Industry News

Media Executive and BFoA Chairman Emeritus Phil Lombardo Dies

Broadcasters Foundation of America shares the news of the passing of Philip J. Lombardo, who died early Friday (1/5) following a brief illness. Lombardo was CEO of Citadel Communications and chairman emeritus of the Broadcasters Foundation, having previously served as chairman for 15 years. The family has requested that in lieu of flowers donations be made to the Philip J. Lombardo Memorial Fund, which will be established by the Broadcasters Foundation this week in honor of Lombardo’sim dedication and service to the broadcasting industry and to the Foundation’s charitable cause. BFoA chairman Scott Herman says, “The Broadcasters Foundation and the broadcast industry lost a great man. As chairman of the Broadcasters Foundation for many years, Phil left an indelible mark. He was passionate about our mission and one of our biggest donors, giving both time and money to helping colleagues in need.” To honor his longstanding dedication to the Broadcasters Foundation, in 2000 the Board passed a near unanimous vote to rename the annual golf tournament and fundraiser, held during the NAB Show in Las Vegas, to the Philip J. Lombardo Charity Golf Tournament. The one ‘no’ vote was cast by Lombardo. The majority of Lombardo’s storied career was focused on buying, turning around, and selling TV stations for his privately held company, Citadel Communications. In 2003, Lombardo was elected to serve as joint board chairman of the National Association of Broadcasters. He was inducted into the Broadcasting + Cable Hall of Fame in October 2015.

Industry News

Cumulus Media 2023 Q3 Revenue Falls 11%

Cumulus Media Inc is the first audio group to report third quarter 2023 operating results in a year that’s been challenging for all media reliant on advertising. Today’s Q3 report reveals net revenue of $207 million, a decline of 11% over the same period in 2022. Cumulus reports net income during the quarter of $2.7 million, down 68% from a year ago. However, for the first nine months of 2023, the company reportsim a net loss of $19.8 million. Cumulus reports in segments, and for the Q3 period total broadcast radio revenue was $146 million, down 17.4% from a year ago. Spot revenue was down 15.2% while network revenue declined 22.8% from Q3 of 2022. Cumulus’ digital segment reports revenue of $37.2 million, an increase of 6.6%, year-over-year. Cumulus CEO Mary G. Berner states, “Third quarter revenue and Adjusted EBITDA finished in line with expectations with results reflecting the continued dichotomy between local imand national business lines. Despite the challenging environment, we maximized performance by continuing to focus on areas we can control, including growing each of our digital businesses, reducing costs, and improving our balance sheet through non-core asset sales and debt reduction. These actions have further improved the company’s revenue growth profile, operating leverage, financial flexibility, and strategic optionality and, collectively, position us to rebound when the advertising environment improves. While we are continuing to see weakness in national markets, as companies are starting to set their 2024 marketing budgets, we are seeing some initial indications from key national advertisers in several categories that sentiment is improving for next year. That tone, combined with the anticipation of a robust political spending cycle, gives us cautious optimism that we may be seeing the early signs of a market recovery.”

Industry News

Report: Audacy and APM End Podcast Deal a Year Early

According to a report by Amrita Khalid in The Verge, Audacy and American Public Media have agreed to end their podcasting partnership a year early, on August 31. The deal between Audacy’s Cadence13 and APM wasim inked in 2021 and included Cadence13 and APM developing and producing new shows and made Audacy the exclusive podcast sales rep for APM. The piece further notes that Audacy CEO David Field referenced the deal during his Q2 2023 earnings commentary saying, “In June, we successfully negotiated an early exit to an onerous Podcast ad representation contract, which resulted in a restructuring charge of $5.9 million in the quarter and the accelerated recognition of $4.5 million of prepaid content expense. We believe exiting this agreement will have a positive impact on our podcast margins, without materially impacting our future podcast revenue growth opportunity.” Read The Verge story here.

Industry News

Beasleys Honored by B+C Hall of Fame

Beasley Media Group late company founder George Beasley and his daughter, CEO Caroline Beasley, were among the inductees honored at the 2023 Broadcasting + Cable Hall of Fame Gala on Wednesday (5/3) in New York City. Caroline Beasley (pictured at right accepting the honors) says, “It is very humbling to be aim part of such an outstanding class of inductees. The only thing better would have been to have my late father, George, by my side, to accept this incredible honor together in person.” Other inductees included Deborah Roberts, ABC News national senior affairs correspondent, and contributing anchor of 20/20, and her husband Al Roker, weather and feature anchor and co-host of the third hour of NBC’s “Today Show,” Matt Bond, chairman, content distribution, NBCUniversal; Ray Cole, president and chief operating officer, Citadel Communications; Frank Comerford, CRO and president, local sales, NBCUniversal Advertising & Partnerships; Ray Hopkins, president, U.S. Networks Distribution, Paramount Global; Wonya Lucas, CEO, Hallmark Media; Soledad O’Brien, CEO of SO’B Productions and host/producer of “Matter of Fact with Soledad O’Brien”; and Rachael Ray, TV food personality and host of “The Rachael Ray Show.” In addition, Jim Nantz of CBS Sports received the Lifetime Achievement Award and AMC’s “The Walking Dead” was named the Iconic Series for 2023. Late past president of the Broadcasters Foundation of America, Jim Thompson, was posthumously honored with the Chairman’s Award for his career achievements and tireless dedication to helping broadcasters in need.

Industry News

Saga Announces Dividend and New Variable Dividend Policy

Saga Communications, Inc announces the declaration of a quarterly and special cash dividend and a new variable dividend policy. The company’s board of directors declares a quarterly cash dividend of $0.25 per share and a special cash dividend of $2.00 per share on its Class A common stock. The aggregate amount of the payment to be made in connection with the combined quarterly and special dividends will be approximately $13.6 million. The quarterly and special cash dividends will be funded by cash on the company’s balance sheet. Including this dividend, the company will have paid over $106.6 million in dividends to shareholdersGraphic design - Trademark since the first special dividend was paid in 2012. The board also adopts a new variable dividend policy for the allocation of cash flows aligned with the company’s goals of maintaining a strong balance sheet, increasing cash returns to shareholders, and continuing to grow the company through strategic acquisitions. Under the new policy, in addition to any quarterly and special dividends paid, the company will declare an additional dividend in the second quarter of each year of 70% of the preceding year’s annual Free Edward K Christian - Saga CommunicationsCash Flow, as reported in the company’s fourth quarter earnings release, net of acquisitions, special and quarterly dividends, debt paydowns and debt issuance costs, and stock buybacks. Saga president and CEO Christopher Forgy states, “We are very pleased that our strong capital position and operating performance allowed us to declare another regular quarterly cash dividend and a special cash dividend. We are excited to continue our commitment to provide a meaningful cash return to our shareholders through the declarations of these dividends. In addition, we have made tremendous progress during what has been a period of transition for our board of directors and executive management team. Our sustained financial strength has put us in a position to meet operational goals and to support efforts to return value to our shareholders. The cash dividends announced today, along with the new variable dividend policy, express the confidence of our board of directors and executive management team in Saga’s future.”

Industry News

Cumulus Media Q4 2022 Revenue Dips; Up 4% for Full Year

Reporting its operating results for the fourth quarter of 2022 and for the full year, Cumulus Media says Q4 net revenue was $251 million, a decline of 0.4% over the same period in 2021. For the full year of 2022, net revenue was $953.5 million, an increase of 4% over all of 2021. While Cumulus reported a small loss for Q4 of 2022 ($54,000), the company is reporting net income of $16.2 million for the full year, a decline of 6% from theCumulus Media - Logo full year of 2021. For the full year of 2022, Cumulus’ broadcast radio revenue was basically flat (-0.1%) at $709.6 million and its digital revenue was $142.3 million, an increase of 12.2%. Breaking down the broadcast radio segment, spot revenue was $479.8 million – up 4.9% over 2021 – but network revenue was off 9% for the year at $229.7 million. Cumulus president and CEO Mary G. Berner says, “Despite considerable economic turbulence, we delivered fourth quarter financial performance in the upper half of our guidance range, continuing a multi-year period of significant accomplishments. Operating through a series of difficult macroeconomic environments, including the pandemic, we successfully executed a strategic plan under which we developed and drove new areas of growth, right sized the balance sheet, improved the company’s operating leverage and returned capital to shareholders. As a result, we have delivered consistent revenue growth, built several digital businesses to a $150+ million revenue run-rate, reduced our net leverage to its lowest level in more than a decade, and boosted our liquidity to give ourselves optionality regarding capital allocation.” Looking ahead to 2023, we continue to face substantial economic headwinds. However, our battle-tested skill in performing during challenging times, as well as our very strong financial position, gives us substantial confidence in our ability to not only weather this depressed ad environment but take full advantage of opportunities that may arise over the coming quarters.”

Industry News

LiveOne Reports Operating Results; Files to Spin-Out PodcastOne

LiveOne – parent company of audio services PodcastOne and Slacker – reports operating results for its third quarter of Fiscal 2023 and the first nine months of Fiscal 2023. At the same time, it announces that it is following through with its plan to spin-out PodcastOne into a separate company by filing an S-1 with theLogo - Font Securities Exchange Commission. For the company as a whole, LiveOne reports Q3 Fiscal 2023 revenue of $27.3 million – a decrease of 17% from the same period in Fiscal 2022. However, the company has reduced its net loss for the quarter from $11.8 million in Fiscal 2022 to $3.2 million. Its Audio Division that includes PodcastOne and Slacker produced record revenue of $22 million in Q3 Fiscal 2023 compared to $19.1 million in the same period in the Logo - Fontprior year. LiveOne’s CEO and chairman Robert Ellin comments, “Over the past year, we have been laser focused on optimizing and streamlining our operations, led by our audio business, which includes Slacker Radio and PodcastOne. The combination of improving Contribution Margins, coupled with over $30 million in annual expense and overhead reduction, is resulting in record operating results. We are excited about the continued strong growth of paid memberships coming largely through B-to-B partnerships, including our nine-year relationship with Tesla. We expect our strong operating performance to continue for the foreseeable future led by our Audio Division and for it to collectively achieve revenue in excess of $88 million in Fiscal 2023 and generate more than $18 million in Adjusted EBITDA.”

Industry News

Salem Media Group and Triton Digital Expand Relationship

Triton Digital and Salem Media Group extended their relationship that’s been in place since 2012. In addition to using Triton’s Omny Studio podcast management platform, its programmatic supply-side platform and TAP (Triton Advertising Platform), Salem Media Group will turn to Podcast Metrics Demos+ to provide enhancedSoundCloud - Logo metrics, including person-level demographic, sociographic, media behavior, and purchase intent data to further inform podcast audience development and advertising decisions. Salem CEO David Santrella says, “We are thrilled to extend our partnership with Triton Digital, which has helped drive a significant increase in digital revenue while delivering our engaging content to our growing audience. We’re looking forward to this next chapter together, gaining increased visibility and a more comprehensive understanding of the behaviors and demographics of our audiences.”

Sales

Pending Business: When the Crystal Ball Is Foggy

By Steve Lapa
Lapcom Communications Corp
President

 

PALM BEACH GARDENS, Fla. — Its seems the current economic cycle is being driven by a sweeping round of cutbacks and strategic business re-focus now moving into the mainstream.

From Disney and Meta (parent of Facebook) to Walmart, the pressure is on to deliver positive performance in a cloudy economy. In plain English, it’s time to cut costs and push suppliers to share the pain. Yet prices continue to go up. Maybe it’s the fault of COVID’s unpredictable economic impact or some international collusion, or better yet, just a plain old foggy crystal ball in the CEO’s office. My vote is all of the above. But what does any of this have to do with your day-to-day sales? The short answer is: Everything.

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Analysis

Sound Bites from NAB 2022

By Holland Cooke
Consultant

 

LAS VEGAS — No matter how well-planned the agenda, I’ve always found that the most valuable part of a convention is…convening, catching-up with old friends and making new ones. And being the first NAB Show in three years, this year’s event was OH-so-quotable.

“I know what transformational moments feel like, and now we’re in one…on the cusp of the best era for radio and for audio.”

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Front Page News Industry News

Friday, January 21, 2022

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 magazine, is now posted. This new episode titled, “Manchinian Candidate,” looks back at this past week of 1/17 to 1/21. The program features guests (in order of appearance): Kevin Casey, executive editor, TALKERSDave Elswick, talk show host, KDXE 101.1 The Answer, Little Rock; Joyce Kaufman, talk show host, WFTL, Ft. Lauderdale-Miami- Palm Beaches; Thom Hartmann, talk show host, WYD MediaVictoria Jones, executive director, DC Radio Company; and Dr. Daliah Wachs, talk show host, Genesis Communications Network/Physician.  The show airs each weekend 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; WVLY, Wheeling, WV; WTRW-FM, Scranton/Wilkes Barre, PA; WVOX, Westchester, NY; KBDT, Dallas; KQSP, Minneapolis; KBKW, Aberdeen, WA; 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 NetworkCRN Digital Talk Radio NetworkPodcast 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.

Steve Jones Named CEO and President for Skyview Networks. Network executive Steve Jones is promoted to CEO and president of Skyview Networks from his previous COO/president role. In this new role, Jones will lead the sales, content, broadcast distribution and technology company. Founder and CEO Ken Thiele transitions to founder and executive chairman of the board, in which he’ll continue to engage in a high-level advisory role for the company. Thiele says, “Over the last 25 years, Skyview has evolved into a dynamic solutions leader in network audio, and through our enduring growth, we have always maintained a commitment to innovation and quality. I have had the privilege of working alongside Steve both as a client and as a leader within our company — he embodies these characteristics, which are also matched with an unyielding drive for excellence, keen business sense, and distinguished experience. I am privileged to welcome him to the role of CEO.” Jones comments, “I am grateful to Ken for trusting me to steward the company he has built in partnership with longtime EVP, Jeanne-Marie Condo. During the last three-years, despite pandemic challenges, Skyview Networks has become the fastest growing leader in network audio sales, syndication and distribution. Our unwavering commitment to customer service and proven financial performance have convinced content creators and influencers to join Skyview, while simultaneously providing advertisers effective, efficient and creative campaigns that achieve their marketing goals. At the core of this success is our company culture built on integrity and transparency, resulting in employees committed to one another and to our customers.”

FOX News Channel Reveals New Weekend Primetime Lineup. Effective the weekend of January 29, FOX News Channel debuts a new Saturday primetime lineup. Lawrence Jones will host a new, one-hour show titled, “Lawrence Jones Cross Country” airing at 10:00 pm ET and Brian Kilmeade will host his eponymous show at 8:00 pm ET. “Unfiltered with Dan Bongino” moves to the 9:00 pm ET slot. The 8:00 pm ET hour was formerly hosted by Jesse Watters who was named solo host of the weeknight “Jesse Watters Primetime” program. FOX News Media CEO Suzanne Scott says the promotion renders Jones, 29, the youngest Black solo host of a program in cable news. In addition to this new role, Jones will continue as the enterprise reporter for the “FOX & Friends” franchise. “Lawrence Jones Cross Country” will focus on newsmakers from across the political and cultural spectrum, spotlighting the leading concerns facing Americans nationwide. Kilmeade remains a co-host of FNC’s morning franchise “FOX & Friends” while also hosting the three-hour daily “Brian Kilmeade Show” on FOX News Audio and “What Made America Great” on FOX News Media’s streaming service FOX Nation. Scott says, “Lawrence has been an impact player since joining the network in 2018 and we are thrilled to add his critical insights to our weekend lineup.” Kilmeade comments, “I am truly honored that Suzanne has given me another incredible opportunity at FOX News Media. My ultimate goal is to create a program that will always seek solutions rather than sow division.”

Triton Digital Publishes December 2021 Podcast Report. The U.S. Podcast Report from Triton Digital is released and ranks podcast networks and podcasts from participating podcast networks based on average weekly downloads in the U.S. For the period of November 29 to January 2, Stitcher Media was the #1 podcast network with 43.1 million active downloads. NPR was #2 with 31.7 million, Audacy Podcast Network was #3 with 28.7 million, and Cumulus Podcast Network was #4 with 18 million. The report also ranks individual podcasts by average weekly download and audiochuck’s “Crime Junkie” was #1. At #2 was “NPR News Now,” followed by Cumulus’ “The Ben Shaprio Show” at #3. You can see the complete rankers for the top 20 networks and the top 100 podcasts here.

SiriusXM Talk Host Joe Madison Ends Hunger Strike. In the aftermath of the failure of the Democrats to get the Senate to take up the Voting Rights Act, SiriusXM Urban View channel morning drive host Joe Madison ended his hunger strike. Madison spoke at length on his program about what, in the face of the Democratic leadership’s failure, his 74-day hunger strike accomplished. The SiriusXM PR staff transcribed his monologue and you can read it here.

Talk Radio Host Dr. Asa Pursuing Pro Wrestling Dream. Nationally syndicated talk radio and television personality Dr. Asa Andrew (right) is pursuing his dream of being a pro wrestler at the not-so-tender age of 50 – and he’s doing it with the help of WWE three-time World Heavyweight Champion Diamond Dallas Page (left). But after turning 50 and being asked if he has any regrets considering his vast accomplishments in medicine and media, he said, “I started a professional wrestling career years ago, and due to several life events, I wasn’t able to finish. I finish everything that I start.” In 2000, Dr. Asa was invited to an open tryout at the original WCW Power Plant in Atlanta. There he was one of two out of 35 that made it and was offered a contract. Paul Orndorff and Jody Hamilton ran the facility and told him to go finish his doctorate, and then he would start. Dr. Asa had nine months left to complete his degree, and during that time Vince McMahon bought WCW, and the opportunity was gone. His next chance had to be passed on as Dr. Asa’s father was dying of cancer and Asa knew he had to be there for him. Years later, Dr. Asa and his friend Dallas Page – whose backstory is that he is the oldest to successfully start a career in professional wrestling – decided the time is now to start that journey. Dallas called Cody Rhodes and QT Marshall with AEW’s affiliated developmental school, The Nightmare Factory, in Atlanta, and Dr. Asa started their training camp in October. As Dr. Asa continues to pursue his dream, he and Dallas Page are filming a new documentary on helping others transform their health that will be released sometime in the upcoming year.

WWO: NCAA Men’s Basketball Listening Reaches 33 Million. A study called the NCAA Men’s Basketball Listening Report from the CUMULUS MEDIA | Westwood One Audio Active Group concludes that 33 million people listen to NCAA Men’s Basketball each season on Westwood One. This report includes a just-completed Nielsen PPM analysis of season-long audiences and brand-new data from a MARU/Matchbox study tracking a day in the life of an NCAA basketball fan. The study also found that among persons 18-34, Westwood One reaches 59% of the NCAA Men’s Basketball Audience and is the number two platform, ahead of linear television (behind streaming video). The younger the NCAA audience, the greater the reach and resonance of Westwood One’s audio platform. It also concludes that its audio coverage maximizes the value of an NCAA television media plan, generating incremental reach (+19%) and frequency. Executive vice president of marketing for Cumulus Media and president of Westwood One Suzanne Grimes says, “There is no denying the fervor of the NCAA basketball audience and the excitement March Madness generates. Our Westwood One broadcasts cater to everyone, from the casual fan to the diehard, and they all are just the kind of listeners advertisers want – upscale, employed, and listening on the go.” See the complete study here.

TALKERS News Notes. Radio talk host Dave Elswick signs a new, one-year extension with Salem Media Group’s KDXE-FM, Little Rock “101.1 The Answer” to continue hosting the station’s morning show. He’s been with KDXE for the past eight years after serving for 14 years with crosstown news/talk KARN-FM…..The Radio Mercury Awards, produced by the Radio Advertising Bureau and funded by the Radio Creative Fund, announces that Alejandro Ortiz, executive creative director, Campbell Ewald, is the 2022 chief judge for the 31st annual edition of the Radio Mercury Awards. In his role, Ortiz leads the creative teams in New York, for a number of clients, including Empire State Development, I❤️NY, Port Authority of NY and NJ, a number of spirits and beverage brands at Constellation, and the New York Power Authority, as well as Shamrock Farms. Call for Entry for the 2022 Radio Mercury Awards will open in a few weeks. Learn more information on this year’s Call for Entry guidelines and deadlines here.

Biden Anniversary Press Conference & Agenda Top News/Talk Story for Week of January 17-21. Wednesday’s press conference by President Joe Biden on the first anniversary of his taking office, criticism of his first year, and his agenda going forward were the most-talked-about stories on news/talk radio this week, coming together atop the Talkers TenTM. At #2 this week was the Supreme Court denying Donald Trump’s request to keep White House notes from the January 6 House Select Committee tied with the New York attorney general’s investigation into the Trump Organization. Following at #3 was the rate of COVID-19 Omicron variant cases, vaccine & mask mandates and the effect on the nation’s schools. 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.

 

 

KFRU-AM/FM, Columbia Seeks Talk Show Host. KFRU-AM/FM, Columbia, Missouri is looking for a dynamic full-time, talk show host who will hit the ground running and immediately contribute to the successful community-based heritage radio station. The successful candidate understands the broadcast business and takes pride in their work. This candidate needs to be a strategic and pro-active thinker. We require creative idea generating skills to constantly put the station in a position to succeed. Candidate needs a deep understanding of on-air, digital, and social media branding as well as a passion for impacting listeners in the community. If you enjoy a fast-paced work environment and have the gift to talk, please apply. Send your information to: casey.bartholomew@cumulus.com