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.
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. 
Newsradio staff and join other distinct Hall of Famers, including NBC News’ Andrea Mitchell and longtime suburban bureau chief Jay Lloyd. Lynne Adkins spent 34 years as an anchor, reporter and mentor at KYW Newsradio. Brandon Brooks was the voice of news in Philadelphia for more than 30 years. He first came to KYW Newsradio as a part-time anchor and reporter in 1989. Audacy Philadelphia SVP and market manager David Yadgaroff states, “This honor is long overdue for these two inductees who have devoted over three decades of their lives to being reliable news sources for the Philadelphia region. Not only has their professionalism set a high standard for our content, but their extensive backgrounds have taught the next generation of KYW Newsradio broadcasters to aspire to a new level.”
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.
$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.”
conversations and connections on topics relevant to our local communities throughout the year.” The next “Audacy Conversations” explores the state of downtown. It says, “Over three years later, America’s cities are still grappling with challenges and unexpected fallout caused by the COVID-19 pandemic. WBBM Newsradio (WBBM-AM/WCFS-FM) in Chicago will host a live town hall on November 9 to explore those impacts in-depth and what’s at stake for businesses and community members as cities look to revitalize their downtowns.” The program will air on WBBM Newsradio, KRLD NewsRadio 1080 (KRLD-AM) in Dallas, WWJ News Radio 950 (WWJ-AM) in Detroit, KNX News 97.1 FM (KNX-FM) in Los Angeles, WCBS 880 (WCBS-AM) in New York, KYW Newsradio (103.9 FM/1060 AM) in Philadelphia and KCBS All News (106.9 FM/740 AM) in San Francisco on November 16 at 7:00 pm local time. It will also air on WBEN-AM, Buffalo; WCCO-AM, Minneapolis; WWL-AM/FM, New Orleans; KDKA-AM, Pittsburgh; and KMOX-AM, St. Louis. Throughout the week of November 13 to 17, the all-news stations will air special content catered to the town hall topics, including interviews, news stories and feature reporting.
Detroit’s News/Talk Radio Station.” The station features local host Justin Barclay in morning drive with Premiere Networks syndicated shows including “The Glenn Beck Program,” “The Clay Travis & Buck Sexton Show,” “The Sean Hannity Show,” “The Jesse Kelly Show,” Key Networks’ “The Bill O’Reilly Show” and Red Apple Media’s “The Other Side of Midnight with Frank Morano.” The station is promoting itself with a heavy media schedule on iHeartMedia’s adult contemporary WNIC-FM, Detroit voiced by Sean Hannity. Adell Media CEO Kevin Adell says, “910 AM Superstation is living up to its name. The audience growth we’ve seen since launching our conservative news/talk lineup in September has been exponential, and we’re looking forward to reaching even more listeners on 104.3 HD2.” 
The second of four rounds of ratings data from Nielsen Audio’s October PPM survey has been released for 12 markets including Washington, Boston, Miami, Seattle, Detroit, Phoenix, Minneapolis, San Diego, Tampa, Denver, Baltimore, and St. Louis. The survey period was September 14 through October 11. Today, TALKERS magazine managing editor Mike Kinosian presents his Ratings Takeaways from this group of markets. In Washington, Cumulus Media’s news/talk WMAL-FM rises one-tenth to finish with a 4.0 share (weekly, 6+ AQH share) and remains ranked #7, while Hubbard Broadcasting’s all-news WTOP dropped six-tenths to an 8.1 share and stays locked in the #2 rank. In Detroit, Audacy’s all-news WWJ adds six-tenths for a 4.6 share finish and rises to the #9 rank, while Cumulus Media’s news/talk WJR rises half a share for a 2.3 share that lifts it to the #16 rank. 
“AUDA.” Audacy says, “The NYSE’s determination has no impact on Audacy’s business strategy or operations. Audacy continues to focus on growing and enhancing its capabilities as a leading, multi-platform audio content and entertainment company, and continues to engage in discussions with its lenders to deleverage its balance sheet and improve its capital structure to position Audacy for long-term growth.”
the achievement of the market’s total sales goal. Mems comes to Audacy from his most recent post as president of the Central Illinois Media group. Audacy St. Louis SVP of sales Becky Domyan states, “We are happy to add Charles and his vast experience of media sales and client support to our team. I have no doubt that he will drive exceptional results for our collection of brands.”
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. 
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.
-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.” 
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.”
Shapiro Show,” which ranked #3 in the June 2023 ranker. This means that NBCUniversal News Group’s “Dateline NBC” rises to #1 with audiochuck’s “Crime Junkie” remaining in the #2 spot. Cumulus Podcast Network’s “The Dan Bongino Show” moves up three spots to the #4 rank. Other noteworthy moves from radio-related companies includes Audacy Podcast Network’s “We Can Do Hard Things with Glennon Doyle” climbing 11 spots to the #14 rank and Salem Podcast Network’s “The Charlie Kirk Show” up six places to the #16 rank. There is more dramatic movement among shows in the 20 – 100 portion of the ranker, including NBCUniversal News Group’s “The Rachel Maddow Show” falling 26 spots to the #76 rank. 
another 180-calendar day compliance period if it moves its stock to the Nasdaq Capital Market and satisfies other certain requirements. Beasley is the fourth audio company to face delisting this year. Audacy received notice from the New York Stock Exchange and in June engineered a 1-for-30 reverse stock split. Its stock closed at 35 cents per share on Monday (10/16). Salem Media Group received a delisting notice from Nasdaq in June giving it 180 days to rise above the $1 threshold. It closed at 68 cents per share on Monday (10/16). Urban One also received a delisting notice from Nasdaq but not for its share price. That company is late with quarterly reports due to independent accounting issues.