Beasley’s Q1 2026 Net Revenue Declines 12.9%
Beasley Broadcast Group reports it operating results for the first quarter of 2026 and reveals net revenue for the period was $42.6 million, a decline of 12.9% from the same period a year ago. The company says that decline is due to “persistent weakness in the traditional agency advertising market that was partially offset by the continued expansion of our high-margin, owned-and-operated direct digital revenues.” Beasley 
adds that it recorded operating income of $7.7 million in the first quarter of 2026, compared to an operating loss of $0.3 million in Q1 of 2025. The increase in operating income was driven primarily by the sale of its Fort Myers stations. Beasley also reported net income of approximately $3.2 million compared to a net loss of $2.7 million, reported a year ago. Beasley CEO Caroline Beasley comments, “While first quarter results continued to reflect pressure in certain legacy advertising categories and an uneven pace of recovery across our markets, we made meaningful progress against the strategic priorities we outlined over the past year. Importantly, we continue to see strong momentum in digital, particularly in our owned and operated products, which grew year-over-year on a same station basis and now represent an increasingly important contributor to both revenue quality and long-term profitability. Markets with stronger digital adoption continue to demonstrate greater revenue stability, reinforcing our confidence in the long-term direction of the business.”
a is reporting a net loss of $2.4 million for the quarter compared to the net loss of $1.6 million it reported in Q1 of 2025. Saga paid a quarterly dividend of $0.25 per share on March 20, 2026. The aggregate amount of the quarterly dividend was approximately $1.6 million. With payment of this most recent declaration Saga will have paid over $145 million in dividends to shareholders since the first special dividend was paid in 2012.
2025. The company reports declines in all segments of its business; even digital revenue was off 8.3% ($33.5 million). Network spot revenue was down 25% ($33 million), and broadcast spot revenue was $67.7 million, a decline of 16.3% from Q1 of 2025. Cumulus president and CEO Mary G. Berner says, “We are pleased to report first quarter earnings. The Court’s recent approval of our reorganization plan marks a pivotal milestone in strengthening our financial foundation and positioning the company to compete in the evolving media landscape. While we await FCC approval of the plan, we remain focused on leveraging our core strengths to drive long-term value creation.”
same period in 2024. The company reports that net broadcast revenue was $39.8 million, down 13.6% from Q1 in 2024, and digital media revenue also fell to $10.2 million, a decline of about 4.5%. Salem’s net loss for the quarter was $7.1 million compared to the net loss of $5.1 million it reported in Q1 of 2024.
expectations: core radio advertising finished at -12.4% excluding digital, and Cable TV advertising was -6.3%. Our cable TV ratings stabilized significantly in the first quarter of 2025 and are performing in line with our 2025 budget. Second quarter core radio advertising pacings have weakened over the past several weeks and are now -8.7%. Our first quarter 2025 digital revenues were down 16.1% driven by expected weakness in streaming and podcasting revenues. Based on our year-to-date performance, we reaffirm our full year guidance of $75 million in Adjusted EBITDA. Our cumulative debt repurchases so far in 2025 are $88.6 million at an average price of 53.9%, resulting in reduced gross debt of $495.9 million, and we currently have approximately $79.8 million of cash on hand. In a challenging marketplace, our focus remains on controlling costs, managing leverage and retaining a strong liquidity position.”
and Subscription Digital Marketing Solutions net revenue increased 4.2%. Townsquare CEO Bill Wilson says, “I am pleased to share that Townsquare’s first quarter results met or exceeded our previously issued guidance, driven by 
the continued strength of our differentiated digital platform. Additionally, this morning we are reaffirming our 2025 full-year guidance for both net revenue and Adjusted EBITDA. In the first quarter, net revenue decreased – 0.5% year-over-year excluding political, and -1.0% in total, meeting our guidance, and Adjusted EBITDA increased +6.2% year-over-year excluding political, and +3.5% in total, exceeding our guidance. In addition, net income declined $3.1 million year-over-year. Digital is and will continue to be Townsquare’s growth engine, and we believe Townsquare’s ability to drive profitable, sustainable digital growth is a key differentiator for our company, and consistent with our strategy of being a Digital First Local Media Company principally focused on markets outside the Top 50 in the U.S.”
and CEO Mary Berner says, “For the first quarter, we delivered revenue in line with pacing guidance despite worsening economic headwinds reflecting, among other things, the imposition of tariffs that have depressed both 
consumer and advertiser sentiment. However, with that backdrop, what remains constant is our relentless focus on actions to mitigate the impacts of the macro environment. For example, we accelerated growth in our digital marketing services business, which was up 30% for the quarter; leveraged our entire platform to capture demand opportunities; and drove additional annualized cost reductions of $7.5 million. Moving forward, we will continue to execute these strategies while simultaneously working to fundamentally transform the way we use and leverage our key assets.”
consumers ages 13 and older in the U.S.) and the top three remain unchanged with “The Joe Rogan Experience” at #1, “Crime Junkie” at #2, and “The Daily” at #3. The Taylor Swift effect helped propel “New Heights with Jason and Travis Kelce” to the #4 position. Other podcasts of interest to the news/talk media industry include “The Ben Shapiro Show” at #13, “The Ramsey Show” at #16, “The Tucker Carlson Podcast” debuts at #24, and “The Dan Bongino Show” is at #27. 
revenue for its stations by general format and the company’s sports revenue was $56.6 million – an increase of 6.5% – while its news/talk revenue fell 5.5% to $40 million. Audacy chairman, president and CEO David J. Field comments, “Audacy delivered a solid start to 2024 with Q1 EBITDA increasing 173% vs the prior year. Second-quarter revenues are currently pacing up low-single 
digits, and we expect another quarter of substantial EBITDA growth, enhanced by our continuing work on expense reductions. Our improving results are predominantly attributable to a significant acceleration in digital revenue growth, continuing meaningful revenue share gains, and declining expenses as our transformational investments bear fruit. As previously announced, we received court approval of our consensual pre-packaged Plan of Reorganization, which will reduce our debt by 80%, and are now awaiting FCC approval to complete the process. I want to salute our team for their excellent work in driving financial and operating progress while simultaneously executing our reorganization plan, all without disruption to customers, listeners, partners, vendors or our staff.
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.” 
revenue was $102 million, down 5.5% from the same period a year ago. The company’s Digital Audio Group revenue was $239 million, up 7% over Q1 2023. Breaking that segment down, Digital (excluding Podcast) revenue was $148.3 million (up 1.2%), and Podcast revenue was $90.6 million (up 18%). iHeartMedia chairman and CEO Bob Pittman says, “We’re pleased to report our first quarter of year-over-year Adjusted EBITDA growth in five quarters, driven by the substantial sequential year-over-year improvement in the performance of all our segments: the Multiplatform Group, the Digital Audio Group, and the Audio and Media Services Group – with the Digital Audio Group hitting its best Q1 EBITDA margin ever. Additionally, our Q1 results were in line with our previously provided Adjusted EBITDA and Revenue guidance ranges. Although the marketplace continues to be dynamic, we continue to see meaningful opportunities for growth in our businesses and we remain confident in 2024 as a recovery year.”
first quarter compared to the net income of $920,000 it reported in Q1 of 2023. Saga adds that its balance sheet reflects $28.8 million in cash and short-term investments as of March 31, 2024 and $23.7 million as of May 6, 2024. The company expects to spend approximately $5.0 – $5.5 million for capital expenditures during 2024.
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.”
continues to weigh on advertisers. With the advertising environment still unsettled, these new terms (spelled out in the preceding story) provide us additional time and flexibility to execute against our key business priorities – accelerating digital growth, reducing fixed costs, and continuing to de-lever our balance sheet – each of which is foundational to our ability to build long-term shareholder value.” The company took a net loss of $14.2 million in Q1, but it was far less than the net loss of $21.5 million it reported in Q1 of 2023. Cumulus breaks out its revenue in segments and the total broadcast revenue for Q1 of 2024 was $139.7 million, down 5.6% from Q1 of 2023. Spot revenue was $90.5 million (down 7.3%) and network revenue was $49.2 million (down 2.3%). The company’s digital segment reports revenue of $34.5 million, up 7.3% over the first quarter of 2023.
31). The company says it expects to report net revenue in a range of $199 million to $201 million – change of between 3.3% and 2.3%. It also expects to report a net loss in a range of $(14.9) million to $(13.4) million and Adjusted EBITDA in a range of $7.65 million to $9.15 million. The company will report its actual first quarter 2024 operating results on Friday, May 3. 
with its independent registered public accounting firm, re-evaluated the Company’s accounting for the valuation of its investment interest in MGM National Harbor (the “MGM Interest”), which the Company sold for cash proceeds of approximately $136.8 million on April 21, 2023. After further review of the Company’s accounting for its MGM Interest, it was determined that adjustments are required to the Company’s financial statements as of January 1, 2021 and for each of the annual and interim periods ended December 31, 2021 and September 30, 2022 (the “Affected Periods”), due to understatements in the value of the MGM Interest… The Company’s management concluded that in light of the error described above, a material weakness exists in the Company’s internal control over financial reporting for the Affected Periods. The Company’s remediation plan with respect to such material weakness will be described in more detail in the 2022 Form 10-K. 
company posts a Q1 2023 net loss of $35.9 million, an increase of 225% compared to Q1 of 2022. Audacy chairman, president and CEO David J. Field states, “First quarter revenues were down 5.7% with local sales significantly outperforming national as challenging ad market conditions persisted. Cash operating expenses were up 3% during the quarter but are expected to be below prior-year levels for the remainder of 2023. Notwithstanding the difficult economic headwinds, we remain steadfastly focused on delivering significantly higher future levels of Adjusted EBITDA, capitalizing on our multiple growth drivers and our differentiated premium competitive position in the dynamic audio market. We are making progress on each of our drivers, including our podcasting and digital marketing solutions businesses, our reinvented streaming audio platform, our emerging ad tech and ad products, and our enhanced national enterprise business development efforts. In addition, we are encouraged to see some positive signs in our auto business as we continue our vigorous work to weather the storm and await future improvements in market conditions.”
Broadcast Advertising revenue was $45.9 million (down 4.8% over Q1 of 2022), and Subscription Digital Marketing Solutions revenue was $21.5 million (down 1.3% over Q1 of 2022). Townsquare Media CEO Bill Wilson says, “I am pleased to share that Townsquare’s first quarter results exceeded our previously issued guidance for both net revenue and Adjusted EBITDA, due primarily to the continued strength of our digital and local advertising platform and solutions… In the first quarter, we grew cash flow from operations to $9 million, due to the strong cash generation of many of our assets, and opportunistically repurchased more than $12 million of our Unsecured Senior Notes at a discount. We ended the quarter with a strong cash balance of $42 million and maintained our all-time low net leverage multiple of 4.29x. Our growth engine has been and will continue to be our digital solutions. We believe that our Digital First business model and strategy position us to navigate the current macro-economic environment better than most, and that our revenue, profit and cash flow results will be among the best in the local media industry, particularly when compared to 2019 pre-COVID financials given our growth in revenue and profit since 2019. Our confidence is directly tied to the Townsquare team’s efforts and talent, as well as our large, growing, and profitable digital platform which contributes more than half of Townsquare’s total net revenue and profit.”
increased 17.4% to $67.7 million leading to an operating loss of $4.2 million as compared to operating income of $5 million posted in Q1 of 2022. Salem reports a net loss of $5.2 million, compared to Q1 2022’s net income of $1.7 million. Salem reports in three segments – Broadcast, Digital Media, and Publishing. Broadcast revenue for the quarter was $48.3 million (down 0.2%), Digital Media was $10.5 million (up 2%), and Publishing revenue was $4.6 million (up 19.7%). Looking ahead, the company is projecting total revenue to decline between 5% and 7% from the second quarter 2022 total revenue of $68.7 million and expects operating expenses to increase between 3% and 6% compared to Q2 of 2022. 
quarter to $21.7 million compared to the same period last year. A significant part of the increase in station operating expense for the quarter was due to a $272 thousand increase in our self-insured health care costs and a $446 thousand increase in employee compensation, including payroll taxes at the station level. After a number of years of holding the company’s compensation expenses flat, we decided that adjustments in our employee compensation were warranted in consideration of the economic times and inflationary environment.” 
segment’s total revenue was $223.4 million, up 4% over the same period in 2022. The company’s Multiplatform Group reports total revenue of $529 million (a decline of 7%) and that segment breaks down as follows: Broadcast Radio revenue was $383.2 million (down 7.7% from Q1 2022) and Networks reports revenue of $107.9 million (down 8.2% from Q1 of 2022). Chairman and CEO Bob Pittman comments, “We are pleased to report that our first quarter 2023 results were a bit above the high end of our Adjusted EBITDA and Revenue guidance ranges – and that more importantly, while both the macroeconomic climate and the advertising marketplace remain uncertain, the audio and digital advertising markets appeared to be stronger in the quarter than we had initially anticipated. We expect that our second quarter Adjusted EBITDA, while below 2022 levels, will be approximately double what we generated in the first quarter, and this, in combination with our Q1 first quarter performance relative to guidance, gives us confidence that our Adjusted EBITDA results will continue to improve throughout 2023, and that we will be well positioned to build further in 2024 in terms of revenue growth, profitability, and Free Cash Flow generation.”
challenging times, in the first quarter, we grew our digital marketing services revenue by more than 23%, completed the sale of WFAS-FM, continued to repurchase shares and retire debt at a discount, and have now executed $10 million of additional annualized cost reductions. That said, the impact of the considerable macro-driven weakness in the national advertising market, as well as the unfavorable prior year political and WynnBET comparisons, ultimately resulted in total revenue and Adjusted EBITDA declines. Though the difficult national market trends persist, we have confidence in our ability to successfully navigate adverse environments such as this one. Specifically, since 2019 through the COVID-impacted years, we have had best-in-class performance in terms of fixed cost reduction, Adjusted EBITDA margin recovery, Adjusted EBITDA to free cash flow conversion and net debt reduction. With our current liquidity profile and solid balance sheet, we believe that we are not only well-positioned to weather the 
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-
line 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.”