen’s sales, product and research teams to help partners enhance their businesses.” Nielsen CEO Karthik Rao says, “The key to Nielsen’s continued success is working closely with our clients to build the best marketing intelligence platform in the world. Peter is the perfect person to help that mission, building on Nielsen’s momentum of Big Data + Panel measurement, live streaming innovation and our AI transformation. He has led teams across linear TV, streaming and social media. He knows what consumers and clients want – and need – as behaviors continue to evolve. We can’t wait to keep building with him and our partners.”
to develop, produce, and own all content. Shots Podcast Network shows include “Full Send Podcast,” hosted by Kyle Forgeard; “One Night with Steiny,” featuring Aaron “Steiny” Steinberg; and “The Rush with Maxx,” hosted by NFL star Maxx Crosby.Westwood One and Cumulus Podcast Network president Collin Jones says, “Shots is one of the most dynamic and influential creator networks in media today. Their fearless approach to content and ability to engage millions of fans makes them a perfect fit for the Cumulus Podcast Network. We’re thrilled to welcome John, and the entire Shots team.”
show, “Hoops Talk.” Sliwa will provide expert insight, analysis and commentary across AM 570 LA SPORTS content throughout the NBA season, including featured segments available on the iHeartRadio app. Sliwa previously served on the Lakers Radio broadcast in pre-game, halftime, and post-game coverage. KLAC program director Brian Long says, “Allen is one of the premier voices covering the Lakers. With the excitement surrounding the team this season, his perspective and passion will be a great addition to our coverage and valuable voice for Lakers fans in Southern California and across the country.”
November 10 at the age of 51. Adams, whose real name was Michael Paul Kunkle, began his media career in the print industry at the Harrison City Post (PA) while in high school. He transitioned to radio and served with stations including WBT-AM/FM, Charlotte; KTRH-AM, Houston, WYAY-FM, Atlanta and KDKA-AM, Pittsburgh, where he was program director. He launched his consultancy, Marshall Adams Media, in 2012.
One of my first jobs out of college was working in the marketing department of WNBC-AM, New York. Yes, “Imus In The Morning” (Don Imus – not nice), Cousin Brucie (Bruce Morrow – nicest star who ever lived). One of my tasks was to pull ratings numbers from the computer for the sales department. I was fascinated by TIME SPENT LISTENING (TSL) and CUME numbers. I’d rank them, compare, trend them every way imaginable.
chairman and CEO Bob Pittman comments, “We’re pleased with our third quarter performance, generating Adjusted EBITDA of $205 million, slightly above the midpoint of our guidance range, and our consolidated revenue was down 1.1% compared to prior year, at the high end of our guidance, and up 2.8% excluding political revenue. And we continue to take important steps in the evolution of our company – last week we announced our new relationship with Amazon Ads, which will provide advertisers using Amazon DSP access to our vast audio portfolio, and just this morning we announced our new TikTok partnership, which will bring TikTok creators into iHeart’s ecosystem. We are committed to exploring new ways to unlock the value of our unparalleled assets, maximizing the unique position we occupy in the evolving media landscape, and creating innovative cross-platform opportunities to bring new products and services to our consumers and our advertising partners.”
revenue was $51.3 million, a decline of 12.6% from the same period in 2024. The company’s broadcast revenue was $40.7 million, down 11.5% from Q3 of 2024, and digital media revenue was $10.5 million, down 3% from the same period a year ago. The company posted a net loss of $2.3 million compared to the net loss of $6.6 million it posted in Q3 of 2024.
If you’re a news/talk station, be known-for-knowing what’s happening. My client stations routinely invite tune-in “for a quick [name of network] news update, every hour, throughout your busy day.”
agency advertising market, partially offset by sustained growth in high-margin, owned-and-operated digital revenue and local direct sales.” Beasley recorded an operating loss of approximately $300,000 in the third quarter of 2025, compared to an operating income of $1.2 million in the 
prior year quarter. Beasley CEO Caroline Beasley comments, “Our third quarter results demonstrate continued operational discipline. While advertising demand remains challenging, particularly within agency channels, the quality of our revenue mix continues to strengthen, led by sustained growth and record margins in our digital business. Digital revenue now represents roughly one-quarter of total company revenue, with owned-and-operated products driving margin expansion and scalability. At the same time, our cost-reduction initiatives are yielding tangible, lasting benefits. We’ve reduced total station operating and corporate expenses by $15 million year-to-date, while improving organizational efficiency and positioning Beasley to generate higher returns on every dollar of revenue. As we move into the fourth quarter, we remain focused on disciplined execution, strengthening our balance sheet through planned asset sales, and advancing our strategy to deliver sustainable shareholder value.”
period last year. Saga says this was primarily the result of an industry wide settlement with two music licensing organizations (ASCAP and BMI) resulting in a retroactive rate adjustment of approximately $2.1 million covering the period from January 1, 2022, to the quarter ended September 30, 2025. Station operating expense would have decreased $120 thousand or 0.5% for the quarter without this settlement. For the quarter, Saga had an operating loss of $626 thousand compared to operating income of $1.6 million for the same quarter last year and station operating income decreased $2.5 million to $3.5 million. Without the settlement the operating loss would have been operating income of $1.5 million compared to $1.6 million and station operating income would have been $5.6 compared to $6.0 million for the same quarter last year. Saga reports a net loss of $532,000for the quarter compared to net income of $1.3 million for the third quarter last year. Saga says its balance sheet reflects $34.2 million in cash and short-term investments as of November 3, 2025.
provides advertisers using Amazon DSP access to iHeartMedia’s streaming audio portfolio. The companies add that access to iHeartPodcasts and the scale and reach of its broadcast radio stations will follow in 2026. Meredith Goldman is director, Amazon DSP, Amazon Ads and she 
says, “Our partnership with iHeart allows Amazon DSP customers to reach relevant audio audiences with simplified campaign management and unique measurement capabilities. Integrations like this enable advertisers to build more comprehensive omnichannel strategies that connect brands with consumers throughout their journey across media.” iHeartMedia chief business officer Liz Coffey adds, “Making iHeart’s premium audio inventory available through Amazon DSP, unlocks scale with deep listener engagement and proven performance. And with accessibility to Broadcast Radio inventory soon to follow, this partnership is another step in making broadcast radio behave like digital media; addressable, measurable, and available programmatically, so marketers of all sizes can buy with greater ease and consistency.”
distributed by Audacy to unite the biggest sports voices, markets, and fans.” Audacy Detroit SVP and market manager Debbie Kenyon says, “The launch of ‘97.1 Detroit Sports Radio Network’ represents a massive commitment to our listeners and an exciting chapter in our growth. We are excited to partner with Townsquare Media and other media companies to expand our footprint across all of Michigan and to deliver great content to the dedicated fan base we serve. We are proud to deliver best-in-class sports coverage to the entire state, solidifying our position as the essential source for Michigan sports audio content now and for years to come.” The network’s first affiliates include Townsquare Media’s WFGR in Grand Rapids, WJIM in Lansing, WBCK in Battle Creek, and WKMI in Kalamazoo, plus Blarney Stone Broadcasting’s WGRY in Roscommon. Additional affiliates will be announced in the upcoming months.
produce and distribute weekly coaches’ podcasts for multiple sports during their seasons. Audacy Wichita SVP and market manager Tommy Castor says, “We are proud to continue our 50-plus-year tradition as the radio home of Shocker sports. Our partnership with Wichita State Athletics reflects a deep commitment to the community and to connecting with generations of fans. We’re excited to provide Shocker fans the best play-by-play coverage and exclusive updates that bring every game to life.”
policy in the National Women’s Soccer League and teammates Sarah Gorden and Angelina Anderson who strenuously object to the idea. Travis – co-host of The Clay Travis and Buck Sexton Show – said on the program, “If you are a male soccer player, and you are listening to us right now, D1, I would encourage you to go to open tryouts. If you make a women’s soccer team or they ban you – just say you identify as a woman – if you make a women’s soccer team, I’ll pay you 100 grand. Challenge out there for every man listening to us right now. I want one of you out there to try to make a women’s pro soccer team – just tell them if they question you, ‘hey, I identify as a woman,’ and I want you to make the team because if they don’t have this rule in place, it would be transphobic for them to stop you from being able to become a male identifying as a woman professional athlete. And I think you might be able to score fifty goals in a year and maybe this is what needs to happen in the National Women’s Soccer League.”
the same period a year ago. Urban One CEO and president Alfred C. Liggins, III says, “Third quarter results came in slightly softer than expected across the board. Core radio, excluding political, finished down 8.1%, and our Radio segment is currently pacing down 30.2% all-in and 6.4% ex-political for the fourth quarter of 2025. Revenues at our Reach Media and Digital segments were down 40.0% and 30.0% respectively, which was on the lower end of expectations. Cable TV advertising was down 5.4% and affiliate revenue was down 9.1% driven by continuing subscriber churn. In light of the soft overall market conditions, we are reducing our full year guidance from $60 million of Adjusted EBITDA to $56 to $58 million. Our focus remains on controlling costs, managing debt, leverage and liquidity. During the third quarter of 2025, we repurchased $4.5 million of our 2028 Notes at an average price of approximately 52.0% of par, reducing our outstanding debt balance to $487.8 million.” 
Cincinnati – died on Sunday at age 80. As reported by John Kiesewetter at WVXU.org reports on Trumpy’s passing and his career. Trumpy pitched the idea of a sports talk program to then-general manager of WLW-AM, Cincinnati Charles Murdock but was shot down. He turned to WCKY-AM and launched the show there. Three years later, WLW-AM hired him away from WCKY. Trumpy, who played for the hometown Cincinnati Bengals from 1968-1977, would move on to national television with NBC Sports that culminated with him receiving the Pete Rozelle Award for lifetime achievement in NFL broadcasting. 
to have interviewed tens of thousands of celebrities, authors, politicians and other assorted newsmakers during his long radio career.” The Free Press obit states, “He filled a variety of roles for WJR across the decades beginning in the 1970s. Whether hosting a weekday morning or afternoon slot or doing a weekend shift, he drew fans with his friendly, upbeat style and filled ‘The Warren Pierce Show’ with a mix of interviews, movie reviews, news and weather. A dedicated fan of University of Michigan football, Pierce also did sideline reporting for WJR’s coverage of Wolverines games during the era of coach Bo Schembechler.” He left WJR in 1993 and joined WJBK-TV, Detroit as a morning news anchor. 
Confidence is down. Costco is mobbed.
Tragically, I was none of those things. Fortunately, I had the support of those who believed I had potential and encouraged me to follow a slightly different path — to morning radio. And while I never envisioned eventually moving from music to talk radio, the transition has been the most rewarding experience of my life, and these last three years at Civic Media have been the proudest of my 40-plus year career.” Prior to joining Civic Media, Matenaer served with Good Karma Brands’ news/talk WTMJ, Milwaukee in the newsroom and in morning drive. She adds, “As I head toward retirement, I want to take this moment to thank my current and former colleagues and mentors. You are among the most talented, dedicated and hilarious people on the planet. Thank you to Civic Media, for believing in a 60-something woman to host her own show and for your commitment to community-based radio and to a healthy democracy.”
follows the 5:00 am hour of “Colorado’s Morning News” anchored by Gondek. Michael Brown, former FEMA Administrator and nationally syndicated host of “The Situation with Michael Brown,” moves from sister KHOW to the 9:00 am to 12:00 noon daypart. The rest of the day’s local programming is Mandy Connell from 12:00 noon to 3:00 pm; KOA Sports with Dave Logan and Ryan Edwards from 3:00 pm to 6:00 pm, followed by “Broncos Country Tonight with Benjamin Allbright and Nick Ferguson.”
brands. Gould comes to iHeartMedia from Metamorphosis.Digital where she was chief revenue officer and VP of sales. iHeartMedia division president Kris Foley says, “Annalee’s ability to build trust, navigate change, and deliver creative, cross-platform results makes her the ideal leader for our San Francisco sales team. Her experience and relationships in the Bay Area will be instrumental as we continue to grow our presence and impact.” She comments, “Audio is one of the most powerful and evolving channels in media today and nowhere embodies creativity and innovation quite like the Bay Area. I’m excited to join iHeartMedia and work with a team that understands how meaningful human-generated content continues to drive trusted marketing. In a time when that connection feels increasingly rare, radio and podcasts remain deeply human, built on authentic voices, real stories, and companionship.” 
enhancing the subscriber experience through new content, deeper personalization, and continued innovation across every stage of the customer journey, driving greater engagement and value for our listeners. At the same time, we’re scaling our digital advertising business and strengthening our leadership in podcasting. Across each of these areas, we’re leveraging our unique assets to deliver sustainable profitability and long-term value for our shareholders — a strategy that is already delivering as we raise our full year guidance.” During the quarter the satcaster expanded and developed its roster of high-profile voices. It extended its agreement with Andy Cohen and celebrated the 10th anniversary of his flagship channel, Radio Andy. Stephen A. Smith also debuted on the platform, launching new political and sports programs and renewed its agreement with Megyn Kelly, expanding the partnership to include the upcoming Megyn Kelly Channel.