Salem Media Group’s first quarter 2025 net revenue was $39.8 million, a decrease of 12% from the
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.
Urban One reports operating results for the first quarter of 2025 and reveals net revenue was $92.2 million, a decline of 11.7% from the same period in 2024. Broadcast and digital operating income was approximately $23 million, a decrease of 28.1% Q1 of 2024. The company reports a net loss of approximately $11.7 million compared to the net income of $7.5 million it reported a year ago. Urban One CEO and president Alfred C. Liggins, III says, “First quarter results were broadly in line with
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.”
Reporting its operating results for the first quarter of 2025, Townsquare Media says net revenue for the period was $98.7 million, a decline of 0.5% from the same period in 2024. Townsquare breaks its report into segments and it’s worth noting that Broadcast Advertising net revenue was $41.3 million, a decrease of 9.1% from the same period in 2024, while Digital Advertising net revenue increased 7.6%,
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.”
Saga Communications, Inc reports that net revenue decreased 4.3% to $24.2 million in the first quarter of 2025, compared to $25.3 million for the same period in 2024. Station operating expense
decreased 2.2% for the quarter to $22 million compared to the same period last year. Saga reports a net loss of $1.6 million for the quarter consistent with the same period last year. Looking ahead, the company says revenue pacing for the second quarter remains uncertain but is improving as the quarter progresses. For the second quarter Saga is currently pacing down mid-single digits. April was down high-single digits. May improved to being down low-single digits and June is approximately flat with the same period last year.
Beasley Broadcast Group, parent company of Beasley Media Group, reports its operating results for the first quarter of 2025 and reveals net revenue of $48.9 million, a decline of 10.1% from the same period in 2024. The company reports a net loss for the quarter of $2.7 million compared to Q1 of 2024 in which it reported neither a loss nor income due to a $6 million gain on the sale of its BMI
investment. Other notes from the first quarter include: Revenue from new business accounted for 18% of net revenue; Local revenue, including digital packages sold locally, accounted for 71% of net revenue; Digital revenue was comparable to the first quarter of 2024 but increased 6% year-over-year to $10.8 million, on a same-station basis; Digital revenue accounted for 22% of net revenue; and Digital segment operating margin was 18%. Beasley CEO Caroline Beasley says, “Our first quarter results 
reflect the strength of our ongoing transformation and the resilience of our core strategy. While revenue was impacted by persistent macroeconomic headwinds, we mitigated this through disciplined cost management, operational streamlining, and continued momentum in our digital business, resulting in an Operating Loss of $2.0 million and year-over-year Adjusted EBITDA growth. Digital revenue now represents over 20% of total revenue, and the meaningful expansion in digital segment operating income underscores the scalability of our platform and the impact of our strategic investments. As we look ahead, we remain focused on unlocking margin expansion, accelerating our digital evolution, and driving long-term value for our stockholders through thoughtful execution and innovation. We are particularly encouraged by the continued growth in our high-margin digital offerings and the early success of new digital and content initiatives. With a more agile operating structure, a differentiated content portfolio, and deepened advertiser engagement, we believe Beasley is well-positioned to navigate short-term market challenges while building a more durable and diversified revenue base.”
Cumulus Media reports its operating results for the first quarter of 2025 and says net revenue was $187.3 million, a decline of 6.4% from the same period in 2024. The company’s net loss increased to $32.4 million compared to the net loss of $14.2 million it reported in Q1 of 2024. Cumulus president
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.”
Urban One, Inc reports its operating results from the fourth quarter of 2024 and reveals net revenue was approximately $117.1 million, a decrease of 2.7% from the same period in 2023. The company reported an operating loss of approximately $1.9 million for the quarter, compared to operating income of approximately $6.8 million for the three months ended December 31, 2023. Broadcast and digital
operating income was approximately $38.6 million, an increase of 1.7% from the same period in 2023. Net loss was approximately $35.7 million for the quarter, compared to net loss of $11.0 million for the same period in 2023. Urban One CEO and president Alfred C. Liggins, III states, “Our Adjusted EBITDA of $103.5 million came in at the mid-point of guidance, helped by strong political advertising revenues in the radio division. The radio outperformance was offset by declines in both advertising and affiliate revenues at the cable TV segment, as audience delivery continued to underperform expectations. We are however seeing some stabilization in the first quarter cable TV delivery, which should help to mitigate the continuing decline of linear TV subscribers. First quarter core radio revenue demand weakened, with pacings down 13.6%, although the second quarter is showing signs of improvement, with core pacings currently down 1.7%.”
Townsquare Media reports its operating results for the fourth quarter of 2024 and for the full year of 2024. Company CEO Bill Wilson says, “I am pleased to share that Townsquare’s performance improved meaningfully throughout 2024, culminating with fourth quarter net revenue growth of +2.6% year-over-year (on revenue of $117.8 million), and Adjusted EBITDA growth of +25.8% year-over-year, driven by the strong sequential improvement in our two digital businesses and the benefit of political revenue. In
addition, net income (loss) improved $26.9 million year-over-year in the fourth quarter, and $32.1 million in the year, in large part due to a reduction in non-cash impairment charges… Our Broadcast Advertising net revenue declined in-line with our expectations for 2024 (mid-single digit ex-political decline) which aligns with our view that broadcast is a mature cash cow business that will continue to face headwinds going forward, as businesses will continue to share shift from traditional advertising to digital advertising. Thankfully, we are often the beneficiary in that case, as we frequently have the most comprehensive set of digital advertising solutions available in our markets. 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.”
Salem Media Group reports total net revenue of $237.5 million for the full year of 2024, a decline of 8.1% from 2023. But Salem made a number of changes in its business in 2024, including the sale of its Christian
music stations and it Christian contemporary format. It sold a number of other assets during the year. While its broadcasting net revenue was $185.9 million, a decline of 6% from 2023, its digital net revenue was $45 million, an increase of 7.2%. Salem was also able to report net income of $16.2 million for 2024, compared to the net loss of $43.3 million it reported for 2023.
Saga Communications is reporting its operating results for the fourth quarter of 2024 and for the full year of 2024. The company says net revenue for Q4 was $28.8 million, a decline of 1.3% compared to the same period in 2023. Station operating expense increased 4.1% for the quarter to $24.3 million compared
to the same period last year. Saga reports net income of $1.3 million for the quarter compared to net income of $2.5 million for the fourth quarter last year. For the full year of 2024, net revenue was $110.3 million, a decrease of 2.2% from the full year 2023. Net income was $3.5 million for the full year of 2024 compared to $9.5 million for the full year of 2023.
Reporting its operating results for the fourth quarter of 2024 and for the full year of 2024, it says net revenue for Q4 was $218.5 million, a decrease of 1.2% from the same period in 2023. For the full year of 2024, net revenue was $827 million, a decrease of 2.1% from the full year of 2023. The company posts a net loss of $283.3 million for 2024 “compared to net loss of $117.9 million, reflecting a 2024 pre-tax non-cash
impairment charge of $224.5 million compared to a pre-tax non-cash impairment of $65.3 million in 2023, both primarily reflecting FCC-related charges.” Cumulus president and CEO Mary G. Berner states, “Since the pandemic’s onset, the radio industry has experienced tough economic and secular headwinds. In the face of those, we outperformed our peers through the end of 2023 on key metrics including cost takeouts, EBITDA 
margin recovery, free cash flow generation, net leverage, and liquidity. 2024 brought additional challenges, including accelerated national headwinds as well as an industry-wide slowdown in local radio advertising. In response, we doubled down on investing in growth areas, particularly in our digital marketing services business, which is pacing up 30% in Q1. Additionally, we continued evolving our broadcast go-to-market strategies, including with new offerings that are successfully attracting large new broadcast clients, and we drove additional cost efficiencies with 2024 actions that will result in $43 million of annualized fixed cost savings, of which $15 million benefited 2024 with the balance in 2025. Though the industry environment remains challenging for now, our 2024 refinancing efforts provided us with the time needed to both execute our day-to-day blocking and tackling and, in parallel, continue to reimagine the ways in which we can get the most out of our key assets to create new revenue streams and build additional long-term value.”
Townsquare Media announces preliminary estimated financial results for the fourth quarter and full year ended December 31, 2024. The company says its full-year net revenue will be between $450 million and $452 million, within its guidance range of $448 million to $452 million. It also expects fourth quarter net
revenue will be between $117 million and $119 million. Company CEO Bill Wilson adds, “As anticipated, our digital divisions had a very strong fourth quarter, as Townsquare Interactive returned to year-over-year revenue growth, and Digital Advertising net revenue accelerated to year-over-year growth rates in excess of +15%, helped by national digital advertising returning to revenue growth together with ongoing strength in our digital programmatic business. In total, we expect fourth quarter Digital revenue to increase approximately +11% year-over-year, and represent 52% of Townsquare’s net revenue in 2024, a true point of differentiation from others in local media, as we have evolved from a local broadcast radio company that was founded in 2010, to a Digital First Local Media Company with a world class team and a unique and differentiated strategy, assets, platforms and solutions.”
Audacy reports its operating results for the second quarter of 2024 and reveals net revenue of $301.6 million, an increase of 1% over the same period in 2023. After reporting a net loss of $125.8 million in Q2 of 2023, the company reports net income of $2.9 million in the second quarter of this year. Looking at Audacy’s business segments, Local and National Spot revenue was $179.6 million, a decline of almost 4% from a year ago; Digital (including podcasting) revenue was $74.4 million, an increase of 11.6%; and Network revenue
was $22.3 million, up 7% over Q2 of 2023. Audacy also breaks out revenue by radio format categories and while Sports radio revenue was $71.1 million (up 8.3% over last year), News/Talk revenue was $43 million (a decline of 2.3% from the same period a year ago). Audacy chairman, president and CEO David J. Field comments, “Audacy continued to deliver strong 2024 financial performance with Q2 Adjusted EBITDA more than doubling, up 116% vs. prior year. For the first six months of 2024, Adjusted EBITDA is up 128%. Our accelerating financial performance reflects our significant revenue share gains, low-teen growth in digital advertising, high single-digit growth in network radio, and prudent expense reductions, offsetting continued weakness in traditional ad markets. Notably, our transformational, strategic investments are emerging as a critical driver in our accelerating performance. Recent improvements in our streaming and podcasting platforms, along with further enhancements to our digital monetization and programmatic capabilities are increasing their impact on our top-line and bottom-line results. As previously announced, we received court approval of our consensual pre-packaged Plan of Reorganization in February and are awaiting FCC approval to complete the process. We continue to expect final approval and emergence to occur during the current quarter. The third quarter is currently pacing up low-single digits, and we expect another quarter of significant Adjusted EBITDA growth.”
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 continued
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.”
Saga Communications reports net revenue of $28.7 million in the second quarter of 2024, down 1.5% from the same period in 2023. The company also reports net income of $2.5 million for the quarter compared to net income of $3.4 million for the second quarter last year. Saga notes in its report that it closed on its
acquisition of five radio stations and one translator in Lafayette, Indiana on May 31, 2024, and that the stations were operated by Saga for one month during the second quarter of 2024. Saga paid a quarterly dividend of $0.25 per share on June 28, 2024. The aggregate amount of the quarterly dividend was approximately $1.6 million. To date, Saga has paid over $132 million in dividends to shareholders since the first special dividend was paid in 2012. Saga’s balance sheet reflects $24.1 million in cash and short-term investments as of June 30, 2024, and $26.2 million as of August 5, 2024.
Townsquare Media reports its financial operations for the second quarter of 2024 and reveals net revenue of $118.2 million, a decline of 2.5% from the same period in 2023. The company also reports a net loss of $48.9 million in Q2, compared to the net loss of $2.7 million that it reported in the second quarter of 2023. Townsquare Media CEO Bill Wilson states, “I am pleased to share that Townsquare’s momentum is building as demonstrated by another quarter of sequential net revenue improvement, primarily due to our local focus
and our unique and differentiated digital platform… In the second quarter, the Company reported a net loss of $48.9 million, in large part due to non-cash impairment charges. Our Q2 performance was driven by stabilizing and/or improving trends across segments: Townsquare Interactive returned to sequential revenue growth in each month of the quarter, as a result of positive subscriber trends that have improved dramatically compared to previous quarters; Digital Advertising net revenue growth continued at +1% year-over-year; and Broadcast Advertising net revenue was approximately flat as compared to the prior year, an improvement from first quarter declines. In total, Digital represented 52% of Townsquare’s net revenue in the first six months of the year. Additionally, we continue to generate strong cash flow, granting us the ability to invest in our digital growth engine while preserving financial flexibility, as evidenced by our ongoing debt and share buybacks in the open market… Most importantly, due to our current cash position and our strong cash generation, we retain financial flexibility moving forward and we are confident in our ability to build shareholder value for our investors through long-term net revenue and cash flow growth, net leverage reduction, future dividend payments, and potential future share repurchases.”
Salem Media Group reports net revenue of $60.6 million during the second quarter of 2024, a decrease of 
7.8%. The company says net broadcast revenue was $47.1 million (-5.1%), while net digital media revenue was $11.9 million (+9.9%), and net publishing revenue was $1.56 million (-70.3%). It should be noted that Salem sold Regnery Publishing in December of 2023. The company reports net income of $2.3 million during the quarter, compared to that net loss of $7.1 million it reported in Q2 of 2023.
Cumulus Media reports its operating results for the second quarter of this year and reveals net revenue of $204.8 million, a decrease of 2.5% that is in line with the company’s pacing guidance. Cumulus’ total broadcast radio revenue was $136.1 million, a decline of 7.3%, with spot revenue down 4.9% and network revenue down 13.6%. On the positive side digital revenue was $39.5 million, up 5.0%. Cumulus Media
president and CEO Mary G. Berner says, “In the context of a challenging advertising environment, second quarter total revenue finished in line with our pacing guidance, down 2.5% year-over-year. However, our unrelenting focus on areas of the business that are in our control helped us to mitigate the impact of soft demand while also driving tangible progress in key priority areas. During the quarter, we grew our digital marketing services business by 24%, reduced fixed costs by $4 million, and continued to strengthen our balance sheet through the successful completion of our exchange offer, ABL upsizing, and the buyback of a portion of our remaining 2026 maturity debt. Looking ahead, while the advertising outlook remains uncertain, our advertisers continue to be focused on when – not if – they’re going to return to more typical spending levels. Fortunately, thanks to our success at extending our debt maturities, we have time on our side and the flexibility to pursue multiple paths to create shareholder value.”
Urban One files its reports for the year ended December 31, 2023 and for the three months ended March 31, 2024 with the Securities and Exchange Commission after a lengthy delay due to previously reported issues with its accounting practices. For the full year of 2023, Urban One reports net revenue of approximately $477.7 million, a decrease of 1.4% from the full year of 2022. Broadcast and digital operating income was approximately $168.4 million, a decrease of 16.5% from the same period in 2022. Net income was
approximately $2.1 million compared to net income of $34.3 million for 2022. For the first quarter of 2024, net revenue was approximately $104.4 million, a decrease of 5% from the same period in 2023. Broadcast and digital operating income was approximately $32 million, a decrease of 18.5% from the same period in 2023. Net income was approximately $7.5 million compared to a loss of $2.9 million for the same period in 2023. Urban One CEO and president Alfred C. Liggins, III states, “Our Adjusted EBITDA for FY23 came in just above the high-end of our previous guidance at $128.4 million. As expected, we suffered a drop in radio division broadcast cash flow as a result of reduced political advertising compared to Q4 2022. Other divisions performed broadly in line with expectations, although the continuing churn in cable television subscribers remains an industry-wide concern. For Q1 our national radio revenues were hit by tough comparatives on a handful of large clients plus a general softness in the market. Second quarter radio pacing’s are sequentially better, with same station core revenues down mid-single-digits and low-single digits including political… We are optimistic about political advertising revenues for the remainder of the year, which should benefit both our radio and digital divisions. During Q1 we repurchased $75 million of our 2028 notes at 88.3%, and we ended the quarter with approximately $155.7 million of cash.”
Audacy reports Q1 2024 net revenue of $261.8 million, an increase of 1% over the first quarter of 2023. The company reports a net loss of $1.85 million, a marked decline from the net loss of $35.9 million it reported in Q1 of 2023. While local and national spot revenue fell 3.5% to $153.5 million, digital revenue was up 10.2% to $62.7 million and network revenue rose 10.4% to $21.9 million. Audacy also reports
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.
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,
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.”
First quarter 2024 net revenue for Townsquare Media was $99.6 million, down 3.4% from the same period in 2023. The company posted net income of $1.55 million in Q1, compared to the net loss of $1.94 million it reported in the first quarter of 2023. Townsquare’s Subscription Digital Marketing Solutions net revenue was $18.2 million, down 15.3% from a year ago. Digital Advertising net revenue
was $34.1 million, up 1.3% over Q1 of 2023. Broadcast Advertising net revenue was $45.5 million, down just 1% from a year ago. Townsquare CEO Bill Wilson comments, “I am pleased to share that Townsquare’s first quarter results met our previously issued guidance, and that we are building momentum and gaining market share, primarily due to our local focus and our unique and differentiated digital platform… Our first 
quarter performance improved over the fourth quarter across each of our segments. Importantly, our Digital Advertising segment returned to revenue growth in the first quarter (+1.3% year-over-year), and our Townsquare Interactive segment achieved net subscriber growth and month-over-month revenue growth in March, a meaningful turning point for the business. In total, Digital represented 53% of Townsquare’s first quarter 2024 net revenue and Adjusted Operating Income. The strong cash generation characteristics of our assets provided us the ability to execute two attractive equity transactions in April using cash on hand: the accretive share repurchase of 1.5 million shares from MSG at an 11% discount to the pre-announcement share price, and an option buyout at an attractive price point, thereby avoiding shareholder dilution. In addition, during the quarter we repurchased $4 million of our common stock and paid a high-yielding dividend while also investing in our business. We ended the quarter with a strong cash balance of $57 million, and following the April equity transactions, maintained a cash balance of $28 million at the end of April, retaining financial flexibility moving forward.”
First quarter 2024 operating results for Saga Communications reveal net revenue of $24.7 million, a decline of 2.5% from the first quarter of 2023. The company reports a net loss of $1.6 million during the
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.
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 loss
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.”
The company reports net revenue of $200.1 million in the first quarter of 2024, a decrease of 2.7% from the same period in 2023. Cumulus CEO Mary Berner states, “While our Q1 revenue was in line with guidance and a marked improvement from 2023 trends, it is also reflective of the uncertainty that
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.
Cumulus Media releases preliminary operating results for the first quarter of 2024 (January 1 – March
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.