Beasley Broadcast Group Second Quarter Net Revenue Up 96%. Reporting its financial data for the second quarter of 2021, Beasley Broadcast Group (parent company of Beasley Media Group) indicates net revenue was $59.6 million, an increase of 96.1% over the same period in 2020. The company posts operating income of $5.8 million compared to the $17.6 million operating loss it reported in Q2 of 2020. Station operating income also rebounded to $11.1 million compared to the $11 million SOI loss it posted in the same period a year ago. Beasley CEO Caroline Beasley states, “Beasley’s strong 2021 second quarter financial results reflect growing momentum across our media platform, as the continuing broad-based economic recovery accelerated demand from consumers and advertisers for our premium content and marketing and advertising services. With the significant rebound in the commercial advertising market, second quarter net revenue of $59.6 million increased 24% over first quarter 2021 levels and 96% over the comparable prior year period. Top line growth combined with the meaningful actions we have taken over the past year to permanently reduce costs and improve operating efficiencies, resulted in a significant rebound in net income to $0.2 million and SOI to $11.1 million, as well as positive free cash flow of approximately $1.0 million. Throughout the second quarter, the resumption of advertising in key categories combined with the success of our content monetization strategies resulted in year-over-year revenue growth across all fifteen of our markets, with healthy double-digit revenue increases in Boston, Detroit, Philadelphia and Wilmington. Notably, our continued emphasis on strong local content and consumer engagement drove best-in-industry ratings performance for our station clusters, according to Nielsen. Our cumulative on-air audience share approached pre-pandemic levels in the second quarter, having grown consistently since the height of the COVID-19 pandemic in 2020. While second quarter non-traditional revenue (NTR) and events revenue was minimal, we made the strategic decision to fully re-open our events business in the third quarter, given the continued strengthening of commerce and consumer activities in our markets, and expect incremental revenue from this source in the second half of 2021. As we work to return all of our revenue sources to pre-pandemic levels of operation, we are closely tracking potential impacts from the Delta variant and the uncertainty it may bring to businesses we serve and our future operating results. Our ongoing focus on digital innovation and the strategic investments we are making in our digital and esports infrastructure and content production capabilities are delivering positive results and continue to highlight the value of our long-term revenue and cash flow diversification strategies. Growing consumer and advertiser demand for Beasley’s digital audio content drove a 96% year-over-year increase in digital revenue, with digital accounting for approximately 13.4% of total second quarter revenue, compared to 13.4% in the prior year period and 12% in the 2021 first quarter. With growing audience share and engagement, Beasley’s digital network delivered record digital audience impressions in the second quarter, with total digital impressions growing 29% over the prior year period.”
Salem Media Group Q2 2021 Total Revenue Rises 20.6%. The total revenue for Salem Media Group’s second quarter of 2021 was $63.8 million, an increase of 20.6% over the same period in 2020. Salem posted operating income of $5.6 million for the quarter, compared to the operating loss of $900,000 it reported during the second quarter of 2020. The company’s net income for Q2 of this year was $2.3 million compared to the net loss of $2.5 million it reported for the second quarter of 2020. Salem Media Group reports data for its three business segments and the Broadcast segment’s net revenue for this quarter was $46.8 million, up 18.5% from the same period a year ago. Station operating income rose 66.6% to $10.6 million. The Digital Media segment saw revenue rise 9.5% to $10.3 million and the Publishing segment revenue was $6.7, an increase of 68.3%. As of June 30, 2021, the Salem Media Group had $216.3 million outstanding on the 6.75% senior secured notes due 2024, no balance outstanding on the Asset Based Revolving Credit Facility, and $11.2 million outstanding on Paycheck Protection Program (“PPP”) loans from the Small Business Administration.
Saga Communications Q2 Net Revenue Up 49.7%. Second quarter financial data from Saga Communications, Inc. reveals that the company’s net revenue was $28 million, an increase of 49.7% over the same period in 2020. The company posted operating income of $4.6 million compared to the operating loss of $8.6 million it reported in the second quarter of 2020. Station operating expense increased $2.4 million to $21.0 million for the quarter compared to the same period last year. Station operating income was $8.4 million for the quarter compared to a loss of $181,000 for the second quarter of 2020. Free cash flow was $4.2 million for the quarter compared to a negative $1.8 million for the same period last year. Saga’s balance sheet reflects $59.4 million in cash on hand as of June 30, 2021 and $59.6 million as of August 2, 2021. The company’s total bank debt remained at $10 million as of the end of the second quarter 2021.
Urban One Second Quarter Net Revenue Climbs 41.6%. Today’s second quarter 2021 financial report from Urban One, Inc., parent company of Radio One, indicates the company’s net revenue was approximately $107.6 million, an increase of 41.6% from the same period in 2020. Broadcast and digital operating income was approximately $49.6 million, an increase of 64.3% from the same period in 2020. Urban One reports operating income of approximately $37.9 million for Q2 of 2021, compared to approximately $20.4 million for the same period in 2020. Net income was approximately $17.9 million compared to approximately $1.4 million for the second quarter of 2020. Urban One CEO and president Alfred C. Liggins, III says, “Overall we had an extremely strong second quarter; not only was Adjusted EBITDA up 82.4% year-over-year, but we also surpassed our Q2 2019 pre-pandemic Adjusted EBITDA. We are experiencing unprecedented advertiser interest in our audience across the entire Urban One platform. The radio advertising business saw a robust rebound from the worst impacts of the pandemic in Q2 2020, with segment revenues up by 73% and radio syndication revenues up 50.2%. We also benefitted from strong TV scatter markets, with TV advertising revenues up 21.3% in the quarter; furthermore, registered interest in our 2021-22 TV upfront sales presentations has also been extremely encouraging, which will help our fourth quarter revenue performance. Demand for our digital products remains high, with digital revenues up by 147.9% for the quarter and Adjusted EBITDA up by over $6 million; a significant help to our top and bottom-line growth. For Q3, our core radio business excluding political is currently pacing up by over 40%, and we are comfortable increasing our FY21 Adjusted EBITDA guidance to mid-$130 million, excluding casino chase costs. During the quarter we completed the second tranche of our Class A ATM share sale program, which yielded $21.2 million net of fees. This cash influx further strengthened our balance sheet, and we ended the quarter with $129.8 million of cash on hand, which is a healthy place to be ahead of the exciting new investment opportunity in the One Casino & Resort in Richmond, Virginia.”
Ralph Nader is This Week’s Guest on Harrison Podcast. Legendary consumer advocate, political activist, prolific author, Pacifica radio talk show host and five-time presidential candidate Ralph Nader is this week’s guest on the award-winning PodcastOne series, “The Michael Harrison Interview.” Harrison and Nader engage in a fascinating discussion about “left/right political thinking” in America as well as social and business changes influenced by advancements in technology, plus more. Nader says working class Democrats and Republicans alike have far more in common than they have differences and that unbridled corporatism is the true enemy of the poor and working class regardless of race or political ideology. To listen to the podcast in its entirety, please click here.
NAB Announces 2021 Marconi Finalists. The finalists for the 2021 Marconi Awards have been announced. The news/talk Station of the Year finalists are: WSB-AM, Atlanta; WTOP-FM, Washington; KSSZ-FM, Columbia, Missouri; WLW-AM, Cincinnati; and KNX-AM, Los Angeles. (NAB lumps all-news and news/talk stations into the same category.) WSB-AM, Atlanta is also up for Legendary Station of the Year. Talk radio hosts making the finals include, for Major Market Personality of the Year, George Dunham, Craig Miller, and Gordon Keith from sports talk KTCK-AM, Dallas “The Ticket.” In the Large Market Personality of the Year category, finalists include: WFLA-AM, Tampa’s Jack Harris; WBAL-AM, Baltimore’s C4 and Bryan Nehman; WHPT-FM, Tampa’s Mike Calta; and WWTN-FM, Nashville’s Dan Mandis. Medium Market Personality of the Year category finalists include: KRMG-FM, Tulsa’s Dan Potter; KIDO-AM, Boise’s Kevin Miller; KYKX-FM, Tyler, Texas’ Harlen the Sports Guy and Pigskin Bob; and WHO-AM, Des Moines’ Simon Conway. See all the finalists here.
TALKERS News Notes. Next Tuesday (8/10), McVay Media’s Mike McVay is joining Loyd Ford from Rainmaker Pathway Consulting Works, LLC for “The Radio State Of The Union Live Event” on The Encouragers on Clubhouse. It’s being billed as “a frank discussion about employment, job search, career management, corporate & local radio and the future” and takes place at 7:00 pm ET. Ford says, “We have been discussing the people we love in this business, the talent. This is a unique time in our history. If you are on the talent side of the business, it takes some skill to navigate your way through what is happening. I reached out to Mike because he really does have such deep experience and knows radio as a talent, a consultant and someone who ran programming for one of the largest broadcasters in the country. Plus, he’s willing (like I am) to be candid. This will be a conversation with red meat and a lot of helpful hacks to get ahead, stay balanced and help others.”…..Legendary WGN-AM and WGN-TV sports producer Jack “Rosey” Rosenberg will be recognized by the City of Chicago with an honorary street sign. The southeast corner of E. Illinois Street and Cityfront Plaza Drive will double as “Jack Rosenberg Way.” Rosenberg’s career at WGN began in 1954 where he was a producer, news writer, and sports editor and worked with celebrated sports voices including Jack Brickhouse, Harry Caray, Vince Lloyd, Lou Boudreau, and others. WGN says, “Rosey was a pioneer in modern sports production and broadcasting and is credited with its development. While Rosey himself was rarely heard on-air, the sound of his typewriter clacking in the background was unmistakable.” Rosenberg died December 26, 2020 at the age of 94…..Futuri announces the launch of AdMatic, “a revolutionary system that helps podcast platforms and creators make their content more discoverable and monetizable using advanced metadata sorting and deployment.” Futuri CEO Daniel Anstandig adds, “Two million podcasts all have the same problem: poor metadata sorting that leads to mismatched recommendations for listeners and ineffective advertising for businesses. AdMatic solves this by using Futuri’s AI-driven technology to individually categorize podcast episodes and align with the businesses and products that best match on a case-by-case basis, rather than the hopelessly broad one-size-fits-all approach we currently see in the market.”
COVID-19 Delta Variant/Outbreaks & Mask Policies, Eviction Moratorium, Cuomo Allegations-Impeachment Possibility, Infrastructure Bill, January 6 Investigation, the Tokyo Olympic Games, and California Wildfires Among Top News/Talk Stories Yesterday (8/4). The fast-rising number of COVID-19 Delta variant cases in numerous U.S. states, governors under fire and mask policies; President Joe Biden’s moratorium on evictions; the allegations of sexual impropriety against New York Governor Andrew Cuomo and the possibility of his being impeached; the bi-partisan $1 trillion infrastructure bill; the investigation into the January 6 Capitol attack; the Tokyo Olympics; and the California wildfires were some of the most-talked-about stories on news/talk radio yesterday, according to ongoing research from TALKERS magazine.