Tag: Beasley Broadcast Group

Industry News

Beasley Extends Deadline for Stock Exchange Offer

By TALKERS | by TALKERS

Beasley Broadcast Group, Inc. announces that the Withdrawal Deadline, Expiration Date and Subscription Form Delivery Date in connection with the previously announced exchange offer, tender offer, and offering of new notes by its wholly owned subsidiary, Beasley Mezzanine Holdings, LLC, have been extended to 5:00im pm, New York City time, on October 4, 2024, unless further extended. The Settlement Date has been extended to October 8, 2024, unless further extended. The extension was granted at the request of certain key holders of the existing 8.625% Senior Secured Notes due 2026 to amend their relative participation in the Tender Offer and the Exchange Offer. As of 5:00 pm on September 30, 2024, approximately 93% of outstanding Existing Notes have been submitted for tender or exchange in the Offers. The Company anticipates that after accommodating this request the total number of Existing Notes tendered or exchanged by the requesting Holders will remain unchanged.

Industry News

Beasley Second Quarter Net Revenue Falls 4.8%

By TALKERS | by TALKERS

Net revenue for the second quarter of 2024 was $60.4 million, a decline of 4.8% from the same period in 2023. Beasley Broadcast Group’s net loss shrank from $10.4 million in Q2 of 2023 to $276,000 in the second quarter of 2024. Beasley CEO Caroline Beasley states, “Beasley’s second quarter results highlight the ongoing progress we are making to position the company for sustainable, profitable growth. The continuedim success of our digital transformation strategy led to a 10.4% year-over-year increase in same-station second quarter digital revenue, partially offsetting ongoing challenges related to softness in the audio advertising spot market. Digital revenue accounted for nearly 22% of total second quarter revenue, in-line with our full-year 2024 goal of 20% to 25% of total revenue. On the new business front, our dedicated sales teams are leveraging the audience reach and engagement of our platform to attract new advertisers. We have and will continue to see the benefit of political revenue through the end of year, and at the same time, we are taking aggressive action to address near-term challenges through expense management initiatives, which drove approximately $2 million in expense savings compared to the prior year. We expect to achieve $10 million in annualized expense savings.”

Industry News

TALKERS News Notes

By TALKERS | by TALKERS

iHeartPodcasts joins forces with Thoroughbred Studios to develop a new podcast slate that will delve into some of the biggest stories on what really happened in this American century. As part of the deal, the companies will co-produce a minimum of four podcasts over the next two years. The first show will debut early 2025 and will recount the often-overlooked gritty realities of the renowned astronauts that made it to the moon.

National multimedia sports platform OutKick announces that “The Ricky Cobb Show” will debut on August 12, airing live for 90-minutes beginning at 11:00 am ET. OutKick SVP and managing editor Gary Schreier says, “We’re excited to introduce Ricky Cobb to the OutKick audience as he steps out from behind @Super70sSports and unleashes his engaging personality as a true original.”

Beasley Broadcast Group, Inc will report its 2024 second quarter financial results before the market opens on August 12. The company will host a conference call and webcast at 11:00 am ET that morning to review the results.

Industry News

Beasley Broadcast Group Reports Q1 Net Revenue Down 5.9%

By TALKERS | by TALKERS

The company says that net revenue for the first quarter of 2024 was $54.4 million, a decline of 5.9% from the same period in 2023, saying this was “primarily reflecting a year-over-year decline in audio advertising and other revenue due to Beasley’s Wilmington station and esports divestitures as well as ongoing softness in the commercial advertising business, partially offset by growth in digital and political advertising revenue.” Beasley reports net income of approximately $8,000 in Q1, compared to a net lossim of $3.5 million for the same period in 2023, “primarily due to the $6 million gain on the sale of an investment in BMI holdings and lower interest expense.” Company CEO Caroline Beasley states, “Beasley continues to advance our core initiatives, which are focused on driving revenue and cash flow, including our digital transformation, revenue diversification and expense management initiatives. We expect digital to account for between 20% and 25% of total revenue in 2024, driven by the ongoing growth and success of our premium content creation and digital services. On the new business front, our dedicated sales teams are leveraging the tremendous audience reach and engagement of our platform to attract new advertisers. In summary, Beasley’s underlying fundamentals – mainly, our local audio and digital platforms and audience engagement – remain strong. We are proud of our teams’ steadfast commitment to delivering exceptional content and services to our listeners, advertisers, online users and sports fans, and remain confident that the actions we are taking to transform our company and strengthen our balance sheet, are laying the foundation for future growth and success.”

Industry News

Beasley Considering Reverse Stock Split to Prevent NASDAQ Delisting

By TALKERS | by TALKERS

Beasley Broadcast Group announces that it sought and has received approval from The Nasdaq Stock Market LLC to transfer the listing of its Class A common stock from the Nasdaq Global Market to the Nasdaq Capital Market. If you recall, Beasley was notified by Nasdaq last October 13 that its stock hadim traded below the $1.00 per share minimum bid price requirement for 30 consecutive days and it was being given 180 days to regain compliance. This move gives Beasley another 180 days to come into compliance by having its stock price trade at the $1.00 threshold or above for 10 consecutive days. The company announces that it has notified Nasdaq that it intends to cure its deficiency in satisfying the minimum bid price requirement by effecting a reverse stock split, if necessary. It would require the approval of current shareholders to do so. A reverse stock split reduces the number of shares in a company, thereby increasing the value of the existing shares.

Industry News

Beasley Broadcast Group Q4 2023 Revenue Down 8.75%

By TALKERS | by TALKERS

Today Beasley Broadcast Group releases its operating results for the fourth quarter of 2023 and the full year of 2023. For Q4 of 2023, the company reports net revenue of $65.7 million, a decline of 8.75% from the same period in 2022. For the full year of 2023, net revenue was $247.1 million, a decline of 3.6% from the full year of 2022. While Beasley reports net income of $6.4 million for the fourth quarter of 2023 (compared to the $24.5 million net loss it posted in Q4 of 2022), the company reveals a net loss of $75.1 million for the full year of 2023, compared to the net loss of $42.1 million it reported for the full year ofim 2022. Beasley CEO Caroline Beasley says, “Beasley’s fourth quarter and full year financial results reflect the impacts of cyclical political revenue and ongoing advertising market softness, partially offset by the continued success of our revenue diversification strategy and cost management initiatives. Net revenues for the 2023 fourth quarter and full year decreased by $6.3 million and $9.3 million, respectively. Excluding the impacts from a decrease in political advertising and the company’s dispositions of WWWE-AM, WJBR-FM and the Houston Outlaws in 2023 and WWNN-AM imand KDWN-AM in 2022, partially offset by the company’s acquisitions of KXTE-FM and Guarantee Digital in 2022, revenues would have decreased by $0.2 million and $1.3 million in the 2023 fourth quarter and full year, respectively… For the better part of the year, we continued to execute on our successful growth agenda for our digital business that capitalizes on the value of our strong local brands, unique local business relationships and proven marketing capabilities. While macroeconomic pressures held fourth quarter digital revenue flat compared to the prior year, Beasley delivered meaningful full-year digital revenue growth, up 11.4% year-over-year. Our digital business represented 18.4% of full year 2023 revenue. We remain laser focused on prioritizing the growth of our digital platform as a means to diversify our revenue in a cash flow positive manner, and we expect digital revenue to account for between 20% and 25% of total revenue in 2024. Our dedicated sales teams also continue to leverage the tremendous audience reach and engagement of our local multi-platform content to attract new advertisers, resulting in fourth quarter and full year new local business revenue growth of 52% and 20%, respectively. Additionally, the actions we have taken to reduce costs drove a year-over-year decline in operating expenses of 3.3% in the fourth quarter and 2.3% for the full year.”

Industry News

TALKERS News Notes

By TALKERS | by TALKERS

Beasley Broadcast Group, Inc will report its 2023 fourth quarter and full year financial results before the market opens on Monday, February 12. Beasley will host a conference call and webcast at 11:00 am ET that morning to review the results.

Aiir Inc announces that Andy Buckingham rejoins the company next month in the new role of principal creative technologist. Buckingham was previously SVP, product innovation until leaving in 2020 to launch his own company Togglebit. Aiir Inc CEO Ricki Lee says, “After leaving Aiir full-time a few years ago, we retained Andy’s company for development work and he has played a pivotal part in the development of our new product Aiir Scheduler, the world’s first fully cloud-based music scheduler for radio. I cannot tell you how delighted I am to be welcoming Andy back to our team full-time.”

Industry News

TALKERS News Notes

By TALKERS | by TALKERS

iHeartMedia Inc will hold an earnings call to discuss its financial results from the third quarter of 2023 and its business outlook on Thursday, November 9 at 8:30 am ET. The company will release its Q3 2023 financial report prior to the earnings call.

Beasley Broadcast Group Inc will report its 2023 third quarter financial results before the market opens on Wednesday, November 1. The company will host a conference call and webcast at 11:00 am ET that morning to review the results.

Red Apple Media’s 77WABC is saluting law enforcement today (10/25) with “Respect the Blue, Trust The Blue, Back the Blue, “an all-day tribute honoring the men and women in law enforcement who risk their lives every day to keep New York City and America safe.” The day’s events include a drive to raise money for the 77WABC Foundation’s Back the Blue Fallen Officer Family Fund.

iHeartMedia Memphis — including news/talk WREC-AM — announces the 8th annual “Cognac, Cars & Cigars” on Saturday, November 4. A portion of the ticket proceeds will benefit local charity Merge Memphis, a non-profit with a mission to serve homeless women.

Industry News

Beasley Receives Non-Compliance Notice from Nasdaq

By TALKERS | by TALKERS

On Friday (10/13), Beasley Broadcast Group received a delisting warning from Nasdaq because its Class A common stock had traded at less than $1 for the past 30 business days.  There’s no immediate effect on the BBGI stock as it has a “cure period” that gives it until April 10, 2024 to trade for at least a dollar per share for 10 consecutive business days. Even if that doesn’t happen, Beasley could getim 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.

Industry News

Beasley’s 2023 First Quarter Net Revenue Rises 3.7%

By TALKERS | by TALKERS

Reporting its operating results for the first quarter of 2023, Beasley Broadcast Group (parent of Beasley Media Group) announces net revenue of $57.8 million, an increase of 3.7% over the same period in 2022 that the company says reflects “a year-over-year increase in digital revenue, local spot revenue and network revenue, partially offset by a decrease in national spot revenue, related to continued softness in the national agency business.” Beasley reports operating income of $400,000 in Q1 of 2023, compared to the operating loss of $2.7 million reported in Q1 of 2022. The company also reports a reduced net loss of $3.5 millionim compared to the net loss of $3.7 million in Q1 of 2022. Beasley CEO Caroline Beasley states, “Beasley’s strong first quarter financial operating results highlight our continued local audio leadership and the ongoing success of our digital transformation and revenue diversification initiatives which are driving top-line and SOI (station operating income) growth. Despite ongoing challenges related to the economy and softness in the national spot market, Beasley generated healthy growth across its digital, local audio, and network revenue sources, as reflected by the 3.7% increase in first quarter net revenues to $57.8 million. Top-imline growth was the primary factor contributing to an impressive 21% year-over-year increase in SOI to $7.1 million. Our digital strategy delivered first quarter digital revenue growth of 27.8% year-over-year and accounted for 17.3% of total first quarter revenue. Similar to recent quarters, strong digital revenue performance was driven by Beasley’s organic content creation initiatives and the roll-out of our tailored web services. Beasley continues to see accelerating demand from consumers for our innovative digital content, with our unique digital users more than doubling over the prior year quarter, resulting in a more than 90% year-over-year increase in sellable digital impressions. We believe we remain on path for this revenue source to reach 20% of total revenue by 2023 year-end.” Total outstanding debt as of March 31, 2023 was $290 million, and first quarter interest expense slightly declined to $6.6 million. Beasley had $35.9 million of cash and cash equivalents on hand at quarter end. We intend to keep our cash on the balance sheet in order to maintain our strong liquidity position, while we monitor the economic environment.”

Industry News

Beasley Reports Q4 2022 Revenue Up 1.8%

By TALKERS | by TALKERS

Beasley Broadcasting Group issues operating results for the fourth quarter of 2022 and for the full year. Net revenue during the three months ended December 31, 2022 increased 1.8% to $72 million, primarily reflecting a year-over-year increase in digital revenue, political revenue and other revenue, partially offset by a slight decrease in audio revenue related to softness in the national agency business. For the full year of 2022, Beasley reports net revenue of $256.4 million, an increase of 6.2% over 2021. The company also reports a net loss of $25.8 million in Q4 of 2022, compared to a net income of $10.6 million in Q4 of 2021. Beasley says, “Operating loss, net loss and net loss per diluted share for the three months ended December 31, 2022 include $44.2 million of non-cash impairment losses related to FCC licenses, goodwill and franchise rights. Operating loss, net loss and net loss per diluted share for the 12 months ended December 31, 2022 include $54.7 million of non-cash impairment losses related to FCC licenses, goodwill and franchise rights.” Beasley CEO Caroline Beasley comments, “Beasley’s 2022 fourth quarter and full-year financial results reflect the ongoing success of our digital transformation and revenue diversification strategies, which drove year-over-year increases in revenue and SOI for both the three- and 12-month periods. Throughout the year, Beasley largely offset ongoing challenges related to the economy and softness in the national spot market, as we generated healthy growth across all of our digital, local audio, political and other revenue sources, as reflected by the 6.2% increase in full year net revenues to $256 million. This top-line growth was the primary factor contributing to a 2.8% year-over-year increase in full year SOI to $43.1 million. While economic uncertainty remains, Beasley initiated several actions throughout the year that we believe will strengthen the long-term position of our business. First, our digital strategy continues to deliver strong results with fourth quarter digital revenue growth of 13.2% year-over-year, representing nearly 17% of total fourth quarter revenue. Digital revenue has consistently outpaced national spot advertising revenue over the past several quarters due to a combination of organic growth and contributions from the second quarter acquisition of our white label digital agency business, Guarantee Digital. With accelerating demand from consumers and advertisers for our local content and multi-platform marketing solutions, we are solidly on the path for this revenue source to reach 20% of total revenue. Second, we remain focused on monetizing our premium audio and digital content through new local business development, revenue diversification and maximizing political revenue opportunities. As a result, in the fourth quarter, we delivered $5.1 million in net political revenue, with stronger than expected gains in Las Vegas, Philadelphia, and Detroit, as well as year-over-year total revenue increases across nearly all of our markets and in our esports business. Our radio brands remain dominant in Nielsen Audio ratings, where Beasley currently has the highest average cluster share when compared to the major radio broadcasters in PPM. Finally, we implemented a cost reduction program in the second half of 2022, with the majority of cost cuts occurring in October.”

Front Page News Industry News

Monday, November 7, 2022

By Editor | by Editor

Beasley Broadcast Group Q3 Net Revenue Rises 1.5%. Financial data from Beasley Broadcast Group’s third quarter of 2022 reveals net revenue of $63.8 million – an increase of 1.5% over the same period in 2021. The company reports operating income of $4.7 million in the third quarter of 2022 compared to $4.9 million in the third quarter of 2021. It says this slight decrease was driven by a $1.2 million increase in corporate expenses related to investments in its digital business as well as severance expense, partially offset by a year-over-year increase in Station Operating Income (SOI, a non-GAAP financial measure). Beasley reports net income of $500,000 compared to the net loss of $1.6 million it reported during the same period a year ago. Station operating income increased by 5.1% to $12.3 million in the third quarter of 2022, up from $11.7 million in the third quarter of 2021. The company says the increase is primarily attributable to higher net revenue, which more than offset higher operating expenses. Chief executive officer Caroline Beasley says, “Beasley delivered another strong period of operating and financial performance, reflecting the ongoing success of our digital transformation and revenue diversification strategies. Top-line growth was the primary factor contributing to a 5.1% year-over-year increase in SOI to $12.3 million and was driven by continued strength in local audio advertising and impressive growth in our digital business. Regarding the economic environment, like many companies, we are managing through some challenging market conditions with a focus on what we can control. We continue to experience increased volatility in national spot advertising, which accounted for approximately 15% of our third quarter net revenues. The ongoing strength of our digital and local audio advertising revenues is helping us to partially offset these declines. We are also taking actions on the expense side, and have implemented approximately $10 million in expense reductions, of which roughly half were from a reduction to headcount. Digital remains a key component of our revenue diversification strategy. Digital revenue increased 23.1% year-over-year representing 16% of total third quarter revenues, while our digital margin improved. Our digital performance benefitted from a first full quarter contribution from the white label digital agency we acquired in late June, which we believe will continue to accelerate our digital revenue growth and provide meaningful synergies with our growing digital platform. In both the second and third quarters, digital revenue accounted for a larger share of our revenue than national advertising, and we expect this revenue source to continue offsetting national spot weakness in the coming quarters. Total outstanding debt as of September 30, 2022 was $290 million. In summary, we believe these results demonstrate the strength and relevance of our industry-leading audio and digital content, as well as our teams’ extraordinary efforts to serve our listeners, customers and communities through challenging circumstances. And while we cannot control how the economic situation evolves in the coming months, we have already taken decisive steps to mitigate the impact of near-term headwinds and drive continued progress against our long-term growth strategy. Looking ahead, we will continue to focus on maximizing our growth opportunities, managing our expenses and capital structure, serving our audiences and advertisers and delivering results for our stockholders.”

Monday Memo: Your Podcast ‘Bones.’ Like your on-air work, your podcast is a show. And consultant Holland Cooke figures that “as a professional broadcaster, you enter the on-demand audio arena advantaged over others…BUT…” In this week’s column, HC cautions that – given the way podcasts are consumed – your format is critical. Read it here.

 

Greg Renoe Promoted to Market Manager for Cumulus Columbia/Jefferson City. The company promotes Greg Renoe from his general sales manager position with the Columbia and Jefferson City, Missouri clusters to vice president and market manager. The station groups consist of news/talk KFRU, Columbia and news/talk KLIK, Jefferson City plus five music brands. Cumulus Media SVP of operations Mark Sullivan says, “Greg’s long-standing relationships with our staff, key advertisers, and civic leaders, together with his deep knowledge of the market and effectiveness as a leader, have earned him this promotion. I look forward to his continued success with our organization in Middle Missouri.” Renoe adds, “I’m excited to have the opportunity to lead the Cumulus team here in Middle Missouri. I’m looking forward to the challenges ahead and sharing in many successes with my co-workers. There is no end to what we can accomplish together with our collective vision for these incredible assets.”

iHeartMedia Names Doug Hall Digital PD for LA and SF. Digital media pro Doug Hall is named regional digital program director for iHeartMedia’s Los Angeles and San Francisco clusters. Hall has been serving with the national iHeartRadio team as a senior digital director out of the Nashville headquarters. In this new role, Hall will be responsible for the strategy, audience growth, and maximizing iHeartMedia’s digital platforms in these markets. Hall will report to John Peake, SVP of programming for iHeartMedia Los Angeles. Peake says, “Our iconic Los Angeles audio brands and on-air talent are the engines that are driving unprecedented digital growth. I’ve watched Doug grow and evolve from his time in promotions to leading winning teams in San Francisco, Miami and Nashville. We are fortunate to have him leading our LA digital efforts and rejoining the team in San Francisco.” Hall comments, “I’m excited for this full circle moment, coming back to Los Angeles, where it all started. I can’t wait to dive in and help both our Los Angeles and San Francisco markets continue to grow and innovate in the digital space.”

Megan Marcus Returns to Paramount as VP of Podcast Editorial. Producer and journalist Megan Marcus is named vice president of podcast editorial at Paramount where she will oversee content for CBS News’ slate of podcasts. In this new role, Marcus will oversee the full creative slate for CBS News podcasts in addition to working on editorial across all Paramount global podcasts. This marks a return to CBS News for Marcus, who produced the first two seasons of Mo Rocca’s award-winning podcast “MOBITUARIES” and also worked closely with the CBS News team. Paramount EVP of podcasting and audio Steve Raizes says, “Megan is a dynamic producer and leader in the podcasting field. She did an incredible job guiding ‘MOBITUARIES’ to the top of the podcast charts and is already at work on our current and future slate of CBS News Audio properties.”

Broadcasters Foundation of America Launches Year-End Giving Campaign. The Broadcasters Foundation of America is launching its annual year-end giving campaign. The appeal asks for tax-deductible donations to provide financial assistance to people in broadcasting whose lives have been shattered by debilitating illness, accident, or catastrophe. BFoA president Tim McCarthy says, “Our grantees are your colleagues. They are hard-working men and women who through no fault of their own need our help. Requests for aid continue to increase every year. We cannot turn our backs on those in our industry who need our help.” This year, the Broadcasters Foundation will award close to $2 million in monthly and one-time emergency grants. Since 2017, monthly grants have increased 70% and more than 600 emergency grants have been awarded. Over the past 20 years, the Broadcasters Foundation has distributed more than $15 million to broadcasters in need. Broadcasters Foundation board of directors chairman Scott Herman adds, “Disaster often strikes without notice and extreme circumstances can deplete a life’s savings quickly. We need everyone in radio and TV to spread the word about the Foundation’s charitable mission across their station and company, in case they or someone they know needs our help.” More information, including how to make a personal or corporate donation or apply for aid is available at www.broadcastersfoundation.org, and by contacting the Foundation at 212-373-8250 or info@thebfoa.org.</p

Midterm Elections/Trump in 2024, The Economy, Russia-Ukraine War, Elon Musk & Twitter, Daylight Saving Time Controversy, Astros Win World Series, and Powerball Jackpot Among Top News/Talk Stories Over the Weekend. Tuesday’s midterm elections and the battle for control of the House and Senate, combined with expectations that Donald Trump will announce his bid for the 2024 Republican nomination shortly; inflation and concerns about a recession; Russia’s targeting of Ukraine’s infrastructure as the war grinds on; Elon Musk’s mercurial leadership tactics as owner of Twitter; the debate over Daylight Saving Time and whether to make it permanent in the U.S.; the Houston Astros beat the Philadelphia Phillies in the World Series; and the now $1.9 billion Powerball jackpot were some of the most-talked-about stories on news/talk radio over the weekend, according to ongoing research from TALKERS magazine.

Front Page News Industry News

Monday, August 1, 2022

By Editor | by Editor

Beasley Broadcast Group 2022 Q2 Net Revenue Rises 8.8%. The first radio-based audio firm to report 2022 second quarter financial data is Beasley Broadcast Group, which reveals net revenue of $64.8 million, an increase of 8.8% over the same period in 2021. The company also reports an operating loss of $5.4 million and a net loss of $14.5 million and explains the losses saying, “The operating loss in the second quarter of 2022 primarily reflects an $8.6 million non-cash impairment loss due to an increase in the discount rate used in the analyses to estimate the fair value of FCC licenses and goodwill in a rising interest rate environment. For the comparable three months ended June 30, 2021, the company recorded $1.5 million of other operating income, net from life insurance proceeds related to the death of George Beasley, the company’s former chairman. As a result of these factors, Beasley reported a net loss of $14.5 million, or a negative $0.48 per diluted share, in the three months ended June 30, 2022, compared to net income of $0.2 million, or $0.01 per diluted share, in the three months ended June 30, 2021.” Beasley CEO Caroline Beasley states, “Beasley delivered another period of strong top-line results in the second quarter, reflecting solid year-over-year growth across all of our revenue sources. Net revenue increased 8.8%, inclusive of a 4.3% rise in audio revenue and a 34.3% rise in digital revenue, with digital accounting for 16.5% of second quarter net revenue. Digital remains a central component of our revenue diversification strategy, and the momentum we are seeing in our digital business is further underpinned by our ability to grow digital revenue 37% on a quarterly sequential basis, while also improving our digital margin. Our new business performance was robust this quarter, as we recorded $7.8 million in new business revenue, representing a 60% increase from the first quarter of 2022 and 16% growth over the comparable prior year period. In addition, we acquired a small white label digital agency at the end of June, which will immediately contribute positive cash flow and synergies. We believe these results continue to demonstrate the inaccuracy of the perception that radio is more challenged than other segments of the technology, media, and telecom sectors… We are keeping a close eye on the declining economic environment and initiated cost reductions beginning in the second quarter. Looking ahead, we will continue to focus on controlling what we can control, maximizing our growth opportunities, managing our expenses and capital structure, serving our audiences and advertisers and delivering results for our stockholders.”

Monday Memo: Review Airchecks…Later. As “automation and syndication have made radio less-local,” consultant Holland Cooke calls talent coaching “a lost art”; and he uses this week’s column to offer tips “for hosts and DJs who feel neglected.” Read more here.

 

Pending Business: The One Thing Every Advertiser Should Know. Radio sales pro Steve Lapa says that any radio seller who wants to be successful has to answer the following question: “What is the one ‘thing’ every advertiser should know about my on-air talent?” In other words, what is the unique selling point that can be connected to your on-air talent and only the talent you represent. Read his column here.

Alex Silverman to Lead Programming at All-News KNX-AM/FM, Los Angeles. News radio programming pro Alex Silverman is moving to Audacy’s KNX-AM/FM, Los Angeles to serve as director of news and programming, effective September 19. He’s been serving with the company as brand manager for the company’s all-news KYW-AM/FM, Philadelphia since 2018. Prior to that, he was assistant director of news and programming at Audacy’s WCBS-AM, New York. In his new role at KNX, Silverman will “oversee the station’s editorial strategy and newsroom, including broadcast and digital operations, with an eye towards audience and revenue growth and engagement on all platforms.” Silverman states, “KNX News is iconic. I can’t wait to work with the amazing team to build the future of the brand and set the agenda for news coverage in Southern California. Thank you to Jeff Federman, Chris Ebbott, Jeff Sottolano and Bill Smee for their confidence in me and commitment to impactful local journalism.” Silverman is a graduate of Syracuse University’s S.I. Newhouse School of Public Communications. He serves on the board of directors of the Radio Television Digital News Association and has been an adjunct instructor at Fordham University, where he designed a course titled, “Social Media for Journalists.” Silverman takes over the role from Ken Charles, who did not renew his contract with the company.

Dwight Jaynes Joins Afternoon Show on ‘Rip City Sports Radio 620.’ Sports talk host Dwight Jaynes is joining Chad Doing at iHeartMedia’s KPOJ, Portland “Rip City Radio 620” as co-host of the “Rip City Drive” program that airs from 3:00 pm to 6:00 pm. Jaynes, also known as “The Godfather,” spent 25 years as a sports columnist for the Oregon Journal and The Oregonian covering the NBA’s Trail Blazers and has co-written two books about the team. He also spent 11 years at NBC Sports Northwest, hosting “Talkin’ Ball” and “Posting Up.” Prior to that, Jaynes hosted the “Morning Sports Page” show alongside Doing on KXTG-FM, Portland. Doing says, “I am thrilled to be reunited with my former partner. Dwight is a Hall of Famer for good reason – no one has more experience covering Oregon sports. I look forward to making compelling radio with him every day. His sports knowledge and storytelling are unmatched.” Jaynes comments, “I am beyond excited to return to sports talk radio – especially with my old partner Chad Doing – who I believe to be one of the best in the country. The best part of our shows has always been our willingness to take on the tough issues – sports or otherwise – and find creative ways to shape discussion and opinion. At the same time, you never quite know what we’re going to do next… because we don’t!”

Clay Travis & Buck Sexton Interview Trump at LIV Golf Tourney in Bedminster, New Jersey. Pictured above with former President Donald Trump are Premiere Networks syndicated talk hosts Clay Travis (left) and Buck Sexton (right) at the Trump National Golf Club in Bedminster, New Jersey, the site of the LIV Golf tournament. Trump joined the duo live on their show discussing such topics as recession, China and Taiwan, and whether he’ll run for president in 2024, about which he said, “Very hard for me not to run to be honest. And also the polls indicate from the Republican standpoint it would be easy. And I think I was up 11 points on Biden the other day… I don’t know why 11… If you guys ran, you’d be up more than 11… In my mind, I’ve already made the decision.”

Stacey Thomas Named Director of Marketing for iHeartMedia Philly. Eighteen-year iHeartMedia Philadelphia staffer Stacey Thomas is promoted to director of marketing and promotions for the cluster that includes sports talk WDAS-AM “The Gambler” and WTEL “BIN: Black Information Network.” In this role, Thomas will oversee the Philadelphia brand portfolio and will be responsible for developing, planning, and directing all marketing and promotions efforts. She previously served the cluster as media integration director. iHeartMedia Philadelphia market president Jeff Moore says, “It has been remarkable working alongside Stacey and watching her persevere through numerous changes and challenges. A tireless worker who puts the needs of iHeart Philly above all else will now get the chance to put her stamp on the promotions department in a time when making deep and meaningful relationships with our audiences and partners couldn’t be more important.”

Ava Lynn LaRue Named Inaugural MIW Mentee in Minnesota. The Mentoring and Inspiring Women in Radio, Inc and the Minnesota Broadcasters Association announce that Ava Lynn LaRue is named the inaugural mentee for the “MIW Mentoring and Inspiring Women in Minnesota” program. This partnership between the two organizations is led by MBA president Wendy Paulson and is MIW’s newest mentoring opportunity and the start of its three-to-five year strategic plan to partner with state broadcast associations across the United States and assist in building in-house, ongoing programs devoted to coaching and guiding the next generation of radio professionals. LaRue is the station manager for Q-Media Group, LLC in Red Wing, Minnesota. MIW board president Ruth Presslaff says, “Lightning struck twice! Partnering with Wendy has been positive, productive, and way fun. And then to meet the powerhouse Ava LaRue and have the opportunity to work with her is what the MIWs are all about. Thanks MBA, Wendy, and Ava!” Paulson adds, “A huge ‘thank you’ to all of the incredible women who applied to participate in the 2022 ‘MIW Mentoring and Inspiring Women in Minnesota’ program! The judging committee was blown away by the depth of talented women that applied to be part of this pilot mentorship program!”

Biden’s Energy & Health Bill, Inflation Reduction Act, November Midterms/2024 Presidential Race, COVID-19/Biden Positive Again, Pelosi’s Asia Trip, Russia-Ukraine War/Global Food Crisis, Deadly Kentucky Floods/Western Wildfires, Monkeypox, and Nichelle Nichols & Bill Russell Die Among Top News/Talk Stories Over the Weekend. The fate of President Joe Biden’s energy & healthcare bill; debate over the Schumer–Manchin authored Inflation Reduction Act; November’s midterm elections and the 2024 presidential race; the rate of BA.5 subvariant infections in the U.S. and Biden’s testing positive again; House Speaker Nancy Pelosi’s trip to Asia and China’s threats if she visits Taiwan; the Russia-Ukraine war and its effects on the global food supply; the continuing threats of flooding in Eastern Kentucky and the Western wildfires; the growing monkeypox epidemic; and actress Nichelle Nichols and basketball legend Bill Russell pass away were some of the most-talked-about stories on news/talk radio over the weekend, according to ongoing research from TALKERS magazine.  

Front Page News Industry News

Monday, May 9, 2022

By Editor | by Editor

Pending Business: Howdy Partner. Radio sales pro Steve Lapa writes today about the strange use of the word “partner” for the advertiser on a radio program. Lapa says, “Do our advertisers (customers) really want a partnership in the true sense of the word? Or do our advertisers want what everyone else wants: maximum value at the best price?” Aside from the inaccurate nomenclature, Lapa wonders if the “partner” designation affects the sales effort. Read his column here.

 

Monday Memo: “Gas cards? OR…Bitcoin?” “Imagine asking a contest winner to choose THAT?” consultant Holland Cooke asks. In this week’s column, he recalls “when radio stunts were fun,” and how a contest “will sound as big as you make it sound.” Read more here.

 

Audacy First Quarter Net Revenue Up 14%. For the first quarter of 2022, Audacy reports net revenue of $275.3 million, an increase of 14% over the same period in 2021. The company also saw its net loss shrink from $21.6 million in the first quarter of 2021 to $11 million in Q 1 of this year. Audacy provides financial data by segment and reports that spot revenue (national and local) was $173.9 million, while its digital segment (including podcasting) rose 16% to $53 million from the $41.6 million reported in the first quarter of 2021. Audacy also breaks down net revenue by format type and reports music radio revenue was $140.4 million; sports radio revenue was $53 million; and all-news & news/talk revenue was $48.3 million. Audacy president and CEO David Field comments, “I am pleased to report that Audacy posted strong first quarter results, delivering 152% growth in Adjusted EBITDA led by double digit revenue growth in both digital and spot radio. With our scaled, leadership position across broadcasting, podcasting and digital audio and our differentiated premium content offerings, we are well positioned to drive rapid evolution and innovation across the organization to capitalize on the outstanding growth opportunities in the dynamic audio marketplace. In Q1, we launched the Audacy Digital Audience Network, an addressable aggregate of 60 million listeners across our app, streaming content, and podcast lineup, enabling precision targeting at scale coupled with real-time optimization and reporting. We are looking forward to a number of exciting additional product and content launches and enhancements over the course of 2022 that will accelerate our audience growth and bolster our advertiser appeal.”

 

Beasley Broadcast Group Reports Q1 Net Revenue Increase of 15.6%. Reporting its financial data for the first quarter of 2022, Beasley Broadcast Group – parent company of Beasley Media Group – states that net revenue was $55.7 million, an increase of 15.6% over the same period in 2021. The company is also reporting an operating loss of $2.7 million in Q1 compared to an operating loss of $2.5 million in the first quarter of 2021. The increase in operating loss is primarily the result of an increase in operating expenses, which reflects additional cost of sales related to the revenue increase, other expenses related to sports and marketing, and additional expenses related to the company’s digital agency build out. Beasley’s net loss for the quarter fell to $3.7 million compared to the net loss of $10.7 million reported for the same period a year ago. Beasley CEO Caroline Beasley states, “First quarter results highlight ongoing progress toward our goal of returning all of our revenue sources to pre-pandemic levels. Net revenue rose 15.6% inclusive of a 35.5% rise in digital segment revenue, which accounted for 14% of total net revenue in the quarter, marking further success of our digital transformation strategies. Comparing our revenue performance to the first quarter of 2019, revenue was down $2.0 million, or 3.4%, as the 2019 results benefited from events and other revenue that has not fully recovered from the effects of the COVID-19 pandemic. Total outstanding debt as of March 31, 2022 was $300 million, as we did not have any scheduled debt payments during the quarter, and we had $50.7 million of cash and cash equivalents on hand at quarter end. We made an interest payment of approximately $12.9 million in February and repurchased $5 million of our 8.625% senior secured notes at a discount early in the second quarter. Our strong liquidity position enables us to make debt repayments while providing us with increased financial flexibility to pursue a potential acquisition or investment within the digital space, should an opportunity arise that could accelerate our digital growth, provide synergies or improve financial results. Looking ahead to the second quarter and second half of 2022, our focus remains on driving further revenue diversification and audience expansion, improving margins, benefiting from the return of the political cycle, maintaining a strong and flexible balance sheet, reducing net leverage and growing free cash flow. We expect progress on each of these fronts as we continue to close the gap on our pre-pandemic revenue and SOI levels and grow from there. I am extremely proud of our team members across the company for everything they have done and are doing to help us move past the challenges presented by the pandemic. We have clearly accomplished a lot and I believe we have many more opportunities ahead to build the company and enhance stockholder value.”

 

Ramsey Solutions Wins Webby Award for Borrowed Future Documentary. The documentary film Borrowed Future – produced by Ramsey Solutions – will be recognized as the Best Video Documentary in the Longform category of the 2022 Annual Webby Awards. Known as the “best of the Internet,” the Webby Awards are presented by the International Academy of Digital Arts and Sciences, the leading international awards organization honoring excellence on the Internet. Borrowed Future was originally released as a podcast in 2019 and reveals the inner workings of the predatory student loan industry that keeps borrowers trapped in debt. Directed by David DiCicco, the story follows college graduates who owe between $9,000 and $1 million in student loans, a college graduate who paid cash for college, and a group of high schoolers who haven’t made their choice yet. Leading voices like Mike Rowe, Seth Godin and Dave Ramsey are also featured. For weeks, the film held top spots on multiple streaming platform charts: #1 documentary on Google Play, #2 documentary on Apple TV and #5 documentary (rent or buy category) on Amazon Prime Video. Dave Ramsey says, “There’s no doubt we stirred up a holy ruckus with this documentary, and I’m so proud of the team that put it together. The student loan industry is downright evil. We definitely can’t bank on student loan forgiveness, and it’s about time America said, ‘I’ve had it!’” Webby Awards executive director Claire Graves comments, “Borrowed Future has set the standard for innovation and creativity on the Internet. This award is a testament to the skill, ingenuity, and vision of its creators.” The 26th Annual Webby Awards will take place in New York City on May 16. See more about the film here.

 

Brandon Tatum Joins Salem Radio Network for Syndicated Radio Program. Conservative media figure and former Tucson police officer Brandon Tatum is joining the Salem Radio Network to fill the slot Larry Elder held until his retirement from radio in early April. He will assume duties as host of the 6:00 pm to 9:00 pm ET program on May 16. The third hour of the program will be repurposed into a podcast. Salem SVP of spoken word Phil Boyce says, “Salem conducted a nationwide search, and some very big names were interested in taking this important slot. Brandon brings a unique talent to Salem, and has a strong following among the nation’s youth, with his involvement with Turning Point USA. His compelling story is riveting.” Tatum has been serving as director of urban outreach for Turning Point USA and hosts the popular program “The Officer Tatum Show” on social media platforms including YouTube. Tatum says, “Words cannot describe what a blessing it is to be a part of the Salem family. I am incredibly humbled and honored to continue the legacy of the great Larry Elder. My mission in life is to serve God with the gifts he has given me. Being the voice of and for the people is one of those gifts.” Additionally, Tatum co-founded Blexit with Candace Owens, an organization “dedicated to changing the narrative in the black community through education, community outreach, and empowerment.” Carl Jackson, who has been subbing as guest host in Elder’s absence both last summer when he ran for governor, and more recently after Elder’s decision to retire from radio, will continue as a regular sub for Tatum.

 

TALKERS News Notes. Philadelphia sports media legend and Pro Football Hall of Famer Ray Didinger announces he’s retiring from his weekend radio program on Audacy’s WIP, Philadelphia. The station reports that Didinger said on yesterday’s program that he co-hosts with Glen Macnow, “Sunday, May 29th will be my final show. I am ready to transition from Ray Didi to grandpop.” Audacy says Didinger covered the NFL for The Philadelphia Bulletin and The Philadelphia Daily News for over 25 years and in 1995 his name was added to writer’s honor roll in the Pro Football Hall Of Fame. Didinger also worked as a senior producer at NFL Films, as an Eagles TV analyst on NBC Sports Philadelphia…..SiriusXM announces that Jessica Casano-Antonellis joins the company as SVP and head of communications, reporting to chief marketing officer Denise Karkos. In this role, she will be responsible for all aspects of the company’s communications function, including strategic communications, brand reputation management and media relations. Karkos adds, “Jessica is a valued and respected leader who brings a wealth of strategic communications experience in the media, entertainment and technology industries to SiriusXM. She will be an incredible asset to the company and will play a key role as we continue to tell the story of SiriusXM as a leader in audio entertainment.”…..Former KQQZ, St. Louis station owner Bob Romanik – whose self-given nickname was “The Grim Reaper of Radio” – has died at age 72 while in hospice. According to his obit in the Belleville News-Democrat, Romanik served as an East St. Louis police officer and chief of police in both Washington Park and Valmeyer, Illinois during his career. He was a notorious raconteur who liberally used racial epithets on the air and referred to his programming as W.A.R. or White Awareness Radio. In 2020, after attempting to conceal his ownership of KQQZ and failing to show up for FCC hearings on the matter, the Commission permanently dismissed his application for renewal.

 

The Economy, Roe v Wade, COVID-19, Russia-Ukraine War, Midterms/Trump & the GOP, January 6 Investigation, and Musk & Twitter Among Top News/Talk Stories Over the Weekend. The sinking Dow and NASDAQ, the high price of food & gas, and the ongoing supply chain woes; the reactions to the leaked draft of a Supreme Court decision to reverse Roe v Wade; the rising rate of COVID cases in some parts of the U.S., concerns about new variants, and the ongoing lockdowns in China; Russia’s war in Ukraine and Vladimir Putin’s propaganda; the November midterm elections and Donald Trump’s influence over the GOP; the Justice Department’s investigation into the January 6 Capitol attack; and Elon Musk’s attempt to acquire Twitter were some of the most-talked-about stories on news/talk radio over the weekend, according to ongoing research from TALKERS magazine.

Front Page News Industry News

Tuesday, February 8, 2022

By Editor | by Editor

Beasley Broadcast Group Reports 2021 Q4 Net Revenue Up 3.3%. Reporting its financial data from the fourth quarter of 2021, Beasley Broadcast Group reveals net revenue was $70.7 million, an increase of 3.3% over the same period in 2020 that the company says primarily reflects “a year-over-year increase in audio and digital advertising revenue and other revenue due to the continued recovery of the commercial advertising market from the effects of the COVID-19 pandemic, partially offset by a decrease in political revenue.” For the whole of 2021, Beasley reports net revenue of $241.4 million compared to net revenue of $206.1 million for all of 2020. The company reports operating income of $6.5 million in the fourth quarter of 2021 compared to operating income of $19.6 million in the fourth quarter of 2020. The decrease largely reflects higher operating expenses related to its digital agency build out, and the return of certain expenses that had been reduced in 2020 due to temporary measures taken in response to the COVID-19 pandemic. Beasley CEO Caroline Beasley comments, “Beasley delivered a strong finish to a solid year of operating and financial performance, as the strength of our content and continuing improvement in advertising trends, combined with the ongoing success of our digital transformation and revenue diversification strategies, continue to fuel our recovery. Throughout the year, we made significant progress on our near-term goal of returning all of our revenue sources to pre-pandemic levels, as reflected by the 17% increase in full-year net revenues to $241 million. Top-line growth was the primary factor contributing to a 75% year-over-year increase in Station Operating Income to $42 million. Overall, we believe these results demonstrate the strength and relevance of our industry-leading audio content and our teams’ extraordinary efforts to serve our listeners, customers and communities through challenging circumstances. Growing consumer and advertiser demand for Beasley’s digital audio content drove a 47.3% year-over-year increase in digital revenue, with digital accounting for 15% of total fourth quarter revenue. Notably, our digital network delivered record digital audience impressions for the third consecutive quarter, with total digital impressions growing 20% over third quarter 2021 levels and 39% over the prior year period. Total outstanding debt as of December 31, 2021 was $300 million and we had $51.4 million of cash and cash equivalents on hand. Our strong liquidity position enables us to make debt repayments while providing us with increased financial flexibility to pursue a potential acquisition or investment within the digital space, should an opportunity arise that could accelerate our digital growth or provide synergies and increased free cash flow.”

Melissa Rapp Named SVP of Affiliate Sales for Key Networks. Media sales pro Melissa Rapp is named senior vice president, affiliate sales for Key Networks. Rapp was most recently with SDS as vice president of sales. During her career she’s also served with vCreative and MediaSpan Online Services and has held sales positions at several radio stations. Key Networks COO Dennis Green says, “As we continue to build a best-in-class organization at Key Networks, we are delighted to welcome Melissa Rapp to lead our affiliation efforts. Melissa has extensive contacts in the industry, understands broadcasters’ needs and has the confidence from affiliates that she will deliver best-in-class products and services for their stations.” Rapp comments, “I’ve known Key Networks CEO Rob Koblasz and COO Dennis Green for many years, and I’m thrilled to finally have the opportunity to work with them. My passion has always been to help stations be more efficient and serve their communities with the best possible product. It’s a great time to be in radio and a grand time to represent the premium talent and programming at Key Networks!”

Carl Jackson Podcast Joins Salem Podcast Network. The host who filled in for Larry Elder during his hiatus from radio to run for governor of California in September’s recall election is getting his podcast added to Salem Media Group’s Salem Podcast Network. Carl Jackson’s eponymous podcast launched yesterday (2/7) with new episodes dropping each weekday. In addition to subbing for Elder, Jackson has also been regularly heard on WORL-AM, Orlando “AM 950 The Answer.” Salem VP of spoken word Phil Boyce says, “Carl Jackson has an amazing story, and every day on this podcast he will be telling it. When Larry Elder took his leave of absence to run for California governor, Carl took over and never missed a beat. He is smart, articulate, and fearless.” Jackson comments, “I’m absolutely humbled and excited to be a part of the team on the Salem Podcast Network. This opportunity is proof that the American Dream is alive and well when you work hard. I look forward to reaching a new audience with this podcast that will help me fight to save America as we know it.”

NRG Media Promotes Jim Smith to COO. Media executive Jim Smith is promoted to chief operating officer at NRG Media, LLC. Smith has served the company as chief financial officer for the past 14 years. NRG says Smith will continue to oversee the financial component of NRG Media as the company’s CFO but will add leading the operational oversight of NRG’s nine markets and 38 radio stations throughout the Midwest in Iowa, Illinois, Nebraska and Wisconsin to his duties. NRG Media president and CEO Mary Quass says, “Jim understands the importance of NRG’s mission to provide great local radio and plays an instrumental role in leading the company through operational challenges created by the pandemic over the last two years.”

‘The Joe Rogan Experience’ Tops Edison Research’s Podcast Chart. This chart of the top 50 podcasts in the U.S. from Edison Research is based on Edison’s Podcast Consumer Tracking Report, which Edison says is the only podcast measurement service that measures the relative audience size and demographics of all podcast networks and is also the only measurement based on actual listening, not downloads. For the fourth quarter of 2021, Spotify’s “The Joe Rogan Experience” ranked #1, followed by The New York Times’ “The Daily” at #2 and audiochuck’s “Crime Junkie” at #3. Edison says its podcast chart “is derived from data collected continuously Q1 2021 – Q4 2021, from surveying weekly podcast consumers ages 18 and older in the U.S. Participants indicate which podcasts they listened to in the past week along with a variety of demographic, psychographic, and purchase behavior information.” Subscribers include SXM Media, Google, NPR, Spotify, Wondery, ESPN/ABC/Disney, WarnerMedia, and more. You can see the complete chart here.

TALKERS News Notes. Chicago media writer Robert Feder reports that former WBBM-AM/WCFS-FM news anchor Mariam Sobh is launching a new podcast titled, “News with a Bite,” in collaboration with former WGN-AM programmer Todd Manley of EarSight Studios. Feder writes, “In addition to highlighting news headlines with Sobh’s commentary, the podcast features sketches, comedy songs and in-depth interviews with a variety of guests.”…..AdLarge announces the addition of the “Late Night Drive with Ellie Schnitt” podcast to its ad sales portfolio. The podcast expands on health and wellness content, specifically focusing on mental health, love, and navigating adult life. Schnitt is the former host of the popular Barstool Sports podcast, “Schnitt Talk.”…..The Nebraska Broadcasters Association will enshrine Rick Alloway, Gary Kerr and Neil Nelkin into its Hall of Fame at a celebration scheduled for August 9 in Lincoln, during the 87th Annual NBA Convention. Rick Alloway worked for KFOR, Lincoln from 1972-1984 as an announcer, producer, promotions director and operations manager. Nelkin’s career includes work as an announcer, talk show host, program director, operations manager, station manager and co-owner. He continues to stay active in Omaha radio, at both NRG Media and at Walnut Media.

Ukraine Tensions, COVID-19/Freedom Convoy, SCOTUS Redistricting Decision, Spotify-Joe Rogan Controversy, January 6 Investigation/Trump Documents Question, and Beijing Olympics Among Top News/Talk Stories Yesterday (2/7). The diplomatic tensions over Russia’s military build-up at the Ukraine border; the rate of COVID-19 cases in the U.S. and abroad, the loosening of mask mandates, and the Canadian truckers’ Freedom Convoy; the Supreme Court sides with the Alabama GOP over its new congressional map; the ongoing controversy over Spotify’s PR maneuvers with podcaster Joe Rogan; the investigation into the January 6 Capitol attack and allegations that former President Donald Trump tore up documents related to the day’s events; and the Beijing Winter Olympics were some of the most-talked-about stories on news/talk radio yesterday, according to ongoing research from TALKERS magazine.