SABO SEZ: Look at the Actual Numbers
By Walter Sabo
A.K.A Walter Sterling
Host, The Other Side of Midnight
WABC, New York / Red Apple Audio Networks
Billionaires make predominantly good investments, which is why they are billionaires.
John Malone saved Sirius with a $500 million investment just days from the company missing payroll. He remains the controlling shareholder.
Warren Buffett just made a significant investment in highly profitable SiriusXM.
George Soros owns Audacy. Audacy’s robust list of major market radio stations are jewels that require a better financial structure. Soros Fund Management bought $400,000,000 of the company’s debt and controlling ownership. Note that Soros now owns all but one of the country’s all-news stations.
Apollo Advisor’s billionaire CEO Marc Rowan – a former candidate for Secretary of the U.S. Treasury – owns Cox Radio and Television. Apollo was an original investor in Sirius.
John Catsimatidis wrote a check for WABC-AM and is buying more properties. Radio properties. Cats owns an oil refinery, land, and the Gristedes supermarket chain, but his focus is on WABC Radio.
The health of radio? The future? Those sharp investors, brutal businesspeople, determine the business future of radio, and they are apparently very optimistic!
Failing industries don’t expand
In 1970, there were 2,126 commercial stations in the U.S.
Today there are:
- AM stations: 4,342
- FM commercial stations: 6,589
- FM noncommercial (educational) stations: 4,755
Sell the biggest number
Cable channels are investor valued by “Homes Passed.” Not audience or cash flow. How many people who can see the programming rather than how many people actually see the programming. Now apply that logic to radio station values.
BILLBOARDS sell impressions. Impressions represent the total number of people who could potentially see a billboard ad. That is the biggest number by which billboard can be measured, so that’s what they sell.
DIRECT MAIL is the number one local ad medium. It is data driven beyond your wildest dreams. Direct mail automation uses real-time signals and integrated data to deliver mail at the most meaningful point in the customer journey. For example, when someone abandons a shopping cart or repeatedly views a product online, you can design a programmatic mailing campaign to automatically send print pieces in response to that specific consumer behavior.
Rather than pushing the biggest, stable number – CUME – radio sells the smallest measurements. Radio’s 100+ years of success, astonishing outlet growth, 92% penetration of American homes, 65% daily population usage deserve has earned a much higher commercial unit price.
Walter Sabo has been a C-Suite action partner for companies such as SiriusXM, Hearst, Press Broadcasting, Gannett, RKO General, and many other leading media outlets. His company, HITVIEWS, in 2007, was the first to identify and monetize video influencers. His nightly show “The Other Side of Midnight” is heard on WABC, New York and the Red Apple Audio Network 1:00 am – 5:00 am. His syndicated show, “Sterling On Sunday,” from Talk Media Network, airs 10:00 pm-1:00 am ET, and is now in its 10th year of success. He can be reached by email at sabowalter@gmail.com. He can be phoned at 646-678-1110.

Jay Clark was the first program director of WABC as a talk station. He set the tone and path for modern talk radio. This week I had Jay on as a special guest on the Red Apple Audio Networks all night show, “The Other Side of Midnight.” We celebrated the anniversary, May 10, (1982) of WABC’s switch from music to talk on the giant signal at 770 AM.
format in America. KGO was the killer biller in San Francisco. The execs who ran them were mighty proud: Ben Hoberman, Ed McLaughlin, Al Racco, Chuck Debere. Yes, they ran those stations, but they also invented the caller-driven talk format. There were other winning talk stations, but they were guest centric rather than listener centric (i.e. WOR, WGN). At the time, there were 43 stations listed as “talk” stations. 43. Not many models.
In 1952, the success formula for today’s radio was discovered and put into practice by two hungry entrepreneurs: Todd Storz and Gordon McLendon. Both men owned dying radio stations in medium and major markets. The industry was suffering from a lack of purpose or solutions due to the advent of television which drove the migration of hit network radio shows to television. Lucille Ball, Bob Hope, and Gertrude Berg were on radio first.
Talk radio has a long incredibly successful run of shows about sex.
I am pleased to be speaking this weekend at the IBS New York 2026 conference in New York City. Thank you, TALKERS magazine, for being the presenting sponsor of this important, timely annual event along with the Intercollegiate Broadcasting System (IBS).
“Darn, if we were on FM everything would get better.” Not true. This writer launched many of the successful talk formats on FM stations in the early 1990s. The ones that worked, such as KLSX, Los Angeles; WTKS, Orlando; and New Jersey 101.5 in Trenton, were produced for the unique demands of FM. Then and today, the FM band cume utilized the radio in a completely different manner than AM audiences. The competition on FM isn’t another talk show. It’s Chapelle Roan and Taylor Swift. Ya know, billion-dollar Taylor Swift. The production values of FM music stations set the expectations of “the sound.” “Let’s pay some bills…” Followed by bumper music! Followed by eight minutes of commercials for Med Alert is just not what FMers are used to hearing on Elvis Duran. (Elvis is doing a talk show.)
The plague of pessimism about the future of radio is fueled internally by radio employees. Doomsayers are logically found in the sales department. All day, salespeople meet with buyers. A buyer’s job is to negotiate a lower price by arguing radio’s negatives. The wall of negativity thrives within the work environment of a seller. Tough. But there is little or no reason for pessimism.
Talk show hosts are not motivated or driven like disk jockeys or salespeople. Most general managers have never managed talk show hosts. Few program directors have managed talk show hosts. My career has been blessed with daily exchanges with the best talk show hosts in history. Here are some suggestions I would like to share on how to have a superior relationship with talk stars.
Advice columns blanketing sites like LinkedIn, the Skimm, and Forbes 2.0 – aimed at recent graduates – encourage their readers to seek and bond with an at-work mentor. After years of skimming “5 bullet” articles, I have reached the tipping point and I’m not going to take it anymore: Seeking a mentor as a career strategy is horrible advice. Just horrible.
Andy Economos, the founder of Radio Computing Systems (RCS), was a leader in bringing digital tech into the radio industry. In 1980, he was leaving his position as head of technology for NBC Inc. to start his own company. I was EVP of the NBC FM stations. Andy and I were walking to lunch, crossing Sixth Avenue at 49th street and he asked me, “Is there any software your radio stations could use?”

Finally. Not by Facebook, TikTok, Instagram, nope; I was banned from a WBIR anchor’s video live stream.
One of my first jobs out of college was working in the marketing department of WNBC-AM, New York. Yes, “Imus In The Morning” (Don Imus – not nice), Cousin Brucie (Bruce Morrow – nicest star who ever lived). One of my tasks was to pull ratings numbers from the computer for the sales department. I was fascinated by TIME SPENT LISTENING (TSL) and CUME numbers. I’d rank them, compare, trend them every way imaginable.
The groaning and moaning that “radio is losing younger demos and will die tomorrow” misses the point. What attracts younger audiences? What has always attracted younger audiences? NEW STUFF. New clothes, shows, slang, ideas… NEW. When you “found” radio, you found a top 40 station that was saturated in the latest music, events and ATTITUDE. Radio remains vital by presenting and celebrating new, shocking, contest prizes, revolutionary ideas, hosts, jocks… NEW.
The world of blogs and vlogs has been loaded with largely erroneous news of MTV closing. New owner, Paramount Global, is searching for divisions showing no growth. If MTV is now a liability, it may be a target for a shutdown.
of the Gods has powered thousands of hours of programming fun. Recently, I saw the latest edition of his book.
Like many of you, I love “Ancient Aliens” on the History Channel narrated by the formidable Robert Clotworthy. Robert is a great guest on my show, “Sterling Every Damn Night” and he puts up with whatever nonsense that gets tossed at him. Thank you, Robert.
As a media consultant, my team has had the privilege of being engaged extensively by members of the C-Suite. Becoming a member of the C-Suite is a common goal. To get into any group, acceptance often depends on acting and appearing like established members. Here are some of the actions observed of business masters whom we consulted:
Have you noticed a profile pattern for the mass shooters and political assassins? 20-30 years old. Living at home or close.
Amazon learned that there are high volume sales for specific categories of products. High demand equals high value to the seller. Items such as diapers, printer ink, staplers, batteries, etc. Being brilliant, Amazon created “Amazon Basics.” Same products, white labeled. Amazon doesn’t manufacture batteries; they just slap their logos on what America needs most. That’s why Mr. Bezos has a bigger boat than you.
The risk is real. Suggesting that a technique used with great success in the recent past might be beneficial to the present is a perilous course. Is the idea out of touch with today’s reality? Is the author ignoring current trends?
Reviewing radio’s challenges:
Conventional industry wisdom: “If our morning star leaves, we’re dead. How could we replace them?”
There are two broad categories of thought: Task. Creative. When in creative mode, a person innovates, imagines, plans, and solves problems. An idea bank is a bank! Money grows from the results of imagination: new products, new music, new formats, new sales strategies. Business growth depends on new!
The drive to stream video of radio shows has always been risky. Remember your shock when you first saw one of your radio heroes? Video streaming can present a constant disconnect between the show in the listener’s head and the show on the stream. Many stations make the disconnect worse by streaming terrible video images. Combine the trauma of how a host really looks with a dreary TV show and the package cannot benefit the relationship between station and listener/viewer.
right, two shows… one on the radio, one on the stream. Seamless and fun.
At first, I thought it was a joke. When I realized there were serious people having serious meetings about the joke, it became both horrific and symptomatic
Dozens of brand-new audio hardware and software companies have been launched during the past 20 years. These start-ups are usually funded by venture capital money. VC money is not invested to return a profit, it’s poured in to – pour it in. Their money is “different” than the cashflow that fuels your business. Start-up money buys time to profit.
Right now, dozens of well-suited, over-priced, unpleasant lawyers are fighting in Hollywood over the title credit their client should receive on a movie, TV show, or book cover. Placement within the credit roll at the end of a show is a battleground of egos and legalities. Part of the process of securing proper credit is governed by multiple union rules negotiated by multiple unions and corporate dictates of corporate masters. (You don’t get to be CEO of Paramount by being a nice guy.)
“It won’t work on FM.” Country. Country was predicted to be a failing format for the FM band. At the dawn of FM proliferation in the 1970s, the future of the band was viewed with fear and skepticism. Why wouldn’t country music work on the FM band? The conventional chatter said that “country needs to be on AM because truckers drive long distances and AM signals cover long distances. FM does not.”
These books have helped me tell stories, prioritize programming initiatives and manage career strategies. If interested in a book the link connects to its page on Amazon.
Serious business coaches reveal that a common trait of successful people is their ability to immediately forget their failures and to move on. Next idea. Next project. Surrounded by seas of committees, forms, rules and mediocrity, effective leaders know that just trying something, regardless of the outcome, is the WIN.
Thank you, TALKERS for placing me on two panels at the IBSNYC conference. All student conferences have one underlying goal: Attendees want to know how to land a starter job in media. Here’s the information I shared with the eager crowd.
Thank you, TALKERS for having me on panels at the TALKERS Generations 2025 IBSNYC conference this past Saturday (3/8). Moderator and Philadelphia talk show god Dom Giordano asked us the inevitable: “What is the future of radio?”


