Cumulus Media 2023 Q3 Revenue Falls 11%
Cumulus Media Inc is the first audio group to report third quarter 2023 operating results in a year that’s been challenging for all media reliant on advertising. Today’s Q3 report reveals net revenue of $207 million, a decline of 11% over the same period in 2022. Cumulus reports net income during the quarter of $2.7 million, down 68% from a year ago. However, for the first nine months of 2023, the company reports
a net loss of $19.8 million. Cumulus reports in segments, and for the Q3 period total broadcast radio revenue was $146 million, down 17.4% from a year ago. Spot revenue was down 15.2% while network revenue declined 22.8% from Q3 of 2022. Cumulus’ digital segment reports revenue of $37.2 million, an increase of 6.6%, year-over-year. Cumulus CEO Mary G. Berner states, “Third quarter revenue and Adjusted EBITDA finished in line with expectations with results reflecting the continued dichotomy between local 
and national business lines. Despite the challenging environment, we maximized performance by continuing to focus on areas we can control, including growing each of our digital businesses, reducing costs, and improving our balance sheet through non-core asset sales and debt reduction. These actions have further improved the company’s revenue growth profile, operating leverage, financial flexibility, and strategic optionality and, collectively, position us to rebound when the advertising environment improves. While we are continuing to see weakness in national markets, as companies are starting to set their 2024 marketing budgets, we are seeing some initial indications from key national advertisers in several categories that sentiment is improving for next year. That tone, combined with the anticipation of a robust political spending cycle, gives us cautious optimism that we may be seeing the early signs of a market recovery.”
Audacy’s KMBZ, Kansas City yesterday (10/26) after spending the last month in a rehab program, according to a story in the Kansas City Star. Parks says he’s been addicted to alcohol for much of his adult life but had been sober for three years before an undisclosed family trauma in July led him back to drinking. Wright noticed Parks’ relapse and, fearing for his health, contacted Parks’ brother. Parks credits the resulting intervention with getting him the help he needed. 
In May 2007, I was enjoying the brand-new app called YouTube. Still independently owned, still relatively unknown. Some of the videos pulled millions of viewers, more viewers than enjoyed by ESPN or any cable network. More interesting, the videos with high counts were not made by NBC or ESPN or any traditional video source. High view count videos were being made by people with no experience in traditional media, they were experimenters producing in their basements and bedrooms.
Gov. Ron DeSantis, Amb. Nikki Haley, Vivek Ramaswamy, Sen. Tim Scott, Gov. Doug Burgum, Gov. Asa Hutchinson, and Ryan Binkley. “Iowa Talking Points” is produced for live video stream, 
video and audio on-demand playback, and radio rebroadcast by NRG’s “News/Talk 1540” KXEL, Cedar Rapids-Waterloo and is hosted by KXEL program director and host Jeff Stein. Previous programs in the series have been produced in front of a live studio audience from Mudd’s state-of-the-art “Studio5@Mudd” facility in Cedar Falls. Last week, the team arranged a special live broadcast from the annual tailgate fundraiser sponsored by Iowa State Rep. Mariannette Miller-Meeks. Stein says, “There are very few opportunities to have access to this many candidates at one time. Engaging with them in this way gives our audience the best information free from sound bites and media filters.” Pictured here is Stein with DeSantis (left) and Haley (right).
GOP presidential nomination and says he’ll put his support behind Donald Trump. “As I look at the path forward, and after careful consideration and consultation with my campaign team, I have made the difficult decision to suspend my campaign.” Elder was unable to get a spot on either of the two Republican presidential debates held so far. 
president and co-founder Kit Gray says, “The Opportunist is an incredible complement to our existing slate of award-winning true crime podcast programming. There is no more fitting time than now to debut the show on our network. We look forward to growing the show’s existing audience.”
implementation and management of all market events, promotions and contesting initiatives and support similar initiatives within the region that includes Dallas, Houston and New Orleans. Audacy Austin SVP and market manager Bob Mackay says, “Momo has all the mojo going as far as being connected promotionally in Austin. She loves live music and being out with the brands, which made her the perfect choice to work alongside our vice president of programming Nikki Nite, to help elevate the Audacy Austin marketing efforts.” Audacy operates news/talk KJCE-AM and three music brands in the Austin market.
the top sports morning shows in America and has won numerous national industry awards including a Marconi Award. Toucher was a foundational member of the launch of the station in August 2009. Prior to joining the ‘98.5 Sports Hub’ team, he worked at the former legendary rock station, WBCN.” Toucher comments, “I am thrilled to be able to work with my Beasley family over the coming years. I will continue my record of immense competence and brilliance.” Station PD Rick Radzik adds, “Fred has been entertaining ‘Sports Hub’ listeners each morning since 2009 with his compelling viewpoints and opinions on a wide range of topics. We are very pleased that he will continue on with us for years to come.” There’s no mention of morning drive co-host and Toucher’s longtime partner Rich Shertenlieb in the press release and the Boston Globe’s Chad Finn writes about the possibility Shertenlieb will exit the station soon. 
York. The spoken-word winners included: Legendary Radio Station of the Year – all-news KCBS-AM, San Francisco; Network/Syndicated Personality of the Year – Rich Eisen, Westwood One; Best Podcast of the Year – “The Letter,” KSL-FM, Salt Lake City; News/Talk Station of the Year – WTOP-FM, Washington, DC; and Sports Station of the Year – WBZ-FM, Boston.
shooting”; Best Hard News Story – “The latest from Highland Park following the Fourth of July parade shooting” for news director Ryan Burrow (pictured holding two of the awards) and talk host John Williams; Best Radio Personality – John Williams; Best Radio Series or Documentary – “Ukraine-Russia War: Russia launches an attack on Lviv” (11/15/2022) for Bob Sirott, Joseph Lindsley, Joe Romano, Hayley Boyd; and Best Sportscaster – Dave Eanet. WGN Radio VP and general manager Mary Sandberg Boyle says, “These awards from the IBA serve as a compelling testament to our station’s ability to provide vital information to our local community during critical times. The collaboration between Channel 9, NewsNation, and our own newsroom proves the strength of our combined resources, ensuring that we remain a trusted source of news for Chicagoland.”
the Philadelphia Phillies to make the World Series – which they did – SiriusXM sports talk personality Chris “Mad Dog” Russo said on Wednesday’s “Howard Stern Show” that the retirement statement was a “throwaway line” and he would not retire. Stern then urged him to accept “punishment” in the form of a stunt: Russo would wear a Diamondbacks-themed bikini and walk down the street in Manhattan carrying a sign saying, “I am a liar and a dope.” 
MultiMedia’s weekend programs, are migrating to new satellite distribution as the programming shifts from GCN Channels 1, 3, 4 & 6 to Wegener/Westwood One Satellite Channel A-1DBV165. GCN will continue to offer audio access via Echo Box.
McBride most recently served with CBS affiliate WUSA-TV, Washington DC where she served as a news and sports anchor. McBride says, “I am excited to join an incredibly talented team at Newsmax and look forward to bringing Americans the stories that matter each morning. It has been my dream to work for network news, and I feel my 17 years of anchoring experience have prepared me for this new role of co-hosting ‘Wake Up America.’ It’s an absolute honor!”
Segment” every Friday at 11:45 am. Salem New York VP and general manager Jerry Crowley says, “At a time when politics and legal matters are inextricably linked, like at no time in America’s glorious past, AM970 has brought Mike Gallagher and Arthur Aidala together to make sense of it all.” Aidala adds, “Mike Gallagher consistently delivers informed and intelligent conversation to a vast national audience. I’m grateful for the opportunity to visit with him each Friday and provide context and insight to the legal issues of the day. I hope Mike and his listeners are as excited as I am.”
economy found on PublicSq.” The agreement includes collaborative content segments that will air on Tucker Carlson’s show on both X and Last Country’s own platform. Last Country CEO Neil Patel comments, “We are proud to announce that our new media venture will be partnering with PublicSq. as our first advertiser. PublicSq. is a key company in the parallel economy, specifically countering the Chamber of Commerce and Amazon. There is a wave of disruption coming to the media and economic establishment, and our companies will help accelerate this overdue shift.”
-platform audio with media plans that utilize radio, digital audio and podcasts, working together to reach audiences with unprecedented precision and drive quantifiable outcomes for their brands.” Some of the findings within the guide include: 1) Audio advertising works harder – driving more than two times the attention of TV and social media at more desirable CPMs; 2) Radio and digital audio are stronger together. A multi-platform audio strategy is so powerful that advertisers see 1.5 times the return on ad spend compared to digital-only campaigns; 3) Advertisers are leaving upwards of $6 billion in revenue on the table by not including total audio – a balanced mix of traditional broadcast radio and digital audio – in their media mix, according to a study conducted by Audacy and Neustar. The report also offers actionable tips for producing effective ads under the section titled, “5 Ways the Best Audio Ads Crush the Status Quo.” Here, Audacy says, “Advertising on the #1 reach media — Audio — will get you the most ears. But to keep them, your creative can’t just be good — it needs to be really freaking great.” 
continue carrying FOX News Channel, FOX Business Network and FOX News Headlines 24/7 exclusively across SiriusXM’s platforms. Additionally, FOX News On-Demand Audio will remain available on the SiriusXM app. FOX News Media president and executive editor Jay Wallace says, “We value our relationship with SiriusXM and are pleased to extend our broadcast agreement, ensuring their audience continued access to their favorite FOX News personalities and powerful primetime lineup.”
2018, Nielsen’s Total Audience Report reveals the 18-49 weekly reach of live and time-shifted TV has dropped -26%. Over the same period, TV’s daily time spent is down -59%; 2) cord-cutting is a major driver of TV’s audience collapse: The MRI Simmons January 2023 “How Americans Watch TV” report reveals 51% have cut the cord; 3) While a huge number of Americans have abandoned traditional TV for streaming, AM/FM radio remains the dominant audio platform: According to Edison Research’s Q2 2023 “Share of Ear,” AM/FM radio has a massive 69% share of U.S. ad-supported audio. AM/FM radio audience shares are over 17 times larger than ad-supported Pandora and ad-supported Spotify. 
Chicago, Cleveland, Detroit, Madison, Milwaukee and Minneapolis markets. He has been serving the company as director of digital sales and strategy. Audacy regional president Rachel Williamson states, “Over the past four years, Ryan has played a pivotal role in developing our critical sales support team, and his invaluable contributions have been instrumental in building strong relationships with clients. We look forward to continued growth and innovation under his leadership across the region.”
listener likelihood based on a description of Podcast Radio was measured among a panel of 500 18-64-year-old podcast consumers in the United States. Podcast Radio founder and CEO Gerry Edwards says, “Podcast Radio can help radio effectively play offense to the rise of podcasts as an in-vehicle, in-home and mobile entertainment choice. This new data reinforces that strong, engaging, spoken-word content continues to evolve in exciting ways to meet the needs of U.S. listeners. That can enable radio to remain competitive and provide an attractive alternative for radio stations and radio groups.”
the past two years. Prior to that she served as a reporter and anchor for KREM-TV, Spokane. McNicholl holds a bachelor of arts degree in broadcast and electronic journalism from Gonzaga University and is currently finishing her master’s degree in criminal justice and cybersecurity at Boston University. She is also a member of The Miss America Organization and was named Miss Washington in 2018.
Your crystal ball is still foggy, isn’t it?
After post-consolidation cutbacks have whacked local on-air content, there’s now angst that Artificial Intelligence can – literally – dehumanize radio (and other media – HUGE issue in the SAG-AFTRA strike). Voice cloning is child’s play; and several vendors are already peddling AI gimmicks to radio stations.
“Martinez & Company” (6:00 pm to 8:00 pm ET), with the early afternoon daypart to be announced. The press release states, TBSN will debut October 30th with LIVE programming every weekday with sports talk radio from 7am to 8pm to start. Additional time slots and weekend programming will be added over the following months. TBSN is available to listeners nationwide online via LIVE365.com and on the ‘Tony Bruno Sports Network’ app for Android and iPhone.” Bruno adds, “I want to thank all of my fans who have followed and supported me through the years. I am grateful to everyone who has encouraged me to return and who still want to hear my daily fun approach to sports and current affairs, which has been my forté for over five decades in broadcasting; this time, I’m bringing friends! I hear over and over again that fans are tired of X’s & O’s sports radio. I plan to bring back exciting, sports talk radio again, with a Florida flair. What better place to launch a new nationwide sports network than in Florida, a true melting pot of fans from all over the nation.”
billion in total local advertising, only a 2.2% increase in local advertising year-over-year.” BIA VP of forecasting & analysis Nicole Ovadia adds, “As expected, 2024 will be driven by political spending, and, even in markets that are not highly contested there will be a large amount of political advertising. Local political advertising will be fueled by the presidential and senate campaigns as well as issue-based advertising. When we look at the forecast without political, we expect only a slight increase in ad spending due to both global and local economic trends that may create more cautious spending.” 
organization. Remote News Service provides radio anchors and reporters for news and traffic content. McVay Media president Mike McVay says, “I was very familiar with RNS and the company 
that president Lesley Lotto has built. I like what they do and what they offer. Given the economic situation that media finds itself in today, the question has become how can we be cost effective without diminishing the quality of the content? Remote News Service is the answer to that question.”
multiplatform unique visitors, which is up 34% versus 3Q of 2022.” The platform also delivered 67 million total multiplatform minutes and 64 million total multiplatform views. Outkick founder Clay Travis says, “Once again OutKick finishes the quarter with strong numbers that highlight our consistent growth across the platform. Our in-depth and common-sense reporting continue to be the driving force and differentiate us from your standard sport sites.”
flagship Station of the Boston Celtics Radio Network since 2013. Under the terms of the pact, Sean Grande and Cedric Maxwell will continue to be the voices of the team radio broadcast. In addition to the games, “98.5 The Sports Hub” will also air Celtics related programming throughout the season, including a weekly call-in from Celtics head coach Joe Mazzulla on “The Zolak & Bertrand Show” each Wednesday during the season.
and satellite delivery of programming. It contracts for that XDS satellite delivery from Westwood One. GCN CEO Ted Anderson tells TALKERS, “We’ve been working with Westwood One for almost 30 years and it appears that we are at an impasse with them contractually going forward. It has been a very positive and productive relationship, but it is time to move on. C-Band is a legacy technology that developed in the earlier days of talk radio but it is no longer a fundamental choice. We intend to provide our hosts and clients with modern, real-time audio with less delays than C-Band.”
it has been an honor and a pleasure to host a daily radio talk show in my hometown for a quarter century. I am extremely grateful to Good Karma Brands, my teammates (past and present), our partners, and most importantly, our fans for all their support over the years. While I’m excited to see what comes next, I will truly miss the daily interaction with listeners about the issues of the day.” Wagner has been a long-standing member of the TALKERS magazine Heavy Hundred – the annual list of the 100 Most Important Radio Talk Show Hosts in America. Good Karma Milwaukee market manager Greg Scalzo comments, “Jeff is a broadcasting legend whose daily wisdom and dedication to the station was felt by our audience throughout his entire career. His retirement marks the end of an era, and we celebrate the legacy he leaves behind.” Before joining WTMJ, Wagner was an Assistant United States Attorney for the Eastern District of Wisconsin and later an attorney in private practice. 
West Virginia. Roten posted the following to social media: “For 22 years, my morning talk radio show was the #1 show in the Huntington, WV market. The most recent ratings period showed the station overall at #5 in the market, #1 for AM stations (highest ever ranking). Unfortunately, iHeart is going in a different direction and I was dismissed. While my future is uncertain, you can still access my podcasts from Spotify and other streaming services.”
2022, which ended on Oct. 1, 2022. The bulk of that revenue and profit came from its domestic business at $14.6 billion and $2.81 billion, respectively.” The filing also shows how important cable television is to ESPN’s bottom line. Canal writes, “The bulk of the sports segment revenue came from affiliate fees at $10.8 billion followed by advertising at $4.4 billion and subscription fees for ESPN+ at $1.1 billion. ESPN typically has the highest carriage fees, or fees pay-TV providers pay to network owners to carry their channels, of all basic cable networks. According to an estimate from SNL Kagan, ESPN charges pay-TV operators $8 to $9 per subscriber.”