Tag: broadcast revenue

Industry News

Salem Media Group Q1 2024 Revenue Down 8.3%

By TALKERS | by TALKERS

The first quarter of 2024 brought in net revenue of $58.6 million, a decline of 8.3% from the same period in 2023 for Salem Media Group. The company’s broadcast revenue fell 4.6% to $46 million, while its digital media revenue rose 1.9% to $10.7 million. The company reports a net loss of $5.1 million, basically the same as it reported in Q1 of 2023. Regarding its revenue,im Salem states, “Revenue growth from the sale of broadcast airtime is negatively impacted by audiences spending less time commuting, certain automobile manufacturers removing AM radio signals, increases in other forms of content distribution, and decreases in the length of time spent listening to broadcast radio as compared to audio streaming services, podcasts, and satellite radio. These factors may lead advertisers to conclude that the effectiveness of radio has diminished. We continue to enhance our digital assets to complement our broadcast content. The increased use of smart speakers and other voice activated platforms that provide audiences with the ability to access AM and FM radio stations offers potential sources for radio broadcasters to reach audiences. Our broadcast advertising revenue is particularly dependent on advertising from our Los Angeles and Dallas markets, which generated 15.3% and 18.4%, respectively, of our total net broadcast advertising revenue during the three-month period ended March 31, 2023, compared to 15.1% and 18.7%, respectively, of our total net broadcast advertising revenue during the three- month period ended March 31, 2024.”

Industry News

Salem Media Group Second Quarter Revenue Declines 4.2%

By TALKERS | by TALKERS

Salem Media Group total revenue for the second quarter of 2023 was $65.8 million, a decrease of 4.2% from Q2 of 2022. The company reports an operating loss of $4.1 million compared to operating income of $7.3 million reported in Q2 of 2022. Salem posts a net loss of $7.1 million for the second quarter of this year, compared to a net income of $9.1 million reported for Q2 of 2022. Looking at the company’s operating results by segment, Netim Broadcast revenue decreased 5.3% to $49.7 million from $52.5 million; Station Operating Income decreased 43.5% to $6.2 million from $10.9 million; Same Station net broadcast revenue decreased 5.8% to $49.4 million from $52.4 million; and Same Station operating income decreased 37.7% to $6.8 million from $10.9 million. Digital Media revenue increased 0.5% to $10.9 million from $10.8 million, and Publishing revenue decreased 3.5% to $5.2 million from $5.4 million. Salem reports that as of June 30, 2023, the company was not in compliance with its fixed charge coverage ratio. On August 7, 2023 it signed a forbearance whereby the bank agreed not to exercise remedies on the default during the month of August. Additionally, the notional amount of the revolver was reduced from $30 million to $25 million with a minimum availability of $1 million. The interest rate associated with the revolver increased by two percentage points effective July 1, 2023 through the date of the forbearance amendment.

Industry News

Salem Q4 2022 Revenue Falls 0.5%; Full Year Revenue Up 3.4%

By TALKERS | by TALKERS

Salem Media Group’s total revenue during the fourth quarter of 2022 was $68.8 million, down 0.5% compared to Q4 of 2021. For the full year 2022, total revenue was $205.3 million, an increase of 3.4% over the full year of 2021. The company reports a loss of $2.2 million for Q4 of 2022 and a loss of $3.2 million for the full year of 2022. Salem reports in segments and for the fourth quarter of 2022, net Broadcast revenue increased 4.5% to $53.3 million from $51 million in the same period in 2021. However, Digital media revenue decreased 10.3% to $10.4 million from $11.6 million in Q4 of 2021. The Publishing segment decreased 21.3% to $5.2 million from $6.5 million in the same period a year ago. For the full year of 2022, net Broadcast revenue increased 7.2% to $205.3 million from $191.4 million in 2021. Digital media revenue decreased 1.2% to $41.7 million from $42.2 million, and Publishing revenue decreased 18.9% to $20 million from $24.6 million in 2021. Looking ahead, Salem offers guidance for the first quarter of 2023, saying, “The company is projecting total revenue to be between flat and a decline of 2% from the first quarter 2022 total revenue of $62.6 million.”

Uncategorized

iHeartMedia Q4 2022 Net Revenue Rises 6%; Full Year Up 10%

By Editor | by Editor

iHeartMedia reveals operating results from the fourth quarter of 2022 and for the full year of 2022. The company says net revenue for Q4 was $1.12 billion, an increase of 6% over the same period in 2021, and full year net revenue for 2022 was $3.9 billion, up 10% over the previous year. The company reports net income of $80.6 million for Q4 of 2022 and a net loss of $262 million for the full year. iHeartMedia breaks its results into three segments. The Multiplatform Group (including broadcast stations, networks and sponsorships & events) reports Q4 revenue of $732 million – a 0.9% increase over Q4 2021. Broadcast revenue grew $3 million, while Networks declined $5.5 million (4.1%). Revenue from Sponsorship and Events increased by $8.1 million (12.1%). The Digital Audio Group reports revenue of $301 million in Q4 of 2022 – up 10.2% over Q4 of ’21. Podcast revenue increased by $16.4 million (16.9%). The Audio & Media Services Group reports Q4 2022 revenue of $94.5 million – an increase of 44.3% over the same period in 2021. iHeartMedia chairman and CEO Bob Pittman says, “We are pleased to report another quarter of solid operating results for iHeart in consumer usage, revenue, and earnings growth. The fourth quarter was our best quarter for Revenue and Adjusted EBITDA – and on a full-year basis, in 2022 we generated the highest revenue and the second highest Adjusted EBITDA and Free Cash Flow year in iHeart’s history. Even in this continuing challenging and uncertain economic environment, we continue to make strong progress in our transformation of iHeart into a true multiplatform audio company – driven by innovation, supported by data and technology, and powered by the largest sales force in audio – and we are positioning iHeart to take advantage of the coming economic recovery.”

Front Page News Industry News

Thursday, August 4, 2022

By Editor | by Editor

Richard Neer is This Week’s Guest on Harrison Podcast. Legendary WFAN, New York sports talk show host/rock radio pioneer Richard Neer and TALKERS founder Michael Harrison have been close friends and radio colleagues for more than half of the medium’s 100-year history. Needless to say, they always have plenty to talk about regarding media and popular culture – past, present, and future. Richard Neer is this week’s guest on the award-winning PodcastOne series, “The Michael Harrison Interview” marking his record-breaking seventh visit since the program debuted as one of the platform’s earliest offerings in 2015. In addition to his rich on-air history, Neer is the prolific author of 10 Riley King murder mystery novels and his historic overview of album rock radio, FM: The Rise and Fall of Rock Radio (Villard, 2001) remains a literary milestone chronicling the golden days of the AOR era. On this podcast, Harrison and Neer talk about a wide variety of topics including Joni Mitchell’s recent performance at the Newport Folk Festival, the high cost of Bruce Springsteen concert tickets, the controversial LIV Golf tour backed by Saudi Arabia, changes in the record business, the challenges of writing and publishing historical fiction, movies, TV, CGI and a whole lot more. To listen to the podcast in its entirety, please click here.

Cumulus Media Q2 Net Revenue Rises 5.4%. Reporting its financial data for the second quarter of 2022, Cumulus Media reveals net revenue of $236.7 million – an increase of 5.4% over the same period in 2021. The company also reports net income of $8.7 million for the quarter after posting a net loss of $5.9 million during Q2 of 2021. Total broadcast revenue for Cumulus fell 0.3% to $175.7 million compared to the second quarter of 2021. While radio spot revenue was $127 million – up 5.1% over Q2 2021, network revenue slipped 12% to $48.7 million. Cumulus Media’s digital segment rose 20.3% to $37.8 million. CEO Mary Berner comments, “Our ability to deliver yet another quarter of strong results is testament both to the quality of our strategic plan and the discipline and relentlessness with which we implement it.  Specifically, we have deployed our multi-platform audio-first content strategy, developed multiple digital businesses, significantly reduced fixed costs, undertaken high ROI internal investments, and created a best-in-class balance sheet that gives the company substantial financial flexibility and capital allocation optionality. Given our track record, we have tremendous confidence in our ability, under this plan, to grow shareholder value. Despite the challenging macro environment, we increased revenue in the quarter by more than 5%, driven by our digital businesses whose growth accelerated in Q2 to 20% year-over-year. Additionally, bolstered by our ongoing focus on fixed cost reductions, this quarter we generated additional cash from operations and increased net income, EBITDA and EBITDA margins vs. the same period last year. We also efficiently executed nearly half of our $50 million share repurchase authorization and bought back $50 million of bonds at a discount, while simultaneously reducing net leverage to 3.8x, the lowest it’s been in more than a decade. With a robust political spending season anticipated, we are on trend toward achieving our net leverage target of less than 3.5 times and EBITDA at the low end of our 2022 guidance range.”

Conservative Media Figures Gather at CPAC 2022. Pictured above (from l-r) are WMAL-FM, Washington, DC morning drive personality Larry O’Connor, Salem Radio Network VP, news & talk programming Tom Tradup, and author and TOWNHALL.com contributor Kurt Schlichter in Dallas for the first day of CPAC 2022. The annual event runs through Sunday and speakers scheduled to address the gathering include: former President Donald Trump, Senator Ted Cruz, British conservative leader Nigel Farage, and Hungary Prime Minister Viktor Orban.

Former WFTL, Fort Lauderdale Talk Host Rich Stevens Passes. TALKERS magazine has learned that former WFTL, Fort Lauderdale talk host Rich Stevens died on July 30 at the age of 68 after suffering a heart attack. Stevens worked in music radio prior to hosting his talk show on WFTL, serving at such signals as WPLJ-FM, New York and WJHM, Orlando. He also served at WABC-TV, New York as an entertainment reporter.

TALKERS News Notes. As part of RAB’s Radio Works initiative, the next live presentation in the series titled, “Radio Works for Restaurants,” takes place on Wednesday, August 17 at 1:00 pm ET and will provide industry insights and trends intended to help broadcasters gain a better understanding of the opportunities and challenges facing the restaurant industry and how radio can continue to serve this category. Since the beginning of the pandemic, restaurants have endured closures, staffing shortages, product supply strains and inflationary pressures making for a challenging business environment. Hudson Riehle, senior vice president, research & knowledge group at the National Restaurant Association, will provide an update on the “State of the Restaurant Industry” to help radio sellers understand the areas where businesses in this category need support. It’s free for RAB members and they can register here…..ESPN and Omaha Productions are expanding their relationship in the audio space with the premiere of a new show, “Kyle Brandt’s Basement,” led by NFL Network “Good Morning Football” host Kyle Brandt. The daily show debuts August 8 and “explores the ins and outs of the NFL through lively guest interviews with the top voices in the sport and inventive segments unique to Brandt to bring fans closer to the action on and off the field.” Brandt comments, “I’m thrilled about this show, and I’ll be shot out of a cannon every single day. It’s in my own basement and I’ve got games, toys and takes. I can promise one thing: it will not be boring.”…..Pictured at left is WGKB-AM/W269DL, Milwaukee “101.7 The Truth” talk host Tory Lowe during last weekend’s 7th Annual Stop the Violence Peace Walk during which he walked from Milwaukee to Chicago (more than 80 miles) to “raise awareness and bring an end to violence in our communities.” Lowe says, “It is important for us to build a bridge between Milwaukee and Chicago, open the lines of communication, and bring awareness to the violence that plagues our communities.”

Kansas Abortion Vote, Midterms/2024 Presidential Race, Pelosi Taiwan Visit, January 6 Investigation, Russia-Ukraine War, The Economy, COVID-19, and U.S. Rep. Walorski Killed Among Top News/Talk Stories Yesterday. Kansas voters elect to keep abortion rights in the state’s constitution; the primary races for the November midterm elections and speculation about the nominees in the 2024 presidential race; House Speaker Nancy Pelosi’s visit to Taiwan and China’s angry response; the January 6 investigation and the DOJ subpoenas issued to former White House counsel Pat Cipollone and former deputy counsel Patrick Philbin; Russia’s ongoing invasion of Ukraine and the impact on the global economy; the falling price of gasoline and the still-high cost of food in the U.S. and concerns about a recession; the rate of BA.5 subvariant cases in the U.S.; and U.S. Rep Jackie Walorski (R-IN) and two staffers are killed in a car accident were some of the most-talked-about stories on news/talk radio yesterday, according to ongoing research from TALKERS magazine.

Front Page News Industry News

Friday, March 4, 2022

By Editor | by Editor

NOW POSTED: This Weekend’s Installment of “The Michael Harrison Wrap: An Overview of the National Conversation.” The latest installment of the one-hour weekend special, “The Michael Harrison Wrap,” that looks back each week at the hottest topics discussed in American talk media per the research of TALKERS, is now posted. This new episode titled,“Predators,” looks back at this past week of 2/28 to 3/4. The program features guests (in order of appearance): Kevin Casey, executive editor, TALKERS; Ronn Owens, talk show host (retired), KGO, San Francisco; Chris Hansen, investigative reporter/commentator, “Predators I Have Caught with Chris Hansen”; Harry Hurley, talk show host, WPG, Atlantic City/FOX News Radio; and Richard Neer, talk show host, WFAN, New York.  The show airs weekends on WONK-FM, Washington, DC; WTIC, Hartford; KSCO, Santa Cruz, CA; KDFD, Denver; KFNX, Phoenix; KTLK-FM, St. Louis; WPG, Atlantic City, NJ; SuperTalk 99.7 WTN, Nashville; KMZQ, Las Vegas;  WTPL, Manchester, NH; WEMJ, Laconia, NH; WTSN, Dover-Portsmouth, NH; WVLY, Wheeling, WV; WTRW-FM, Scranton/Wilkes Barre, PA; WVOX, Westchester, NY; KBDT, Dallas; KQSP, Minneapolis; WGDJ, Albany, NY; WJFN-FM, Richmond, VA; WZFG, Fargo; KTGO, Tioga, ND; KWAM, Memphis; K-NEWS, San Luis Obispo; WGMD, Rehoboth Beach, DE; WCHM, Clarkesville, GA; WPHM, Port Huron, MI; KSYL, Alexandria, LA; KTOE, Mankato, MN; WCED, DuBois, PA; K-NEWS 101.3, Owensboro, KY; WWTK, Sebring, FL; WSAR-AM/FM, Fall River, MA; WIZM-AM/FM, La Crosse, WI; WMVA, Martinsville, VA; KQEN, Roseburg, OR; the Virginia Talk Radio Network; CRN Digital Talk Radio Network; Podcast Radio UK and many more. To listen to this week’s episode, please click here. To view the latest TALKERS magazine topic research, please click here. “The Michael Harrison Wrap” is now available in syndication via Talk Media Network to stations across America on a market exclusive basis. For affiliation information, please click here or call 616-884-8616.

 

RT Shuts Down American Operations. The management of RT, the international Russian government-funded television network, informed its staff of American and Russian broadcasters that it is shutting down operations of its Washington, DC-based U.S. operations, RT America, effective immediately due to the condemnation it is receiving in the United States as a result of the Russian invasion of Ukraine. The news was broken at an all-hands-on-deck staff meeting held at the network’s state-of-the-art headquarters in Washington, DC on Thursday (3/3) at 12:00 pm. Noted media consultant and TALKERS contributing columnist Holland Cooke has been hosting a weekly show on RT America titled, “The Big Picture,” since 2017. He tells his story in a TALKERS exclusive feature. Please click here.

 

Salem Media Group Reports 2021 Q4 Revenue Up 7.2%. Reporting its financial data for the fourth quarter of 2021, Salem Media Group reveals total revenue for the period was $69.1 million, an increase of 7.2% over the same period in 2020. Breaking the quarterly results down by segment, the company reports net broadcast revenue of $51 million, an increase of 6.1%, year-over-year. Salem’s digital media revenue was $11.6 million, up 2.9%, and publishing revenue was $6.5 million, an increase of 27.1% over Q4 of 2020. For the full year of 2021, consolidated revenue was $258.2 million, up 9.3% over the full year of 2020. Full-year net broadcast revenue was $191.4 million, a year-over-year increase of 7.5%; digital media revenue was $42.2 million, an increase of 6.5% over 2020; and publishing revenue was $24.6 million, a year-over-year increase of 33.1%. For the full year of 2021, Salem reports net income of $41.5 million compared to the net loss of $54.1 million reported for the full year of 2020.

 

The John Fredericks Media Network Launches ‘Liberty Radio’ Simulcast Serving Pennsylvania, New Jersey and Delaware Region. Talk media personality and media operator John Fredericks announces the John Fredericks Media Network’s acquisition of the former WVCH-AM, Chester – now WJFP-AM – and translator W277DL, Malvern (103.3) in Pennsylvania and his operation of translator W237EH, Pennsauken, New Jersey (95.3) to simulcast as “Liberty Radio.” The company says the new radio signal additions to the John Fredericks Media Network will give the it enormous reach into Philadelphia, all surrounding suburbs, half of Delaware – south to Dover, all of Wilmington and most of South Jersey. Fredericks owns or operates four radio stations in Central Virginia – WJFN-AM, Chester; WJFN-FM, Goochland; and translators at 92.7 FM and 107.7 FM – as the simulcast “Newstalk WJFN.” He also owns WMLB-AM, Atlanta. “The John Fredericks Radio Show” is carried on both networks. He also hosts the television show “Outside the Beltway with John Fredericks” on Real America’s Voice News.  Fredericks comments, “The acquisition of iconic radio station WVCH in greater Philadelphia and its accompanying FM translator is an essential component of our growth strategy. We want to provide our growing audience with hard-hitting news and incisive analysis to cut through the cancel culture and the woke fake news networks that dominate the airwaves today. Our proprietary network of show hosts is leading the radio industry, and our vision of all live weekday coverage and weekend live sports has resonated with both our listeners and advertisers.”

 

MIW’s ‘Mildred Carter Mentoring Program’ Accepting Applications. The Mentoring and Inspiring Women in Radio, Inc. charitable organization dedicated to the advancement of female leadership in radio broadcasting, announces the opening of the application window for its 2022 Mildred Carter Mentoring Program today (3/4) through March 21, 2022. Established in 2002, MIW’s the annual mentoring initiative connects mentees with accomplished women recognized as leaders, mentors, and game-changers within all aspects of radio broadcasting. Four candidates from the radio broadcasting industry within the sales, marketing, programming, and digital disciplines will be selected for the 2022 program. MIW Board president Ruth Presslaff commented on the announcement, “We’re extremely appreciative of our sponsors, Entravision and Beasley Media Group. We look forward to welcoming our newest group of mentees, especially as we consider the data presented in our recent MIW Gender Analysis Study. There’s work to be done and we’re eager to continue our mission of mentoring!” See more about this program and apply here.

 

TALKERS News Notes. A deal between United Stations Radio Networks, Audacy, and AccuWeather, is extended and expanded. The new pact provides for the continuation of AccuWeather’s services on existing Audacy affiliates, and adds 14 new Audacy stations to the list of AccuWeather outlets, including FM stations in New York City, Detroit, St. Louis, Las Vegas, Memphis, and Buffalo…..Chicago radio personality and South Side native William J. Kelly is co-hosting a charity benefit called “Chicago Stands with Ukraine” on Friday, March 11 to benefit Nevada-based Revived Soldiers Ukraine. Kelly says, “‘The William J. Kelly Irish Hour’ on WPNA is proud to support Revived Soldiers of Ukraine and the courageous work they do. We are joining together here in the Land of Lincoln and beyond to support the brave men and women in Ukraine who are fighting and sacrificing their lives for freedom.”….. The board of trustees for Boston public media producer GBH elects Stacy L. Cowan, Susan G. Fentin, Susan X. Luo, and Lynn Perry Wooten as trustees. President and CEO Jonathan Abbott states, “GBH is fortunate to have a strong, committed group of community and business leaders dedicated to helping the organization achieve its mission. As the landscape for media evolves, we continue to rely on their expertise and leadership.”

 

The Russia-Ukraine Crisis Top News/Talk Story for Week of February 28-March 4. Russia’s continuing invasion of the Ukraine and the rest of the world’s response to the crisis was the most-talked-about story on news/talk radio this week, landing atop the Talkers TenTM. At #2 this week was President Joe Biden’s State of the Union address, followed by the state of the U.S. economy and the soaring price of consumer goods and gasoline at #3. The Talkers TenTM is a weekly chart of the top stories and people discussed on news/talk radio during the week and is the result of ongoing research from TALKERS magazine. It is published every Friday at Talkers.com. See this week’s complete chart here.

 

 

 

Bell Seeks Senior Manager, Affiliate Relations & Content. Canadian media giant Bell is looking for a senior manager, affiliate relations & content for its Orbyt Media. The company says, “We’re looking for innovative team players ready to take some of the most well-known entertainment brands in the country to the next level. Are you looking for a unique opportunity to play a critical role in content creation and syndication of programs and services across the broadcast industry? The Orbyt Media team is looking for someone who will foster and grow internal and external relationships and be bold in their idea generation and planning. Integrity and strong leadership are core attributes that are required in this role.” Find out more and apply here.