Tag: Q2

Industry Views

Pending Business: Q2

By TALKERS | by TALKERS

By Steve Lapa
Lapcom Communications Corp
President

imHave we passed the disappointment of 2023?

If ad sales at your radio station finished last year up double digits (excluding digital) please skip past the next few paragraphs. If you’re in the same boat as most radio ad sellers across the country at various levels – i.e. local, national, syndication, network – last year was a struggle.

Now then, how is Q1 shaping up?

Are you making up for lost ground, like the airline business, automotive business, restaurants or are you still pushing that boulder uphill? Here is some straight-from-the-field unfiltered feedback:

1. Valentine’s Day at most restaurants was one of the busiest on record. People at the packed-in table next to ours waited two hours after sitting to be served. So much for a 6:45 pm reservation. They got free dessert. Seriously?

2. Travel is back, make no mistake about it. Discount airfares are a thing of the past on the big-name airlines. At 6’2” I really believe my knees should not be touching the seat in front of me in comfort class on most major airlines.

3. Try negotiating a new car deal this month. No, not the incentives on the 2023 models, I’m talking 2024 in 2024. As the goodfellows said back home, fuhgeddaboudit.

There is nothing wrong with trying to make up for the lost income of the Covid years. After all, testing the pricing upside in business is the American way. We pay more, tip more, and adjust. It is the Darwin theory eating into our wallets every day. So why are most broadcast radio sales teams at all levels still throwing it against the wall to see what sticks? I see it every day in my marketing work. We have lost touch with the excitement, the “wow” factor, the customizations, the basic intangibles of selling the great talent we represent.

Let us learn from other successful businesses. Travel pitches pent-up demand, restaurants make sure you will get the special occasion marketing message no matter where you are, and the auto business, well the ships and chips are in!

What do we not understand about the current weakness in our broadcast radio sales strategy?

1. How current is your value proposition? Successful podcasters like Joe Rogan and Alex Cooper along with YouTubers, Facebook, Instagram, and all social media have changed the game-forever. How does your value proposition stand out today?

2. Talk radio will not go away. Programmers and talent will learn what they need to adjust to refocus one of the great radio formats ever created since someone said, “Let’s play the top 40 songs over and over.”

3. Let us start re-thinking what broadcast radio sellers need to prioritize to make a difference-today.

Steve Lapa is the president of Lapcom Communications Corp. based in Palm Beach Gardens, FL. Lapcom is a media sales, marketing, and development consultancy. Contact Steve Lapa via email at: Steve@Lapcomventures.com.

Industry News

Urban One Files Q1 and Q2 2023 Reports

By TALKERS | by TALKERS

Urban One has been late with its last few quarterly reports due to issues with its former independent accounting firm’s assessment of the company’s sale of its interest in the MGM Harbor Casino. Now, months after obtaining a new independent accounting firm, the company files 10-Q reports with theim Securities and Exchange Commission for the periods ended March 31, 2023 and June 30, 2023. Briefly, the company’s net revenue for Q1 2023 was $110 million, down 2% from the same period in 2022. The company posted a net loss of $2.7 million for the first quarter. For Q2 of 2023, net revenue was $129.7 million, an increase of 9.2% over the same period in 2022. The company posted a net income of $71 million for that period.

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

Beasley Media Group Reports Q2 Revenue Decline of 2.1%

By TALKERS | by TALKERS

Reporting its financial operations for the second quarter of 2023, Beasley Media Group says net revenue for the period was $63.5 million, a decline of 2.1% over the same period in 2022. The company reported an operating loss of $4.5 million – the same as in Q2 of 2022 – and a net loss of $10.4 million, which was a smaller net loss than the $14.5 million loss it reported in Q2 of 2022. Beasley CEO Caroline Beasley comments, “Despiteim ongoing challenges related to the economy and softness in the national spot market, Beasley’s successful digital transformation, continued local audio leadership and revenue diversification initiatives, combined with our proactive initiatives to reduce expenses, resulted in net loss declining by more than $4 million in both the quarter and year-to-date periods, compared to the same periods in 2022, as well as quarterly adjusted imEBITDA growth of 16.8% and 2023 year-to-date Adjusted EBITDA growth of 28.1%. During the quarter, we made additional progress with reducing leverage and strengthening our balance sheet as we repurchased another $3 million of our debt at a discount and lowered quarterly interest expense which support our goal to drive cash flow growth. We are generating cash from operations, and we expect to continue to generate positive cash flow for the full year. Our digital strategy delivered second quarter digital revenue growth of 14.8% year-over-year and accounted for 19.4% of total second quarter revenue. Our digital revenue is primarily derived from our owned and operated assets, with our proprietary content creation driving the largest increase with the best margins and third-party products that come with a higher cost. Our talented sales teams have been able to combine our over-the-air and digital platform offerings to create marketing campaigns and brand solutions that provide great results for our clients. Our continued strong digital revenue growth has moved us to within a few basis points of reaching the bottom end of our goal of digital revenue accounting for 20% to 30% of total revenue and we remain laser focused on this initiative as a means to diversify and complement revenue in a cash flow positive manner.” Beasley reports its total debt as of June 30, 2023 was $287 million.

Industry News

Cumulus Media Second Quarter Net Revenue Falls 11%

By TALKERS | by TALKERS

Cumulus Media Inc is the first radio company to report its financial results for the second quarter of 2023 and post Q2 net revenue of $210.1 million, a decrease of 11.2% over the same period in 2022. The company also posts a net loss of $1.1 million for the quarter, compared to the $8.6 million in net earnings it reported for Q2 of 2022. Breaking down the company’s revenue by segment, digital is the only segment that didn’t report a double-digit decline ($37.5 million, down 0.7%). Spot revenue was $107.1 million (down 15.7%) and network revenue was $39.7 million (down 18.5%). Cumulus notes that its total debt as of June 30, 2023 was $680.9 million.im Cumulus president and CEO Mary Berner comments, “Despite continued challenges in the overall market, our second quarter revenue performed in-line with expectations while Adjusted EBITDA exceeded them. As in prior quarters, we generated strong revenue growth in our digital marketing services business, implemented meaningful cost reductions, and further improved our balance sheet by generating cash from operations and reducing our total and net debt to the lowest levels in more than a decade. Additionally, we executed a highly accretive and opportunistic tender offer, which resulted in the retirement of approximately 10% of our shares outstanding. Our proven track record of strong operational and financial execution in adverse conditions gives us unwavering confidence in our ability to optimize results in the current weak ad market and rebound strongly when the environment improves. In the meantime, we will continue to invest in our digital businesses, further enhance our operating leverage through additional cost reductions, and execute on our strategy to opportunistically deploy capital to maximize long-term shareholder value.”

Front Page News Industry News

Wednesday, August 10, 2022

By Editor | by Editor

Urban One Second Quarter Net Revenue Rises 10.4%. Reporting financial data for the second quarter of 2022, Urban One – parent company of Radio One – reveals net revenue of $118.8 million, an increase of 10.4 percent over the same period in 2021. Consolidated net income for Q2 of 2022 was $15.8 million, a decline of 14.4% from the same period in 2021. Urban One reports financial data for six separate segments including Radio Advertising ($44.5 million, up 4.5%), Digital Advertising ($17.8 million, up 19.1%), and Event Revenue ($1.1 million, up 2.3%). Urban One CEO and president Alfred Liggins III says, “We had a strong finish to Q2, driven by continued robust growth in digital and cable television advertising, both of which were up double digits. Our spot radio business outperformed the markets in which we operate by 230 Bps, and I was pleased with our overall 10.4% revenue growth, as a result of which we were able to post adjusted EBITDA growth of 6.1% y-o-y. Like other media businesses, we have experienced a slow-down in Q3, particularly in core radio which is currently pacing down low-to-mid single-digits. Given our diversified mix of assets, I still anticipate consolidated net revenues to grow in Q3, and we remain well positioned for political advertising later in the year. We will continue to be disciplined with capital allocation decisions and our cash position remains strong. We finished the quarter with net leverage below 4.0x, in line with our goal to continue to reduce leverage over time.”

Round Two of July PPMs Released. The second of four rounds of ratings data from Nielsen Audio’s July 2022 PPM survey has been released for 12 markets including: Washington, Boston, Miami, Seattle, Detroit, Phoenix, Minneapolis, San Diego, Tampa, Denver, Baltimore, and St. Louis. Nielsen’s July 2022 sweep covered June 23 – July 20. Today, TALKERS magazine managing editor Mike Kinosian presents his Ratings Takeaways from this group of markets. In Washington, DC, Hubbard Radio’s all-news WTOP-FM adds six-tenths for a 7.4 share (weekly, 6+ AHQ share) finish but still falls back to the #8 rank, while Cumulus Media’s news/talk WMAL-FM is flat at a 4.1 share and recedes to the #8 rank. Bonneville’s news/talk KIRO-FM remains in first place in Seattle even after dropping six-tenths for a 6.7 share finish, while Lotus Communications’ crosstown all-news KNWN-AM/FM dips two-tenths to finish with a 3.1 share but stays locked in the #14 spot. In Minneapolis-St. Paul, Audacy’s news/talk WCCO adds three-tenths for a 4.4 share finish that boosts it to the #10 rank. Across town, Hubbard’s talk KTMY-FM falls two-tenths for a 3.3 share finish but stays ranked #13, while iHeartMedia’s news/talk KTLK-AM adds three-tenths to wrap with a 3.2 share good for the #14 rank. Hearst Television’s news/talk WBAL-AM leaps to the #10 rank after a 1.1 share increase gives it a 3.4 share finish as WCBM Maryland’s news/talk WCBM-AM sheds half a share for a 2.0 share finish good for the #15 rank. You can see Mike Kinosian’s complete Ratings Takeaways from this group of markets (as well as yesterday’s round one) here.

Premiere Networks Talk Hosts Front and Center at CPAC 2022. Pictured above (from l-r) at last weekend’s CPAC 2022 conference in Dallas are Premiere Networks talk radio hosts Sean Hannity, Glenn Beck, and Jesse Kelly. Hannity’s address to the attendees covered election integrity, the upcoming midterm elections, the importance of conservative principles and more. Shortly before former President Donald Trump closed out the convention with his keynote address, Glenn Beck took to the stage with a presentation titled, “American History: What You Don’t Know,” and Jesse Kelly entertained the crowd with a satirical skit in which he posed as a news anchor covering the latest headlines at a faux network.

‘ESPN Chicago’ to Present Inaugural ‘Football Fest.’ Sports talk outlet WMVP, Chicago “ESPN 1000” is presenting its first-ever “ESPN Chicago Football Fest” that will bring together the station’s personalities and special guests ESPN senior NFL Insider Adam Schefter and ESPN Fantasy Football expert Field Yates at the Hard Rock Casino Northern Indiana on Saturday, August 20. Local personalities Tom Waddle, Marc Silverman, David Kaplan, Carmen DeFalco, Peggy Kusinski, Dionne Miller, Jonathan Hood, Chris Bleck, Adam Abdalla, and Jeff Meller will be at the event. Danny Zederman is content director for the Good Karma Brands station. He says, “Football Fest will be an amazing opportunity for ‘ESPN 1000’ fans to connect with our content team to kick off the 2022-2023 football season. Peggy and Dionne will be broadcasting live from the event, giving fans a front row seat to one of the station’s newest duos.”

Comscore Q2 2022 Net Revenue Up 4.3%. The second quarter financial report from digital media firm Comscore states net revenue for the period was $91.4 million, an increase of 4.3% over Q2 of 2021. The company reduced its net loss from Q2 2021 to Q2 2022 from $18.5 million to $5.1 million. Comscore CEO Jon Carpenter states, “I was honored to step into the CEO role in July and remain excited about the opportunity ahead for Comscore. This is a critical time for the industry, and we are committed and focused on delivering innovative products and solutions that our customers want and driving the growth and profitability our shareholders expect. The quarter highlights the momentum in our business, particularly in Cross Platform Solutions, which includes our growing local and national television businesses. While there is still work to be done, I am excited and energized about the opportunity ahead.”

TALKERS News Notes. Urban radio personality Angela Yee is leaving the WWPR, New York-based morning show “The Breakfast Club” after 12 years to launch her own midday program titled, “Way Up with Angela Yee” that will be syndicated via Premiere Networks. It will launch this fall and debut on more than 30 iHeartMedia stations. The company says the show “will feature the iconic personality in a fast-paced, listener interactive show, as she connects directly with listeners on the kinds of hot and timely topics in which she’s garnered trust over her decades on air – from relationships to Hip-Hop and R&B, headline news topics, and overall culture, both in and out of the music industry.”…..Audacy-owned podcast company C13Originals is partnering with Team Downey and Wink Pictures for “The Sunshine Place,” an investigative documentary podcast series examining Synanon, a former California-based experimental drug rehab facility and community that morphed into a dangerous and violent cult, led by its messianic founder Charles E. Diedrich. Cadence13 chief content officer Chris Corcoran states, “This is a story we were immediately drawn to and wanted to tell. It’s an honor to be able to tell incredible stories like this with such a great team in Susan, Robert, Emily, and Josh in collaboration with our brilliant C13Orginals creative team.”…..American Public Media Group announces that Barry Gisser is the organization’s new senior vice president and chief financial officer, succeeding Morris Goodwin who after eight years significantly increased the value of APMG’s endowment and led its investment strategy. Gisser’s first day at APMG will be September 6.

FBI Raids Mar-a-Lago/NYC Deposition, Primaries/2024 Race, The Economy, Biden Health & Climate Bill, China’s Taiwan Threats, Russia-Ukraine War, and Serena Williams Announces Retirement Among Top News/Talk Stories Yesterday (8/9). The FBI’s raid on former President Donald Trump’s Mar-a-Lago offices and his scheduled deposition by New York AG Letitia James; Tuesday’s primary races for the November midterms and speculation about the nominees for the 2024 presidential race; the high rate of inflation and concerns about a recession; the Inflation Reduction Act that affects health care, taxes, and climate incentives; China’s ramped-up military exercises around Taiwan; Russia’s ongoing invasion of Ukraine; and tennis great Serena Williams announces her plans to retire from the sport 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, August 5, 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, “Mixed Messages,” looks back at this past week of 8/1 to 8/5. The program features guests (in order of appearance): Kevin Casey, executive editor, TALKERS; Harry Hurley, talk show host, WPG, Atlantic City; Jack Heath, talk show host, The Pulse of NH, New Hampshire; Richard Neer, talk show host, WFAN, New York; and Greta Van Susteren, talk show host, Newsmax TV. The show airs weekends (Friday evenings to Sunday nights) on almost 100 broadcast signals and networks across the U.S. and U.K as well as having developed a significant international following as a podcast. To listen to this week’s episode, please click here. To view the latest TALKERS topic research, please click here. “The Michael Harrison Wrap” is 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.

iHeartMedia Q2 2022 Revenue Up 10.7%. The company reports that its 2022 second quarter consolidated revenue was $954 million, an increase of 10.7% over the same period in 2021. For the quarter, iHeartMedia posted net income of $15.2 million compared with the net loss of $32 million it reported for Q2 of 2021. iHeartMedia reports financial data in three segments: the Multiplatform Group (broadcast, networks, and sponsorships & events), Digital Audio Group, and Audio & Media Services Group. The company says revenue from the Multiplatform Group increased $27.5 million, or 4.5% year-over-year, primarily as a result of the continued recovery from the impact of the COVID-19 pandemic. Broadcast revenue grew $12.2 million, or 2.7%, driven by higher spot revenue and political advertising revenue as 2022 is a midterm election year, partially offset by lower trade and barter revenue due to the impact of the timing of the iHeartRadio Music Awards show, while Networks grew $3.9 million, or 3.2%. Revenue from Sponsorship and Events increased by $9.5 million, or 33.2%, primarily as a result of the return of live events. Revenue from iHM’s Digital Audio Group increased $54.6 million, or 27.6% compared to the same period in 2021. Digital, excluding podcast revenue, grew $22.4 million, or 15.5%, driven by increased demand for digital advertising. Podcast revenue increased by $32.3 million, or 60.4%, driven by higher revenues from the development of new podcasts as well as growth from existing podcasts. iHeartMedia chairman and CEO Bob Pittman says, “We’re pleased to report another quarter of solid results for iHeart in terms of consumer usage, revenue and earnings growth and, most importantly, strong free cash flow generation. The Digital Audio Group continues to deliver industry-leading growth, and our Multiplatform Group continues to demonstrate that it is a growth engine for the company as well. As the #1 audio company in America across broadcast radio, digital radio and podcasting – and the largest consumer reach audio company in the U.S. by far, we remain committed to building our businesses for future growth and continuing to deliver both trusted companionship to our listeners and significant and unique value to our advertising partners.”

Audacy Q2 Net Revenue Rises 5%. Citing “declining macroeconomic conditions,” Audacy reports net revenue of $319.4 million, an increase of 5% over the same period in 2021. The company says that core spot revenue was $200.5 million – flat compared to the second quarter of 2021, and digital revenue was $69.3 million, up 19% compared to the second quarter of 2021. The company reports a net loss of $773,000 in Q2 of 2022 compared to the net income of $1.4 million it reported during the same period a year ago. Audacy breaks down its revenue by format categories and says that the news/talk category revenue (news/talk and all-news stations) was $51.8 million, an increase of 4.2% over the same period in 2021. Audacy president and CEO David Field comments, “After a very strong first quarter in which we grew revenues by 14% and significantly increased margin, our second quarter results were adversely impacted by declining macroeconomic conditions and ad market headwinds which reduced our top line growth to 5%. While we navigate the turbulent current market conditions, we are excited by our future growth potential across our scaled, multi-platform businesses, capitalizing on a number of important recent developments that include an enhanced national sales organization, expanded podcast and streaming audio networks, and during the second half of this year, the rollout of a new, reimagined digital platform and ad tech capabilities that will enable us to unlock pools of ad demand and supply that we can’t effectively monetize today. Our transformational development over the past couple of years has meaningfully enhanced our competitive position, strengthening our capacity to serve listeners and customers and enabling a powerful set of opportunities for revenue and EBITDA growth in the dynamically growing audio market.”

Audacy Gets Listing Standards Notice from NYSE. The company received notification from the New York Stock Exchange that its Class A common stock is not in compliance with the exchange’s continued listing standard requiring a minimum average closing price of $1.00 per share over 30 consecutive trading days. The notice does not result in the immediate delisting of the common stock from the NYSE. Audacy says it plans to notify the NYSE that it intends to regain compliance and is considering all available options that are in the best interests of the company and its shareholders. Audacy can regain compliance during a six-month cure period if, on the last trading day of any calendar month during the cure period, the common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month.

Salem Media Group Revenue Climbs 7.7% in Second Quarter of 2022. Reporting its financial data for the second quarter of 2022, Salem Media Group reveals total revenue of $68.7 million, an increase of 7.7% over the same period in 2021. The company also reports net income of $9.1 million, an increase of more than 300% from the net income of $2.25 million reported in the second quarter of 2021. Salem reports in three segments: Broadcast, Digital Media, and Publishing and for Q2 of 2022, net broadcast revenue increased 12.1% to $52.5 million. Digital Media revenue increased 4.5% to $10.8 million, while Publishing revenue decreased 18.5% to $5.4 million.

Saga Communications Second Quarter Net Revenue Up 6.3%. For the second quarter of 2022, Saga Communications, Inc posts net revenue of $29.8 million, an increase of 6.3% over the same period in 2021. Station operating income increased 10.6% to $9.3 million and operating income was $5.4 million compared to $4.6 million for the same quarter last year. Free cash flow was $3.2 million in Q2 of 2022 compared to $4.2 million for the same period last year. Capital expenditures for the quarter were $2.6 million compared to $921 thousand for the same period last year. Capital expenditures for the quarter included the $1.1 million purchase of a building in Norfolk, Virginia that will replace the company’s existing leased studio and office facility. Saga reports net income of $3.8 million for the second quarter of 2022 compared to net income of $3.3 million for the same period a year ago.

Audacy and CBS Sports Digital Patner for Content Distribution and Ad Sales. This exclusive, multi-year deal between Audacy and CBS Sports Digital makes Audacy the exclusive, ad sales and distribution partner for CBS Sports’ network of sports podcasts. The press release states that CBS Sports Digital has grown to reach more than 90 million monthly active users, making it the second-largest sports group in the U.S, and with more than 65 shows and nearly 100 million downloads in 2021. Audacy EVP of digital sales Ken Lagana says, “We are incredibly excited to be partnering with CBS Sports in the podcasting space – properties I know well from my time spent there. Adding this family of content to our roster provides Audacy with a number of the leading sports, fantasy sports and betting podcasts, areas we have enjoyed significant success to date and are important to our clients.  This partnership could not come at a better time with football season fast approaching.”

TALKERS News Notes. The John Fredericks Media Network announces a programming agreement for the newest member of its growing portfolio of radio stations as the network’s programming is now airing on Chesapeake-Portsmouth Broadcasting Corporation’s WTJZ-AM, Portsmouth, Virginia. JFMN chief operating officer Anne Fredericks says, “The Norfolk market is critical to our Virginia network as it represents the biggest U.S. naval base in the world at a very uncertain time for our nation’s Navy personnel. The uncertainty of potential hostility in the Asian perimeter and the South China sea makes this opportunity more important than ever. We will continue to provide all our listeners with extensive and in-depth coverage of China’s military and economic moves in the area, as well as top-flight analysis of the evolving events.”…..FOX Sports Radio’s LaVar Arrington announces an addition to his Up On Game Presents podcast lineup as musician, songwriter and creative director Flash Garments launches the “Under Appreciated with Flash Garments” show. Arrington says, “We’re super excited to have Flash Garments join the Up On Game Presents lineup with the launch of his ‘Under Appreciated’ podcast. Flash knows everybody, is very well respected, and has a lot to say! I think listeners will really enjoy this inspiring and enlightening program, and we look forward to sharing it with our audience every Friday!”…..WNRI, Woonsocket, Rhode Island talk host John DePetro has been filling in this week for WPHT, Philadelphia’s Dawn Stensland on her 10:00 am to 12:00 noon program…..The GCN-syndicated program “Classic Radio Theater with Wyatt Cox” adds new affiliate stations as KVOE-AM, Emporia, Kansas and KGEZ-AM, Kalispell, Montana adds the show to their program schedules. Cox comments, “I grew up on Sunnyslope Street in Emporia and listened to KVOE, enjoying some of the great music of the 60s and the fun personalities like the late Roger Hartsook. It’s a source of pride to be back in Emporia, if just virtually, every weekday.”

Video Tribute to Rich Stevens. The radio personality died on July 30 after suffering a heart attack. Rich Stevens enjoyed a career in music radio as well as in the talk radio format, hosting a program on Hubbard Radio’s WFTL, Fort Lauderdale. “Radio’s Best Friend” Art Vuolo put together a tribute video that you can see here.

The Economy Top News/Talk Story for Week of August 1-5. The state of the U.S. economy – the still-high cost of food and gasoline and the threat of a recession – was the most-talked-about story on news/talk radio this week, landing atop the Talkers TenTM. At #2 this week was a tie between partisan politics, the elections, and abortion rights, followed by House Speaker Nancy Pelosi’s trip to Taiwan tied with the related U.S.-China relations 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.

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

Tuesday, August 2, 2022

By Editor | by Editor

Townsquare Media Second Quarter Net Revenue Rises 13.6%. For the second quarter of 2022, Townsquare Media is reporting net revenue of $121.9 million, an increase of 13.6% over the same period in 2021. The company also reports net income of $4.9 million, a decrease of $5.2 million from Q2 of 2021. Townsquare’s financial data is broken in to three primary segments: Subscription Digital Marketing Solutions, Digital Advertising, and Broadcast Advertising. The Subscription Digital Marketing Solutions segment includes its subscription digital marketing solutions business, Townsquare Interactive. The Digital Advertising segment, marketed externally as Townsquare Ignite, includes digital advertising on the company’s owned and operated digital properties and its digital programmatic advertising platform. The Broadcast Advertising segment includes its local, regional, and national advertising products and solutions delivered via terrestrial radio broadcast, and other miscellaneous revenue that is associated with the broadcast advertising platform. The Subscription Digital Marketing Solutions segment’s net revenue rose 13.7%, the Digital Advertising segment’s net revenue was up 25.4%, and the Broadcast Advertising segment’s net revenue rose 1.0%. Company CEO Bill Wilson states, “I am proud to share that the Townsquare team delivered another quarter of strong revenue and profit growth, and in doing so, we achieved all-time record highs for both net revenue and Adjusted EBITDA. Our performance clearly demonstrates the strength and differentiation of our digital businesses and our legacy broadcast business. Townsquare’s second quarter net revenue increased year-over-year by 14%, exceeding our guidance range, and Adjusted EBITDA increased 7% year-over-year, meeting our guidance range. In addition, our digital revenue growth accelerated from the first quarter (Q1 +16% year-over-year), with second quarter total digital revenue increasing 21% year-over-year. Our strong top-line growth, margin profile, and cash generation characteristics have contributed to the reduction of our net leverage, now at a historical low of 4.65x as of June 30th, including the repurchase and retirement of $19 million of our Senior Secured Notes at or below par in Q2. We are also pleased to announce that we are raising our FY 2022 guidance following the close of the Cherry Creek acquisition on June 17th. Our updated full-year guidance reflects the ongoing momentum of our business and the strength of our performance to date, fueled by our differentiated digital platform. As a Digital First Local Media Company focused principally on markets outside of the Top 50 in the United States, we have a resilient digital growth engine supported by subscription digital marketing solutions, with a large addressable market and limited competition. As we move forward, we expect double-digit digital net revenue growth to continue at strong margins, reaching our digital revenue target of at least $275 million in 2024. With half of our total revenue and profit coming from digital today, it is our belief that over time as digital continues to meaningfully grow, Townsquare should and will be afforded a sum-of the-parts valuation that our digital assets deserve.”

70 Years of WGN-AM, Chicago Audio Archived at Northwestern University. As the result of a gift from WGN-AM, Chicago’s parent company Nexstar Media Group, a 70-year swath of the radio station’s audio archive now resides at Northwestern University Libraries in the Charles Deering McCormick Library of Special Collections and University Archives. The station says, “The archive, with materials covering 1941 to 2011, includes more than 15,000 items, primarily magnetic media (open reel tapes, compact cassettes, continuous-loop “carts,” U-matic videocassettes and VHS tapes) as well as other media such as grooved discs, CDs and minidiscs. The bulk of the audio dates to the 1980s and 1990s, a period of innovation and surging popularity for the station.” Scott Krafft is curator of special collections at Northwestern and he says that the archive contains thousands of hours of audio that will need to be cataloged and, where necessary, digitally preserved before they can be made publicly available. He adds, “It’s a remarkable collection that represents a significant sampling of Chicago history, including local and national news. In addition, the voices of WGN Radio’s most popular programs are represented here, making this an important archive for the history of the entire field of radio broadcasting.” WGN Radio VP and general manager Mary Sandberg Boyle comments, “Given the long and storied connection between WGN Radio and Northwestern University, it is most fitting that this audio collection, drawn out of 70 years of our broadcast history, will be under their care. While digitizing it will be a substantial undertaking for the Northwestern Libraries, ultimately, this will be a permanent and invaluable repository and resource for years to come. We trust their expertise and are proud they are the caretakers in this endeavor.”

Triton Digital Streaming Ranker for June 2022 Released. The monthly ranking of the top-performing streaming audio stations has been released for the month of June by Triton Digital. The ranking is based on Average Active Sessions which is calculated by dividing Total Listening Hours by the number of hours within the reported time period. In the period of 6AM-12AM Mon-Sun, iHeartRadio is far and away the #1 streamer again this month with 301,251 Average Active Sessions. Continuing in the #2 spot this month is NPR Member Stations (72,476 AAS), followed by Audacy at #3 (68,570 AAS), and Cumulus Streaming Network at #4 (41,562 AAS). Other streamers of note in the top 25 include Beasley Broadcasting Corporate at #7 (18,663 AAS), Hubbard Broadcasting at #8 (15,151 AAS), and Salem Communications at #11 (8,677 AAS). See the complete chart here.

TALKERS News Notes. Former WTMJ, Milwaukee air personality Jane Matenaer, who exited the station last month after six and a half years with the Good Karma Brands news/talk outlet, is staying with the company as producer and news reporter for sister progressive talk WAUK-AM/W266DR, Waukesha “The ‘Sha 101 FM” on the “As Goes Wisconsin” early afternoon program hosted by Kristen Brey…..Cumulus Media appoints Derek Falter VP/market manager for its Grand Rapids and Muskegon, Michigan markets that include sports talk WJRW-AM, Grand Rapids “The Ticket” and seven music-formatted stations. Falter, who was most recently regional VP for Curtis Media Group, comments, “I’m beyond excited about the opportunity the leadership team at Cumulus Media is giving me to work alongside the dynamic crews in Grand Rapids and Muskegon! Thanks to Mary Berner and Bob Walker for bringing me back to a part of the country that is so meaningful to my family.”

Al-Zawahiri Killed, Pelosi’s Asia Trip, Biden’s Climate/Health Bill, Manchin-Schumer Bill, Midterms/2024 Presidential Race, The Economy, January 6 Sentencing, Deadly Kentucky Floods/Western Wildfires Among Top News/Talk Stories Yesterday (8/1). 9/11 orchestrator Ayman al-Zawahiri is killed in drone strike in Kabul; House Speaker Nancy Pelosi’s expected visit to Taiwan and China’s threatening response; the fate of Joe Biden’s climate and health bill; the Joe Manchin and Chuck Schumer-authored Inflation Reduction Act; November’s midterm elections and speculation about the nominees in the 2024 presidential race; the still-high price of gasoline and food and concerns about a recession; Guy Reffit is sentenced to seven years in prison for his part in the January 6 Capitol attack; the deadly Kentucky floods and threats of more rain to the region plus the ongoing wildfires in Northern California 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

Monday, August 1, 2022

By Editor | by Editor

Beasley Broadcast Group 2022 Q2 Net Revenue Rises 8.8%. The first radio-based audio firm to report 2022 second quarter financial data is Beasley Broadcast Group, which reveals net revenue of $64.8 million, an increase of 8.8% over the same period in 2021. The company also reports an operating loss of $5.4 million and a net loss of $14.5 million and explains the losses saying, “The operating loss in the second quarter of 2022 primarily reflects an $8.6 million non-cash impairment loss due to an increase in the discount rate used in the analyses to estimate the fair value of FCC licenses and goodwill in a rising interest rate environment. For the comparable three months ended June 30, 2021, the company recorded $1.5 million of other operating income, net from life insurance proceeds related to the death of George Beasley, the company’s former chairman. As a result of these factors, Beasley reported a net loss of $14.5 million, or a negative $0.48 per diluted share, in the three months ended June 30, 2022, compared to net income of $0.2 million, or $0.01 per diluted share, in the three months ended June 30, 2021.” Beasley CEO Caroline Beasley states, “Beasley delivered another period of strong top-line results in the second quarter, reflecting solid year-over-year growth across all of our revenue sources. Net revenue increased 8.8%, inclusive of a 4.3% rise in audio revenue and a 34.3% rise in digital revenue, with digital accounting for 16.5% of second quarter net revenue. Digital remains a central component of our revenue diversification strategy, and the momentum we are seeing in our digital business is further underpinned by our ability to grow digital revenue 37% on a quarterly sequential basis, while also improving our digital margin. Our new business performance was robust this quarter, as we recorded $7.8 million in new business revenue, representing a 60% increase from the first quarter of 2022 and 16% growth over the comparable prior year period. In addition, we acquired a small white label digital agency at the end of June, which will immediately contribute positive cash flow and synergies. We believe these results continue to demonstrate the inaccuracy of the perception that radio is more challenged than other segments of the technology, media, and telecom sectors… We are keeping a close eye on the declining economic environment and initiated cost reductions beginning in the second quarter. Looking ahead, we will continue to focus on controlling what we can control, maximizing our growth opportunities, managing our expenses and capital structure, serving our audiences and advertisers and delivering results for our stockholders.”

Monday Memo: Review Airchecks…Later. As “automation and syndication have made radio less-local,” consultant Holland Cooke calls talent coaching “a lost art”; and he uses this week’s column to offer tips “for hosts and DJs who feel neglected.” Read more here.

 

Pending Business: The One Thing Every Advertiser Should Know. Radio sales pro Steve Lapa says that any radio seller who wants to be successful has to answer the following question: “What is the one ‘thing’ every advertiser should know about my on-air talent?” In other words, what is the unique selling point that can be connected to your on-air talent and only the talent you represent. Read his column here.

Alex Silverman to Lead Programming at All-News KNX-AM/FM, Los Angeles. News radio programming pro Alex Silverman is moving to Audacy’s KNX-AM/FM, Los Angeles to serve as director of news and programming, effective September 19. He’s been serving with the company as brand manager for the company’s all-news KYW-AM/FM, Philadelphia since 2018. Prior to that, he was assistant director of news and programming at Audacy’s WCBS-AM, New York. In his new role at KNX, Silverman will “oversee the station’s editorial strategy and newsroom, including broadcast and digital operations, with an eye towards audience and revenue growth and engagement on all platforms.” Silverman states, “KNX News is iconic. I can’t wait to work with the amazing team to build the future of the brand and set the agenda for news coverage in Southern California. Thank you to Jeff Federman, Chris Ebbott, Jeff Sottolano and Bill Smee for their confidence in me and commitment to impactful local journalism.” Silverman is a graduate of Syracuse University’s S.I. Newhouse School of Public Communications. He serves on the board of directors of the Radio Television Digital News Association and has been an adjunct instructor at Fordham University, where he designed a course titled, “Social Media for Journalists.” Silverman takes over the role from Ken Charles, who did not renew his contract with the company.

Dwight Jaynes Joins Afternoon Show on ‘Rip City Sports Radio 620.’ Sports talk host Dwight Jaynes is joining Chad Doing at iHeartMedia’s KPOJ, Portland “Rip City Radio 620” as co-host of the “Rip City Drive” program that airs from 3:00 pm to 6:00 pm. Jaynes, also known as “The Godfather,” spent 25 years as a sports columnist for the Oregon Journal and The Oregonian covering the NBA’s Trail Blazers and has co-written two books about the team. He also spent 11 years at NBC Sports Northwest, hosting “Talkin’ Ball” and “Posting Up.” Prior to that, Jaynes hosted the “Morning Sports Page” show alongside Doing on KXTG-FM, Portland. Doing says, “I am thrilled to be reunited with my former partner. Dwight is a Hall of Famer for good reason – no one has more experience covering Oregon sports. I look forward to making compelling radio with him every day. His sports knowledge and storytelling are unmatched.” Jaynes comments, “I am beyond excited to return to sports talk radio – especially with my old partner Chad Doing – who I believe to be one of the best in the country. The best part of our shows has always been our willingness to take on the tough issues – sports or otherwise – and find creative ways to shape discussion and opinion. At the same time, you never quite know what we’re going to do next… because we don’t!”

Clay Travis & Buck Sexton Interview Trump at LIV Golf Tourney in Bedminster, New Jersey. Pictured above with former President Donald Trump are Premiere Networks syndicated talk hosts Clay Travis (left) and Buck Sexton (right) at the Trump National Golf Club in Bedminster, New Jersey, the site of the LIV Golf tournament. Trump joined the duo live on their show discussing such topics as recession, China and Taiwan, and whether he’ll run for president in 2024, about which he said, “Very hard for me not to run to be honest. And also the polls indicate from the Republican standpoint it would be easy. And I think I was up 11 points on Biden the other day… I don’t know why 11… If you guys ran, you’d be up more than 11… In my mind, I’ve already made the decision.”

Stacey Thomas Named Director of Marketing for iHeartMedia Philly. Eighteen-year iHeartMedia Philadelphia staffer Stacey Thomas is promoted to director of marketing and promotions for the cluster that includes sports talk WDAS-AM “The Gambler” and WTEL “BIN: Black Information Network.” In this role, Thomas will oversee the Philadelphia brand portfolio and will be responsible for developing, planning, and directing all marketing and promotions efforts. She previously served the cluster as media integration director. iHeartMedia Philadelphia market president Jeff Moore says, “It has been remarkable working alongside Stacey and watching her persevere through numerous changes and challenges. A tireless worker who puts the needs of iHeart Philly above all else will now get the chance to put her stamp on the promotions department in a time when making deep and meaningful relationships with our audiences and partners couldn’t be more important.”

Ava Lynn LaRue Named Inaugural MIW Mentee in Minnesota. The Mentoring and Inspiring Women in Radio, Inc and the Minnesota Broadcasters Association announce that Ava Lynn LaRue is named the inaugural mentee for the “MIW Mentoring and Inspiring Women in Minnesota” program. This partnership between the two organizations is led by MBA president Wendy Paulson and is MIW’s newest mentoring opportunity and the start of its three-to-five year strategic plan to partner with state broadcast associations across the United States and assist in building in-house, ongoing programs devoted to coaching and guiding the next generation of radio professionals. LaRue is the station manager for Q-Media Group, LLC in Red Wing, Minnesota. MIW board president Ruth Presslaff says, “Lightning struck twice! Partnering with Wendy has been positive, productive, and way fun. And then to meet the powerhouse Ava LaRue and have the opportunity to work with her is what the MIWs are all about. Thanks MBA, Wendy, and Ava!” Paulson adds, “A huge ‘thank you’ to all of the incredible women who applied to participate in the 2022 ‘MIW Mentoring and Inspiring Women in Minnesota’ program! The judging committee was blown away by the depth of talented women that applied to be part of this pilot mentorship program!”

Biden’s Energy & Health Bill, Inflation Reduction Act, November Midterms/2024 Presidential Race, COVID-19/Biden Positive Again, Pelosi’s Asia Trip, Russia-Ukraine War/Global Food Crisis, Deadly Kentucky Floods/Western Wildfires, Monkeypox, and Nichelle Nichols & Bill Russell Die Among Top News/Talk Stories Over the Weekend. The fate of President Joe Biden’s energy & healthcare bill; debate over the Schumer–Manchin authored Inflation Reduction Act; November’s midterm elections and the 2024 presidential race; the rate of BA.5 subvariant infections in the U.S. and Biden’s testing positive again; House Speaker Nancy Pelosi’s trip to Asia and China’s threats if she visits Taiwan; the Russia-Ukraine war and its effects on the global food supply; the continuing threats of flooding in Eastern Kentucky and the Western wildfires; the growing monkeypox epidemic; and actress Nichelle Nichols and basketball legend Bill Russell pass away were some of the most-talked-about stories on news/talk radio over the weekend, according to ongoing research from TALKERS magazine.