Round One of May PPMs Released
The first of four rounds of ratings data from Nielsen Audio’s May 2024 PPM survey has been released for 12 markets including New York, Los Angeles, Chicago, San Francisco, Dallas, Houston, Atlanta, Philadelphia, Nassau-Suffolk (Long Island), Riverside-San Bernardino-Ontario, San Jose, and Middlesex-Somerset-Union (New Jersey). The survey period covered April 25 through May 22. Today, TALKERS managing editor Mike Kinosian presents his Ratings Takeways from this group of markets. In New York, Red Apple Media’s news/talk WABC is up one-tenth to a 3.3 share (weekly, 6+ AQH share) that lifts it to the #10 rank, while iHeartMedia’s news/talk WOR also climbs one-tenth to a 1.5 share good for the #19 rank. iHeartMedia’s news/talk KFI, Los Angeles drops six-tenths to finish with a 4.0 share and pulls it back to the #7 rank in the market. In Chicago, Nexstar Media Group’s news/talk WGN declines eight-tenths to a 3.0 share good for the #12 rank, while Cumulus Media’s news/talk WLS-AM is steady with a .9 share and the #26 rank. See Mike Kinosian’s complete Ratings Takeaways from this group of markets here.
debt exchange and ABL Facility upsize and extension. This is an excellent outcome for the company especially given the generally difficult financing environment for legacy media companies. Specifically, we extended maturities to 2029, reduced the principal amount of outstanding debt by approximately $33 million, obtained attractive interest rates, maintained a structure free of financial maintenance covenants, and increased capacity on our ABL Facility by 25%.” The Exchange Offer means approximately $325.7 million aggregate principal amount of the Issuer’s 6.750% Senior Secured First-Lien Notes due 2026 (the “Old Notes”) were tendered for new 8.000% Senior Secured First-Lien Notes due 2029 (the “New Notes”) issued by the Issuer. Following the expiration of the Exchange Offer and Term Loan Exchange Offer, approximately 96.8% of the aggregate principal amount of outstanding Old Notes and Old Term Loans on a combined basis, were tendered for exchange of New Notes and New Term Loans, respectively.
from the full year of 2022. Cumulus reported net income of $16.2 million for 2022, while posting a net loss of $117.9 million for the full year of 2023. Cumulus president and CEO Mary G. Berner says, “While 2023 was a tough year across the media landscape, we were able to offset some of the effects of the weak national advertising climate through strong execution in our key focus areas. Specifically, we grew our digital businesses, meaningfully reduced fixed costs, and improved our balance sheet. Looking ahead, though national advertisers are expressing interest in increasing their radio buys, as of yet, ad demand remains choppy, reducing our visibility into the rest of 2024. That said, our industry-leading performance during similarly weak macro environments gives us significant confidence in our ability to navigate through this one and rebound strongly when the advertising market improves.” Looking at Cumulus’ business segments, the digital segment to which Berner refers was up 5% in Q4 of 2023 to $39.6 million, but total broadcast revenue during the quarter was down 18.2%. Spot revenue declined 18.3% and network revenue was off 17.9% in Q4 2023 compared to the same period in 2022.
The fourth of four rounds of ratings data from Nielsen Audio’s January 2024 PPM survey has been released for 12 markets including Austin, Raleigh, Indianapolis, Milwaukee, Nashville, Providence, Norfolk, Jacksonville, West Palm Beach, Greensboro, Memphis, and Hartford. The survey covered January 4 – 31. Today, TALKERS magazine managing editor Mike Kinosian presents his Ratings Takeaways from this group of markets. In Milwaukee, iHeartMedia’s news/talk WISN adds 2.5 shares to finish with an 11.5 share (weekly, 6+ AQH share) good for its fifth straight month ranked #1, while Good Karma Brands’ crosstown news/talk WTMJ does not appear in this survey. (TALKERS has reached out to GKB for clarification.) In Nashville, Cumulus Media Group’s news/talk WWTN-FM rises 1.5 shares to finish with a 5.4 share that lifts it to the #6 rank, while iHeartMedia’s news/talk WLAC adds nine-tenths for a 2.1 share finish good for the #18 rank. In Providence, Cumulus Media Group’s news/talk WPRO-AM/WEAN-FM tacks on a full share to wrap the survey with a 6.9 share, lifting it to the #4 rank, while iHeartMedia’s news/talk WHJJ-AM is up two-tenths for a 1.0 share finish and the #13 rank.