Tag: "2020 guidance"
More Radio Company Furloughs and Job Cuts: Beasley Media Group, Townsquare Media, and JVC Media. Seeing their advertising revenue hit drastically by the COVID-19 pandemic, more radio companies are taking the desperate measures of cutting jobs and instituting furloughs. Beasley Media Group just announced that it has eliminated 67 positions within the company, it has furloughed almost 20 staffers and is cutting full-time hours for the rest of its employees from 40 hours to 36 hours per week. CEO Caroline Beasley is taking a 20% pay cut. The company states, “These are very difficult decisions. We are confident that the steps we take today will allow us to continue to serve our clients, communities and ensure our company will emerge stronger once the crisis abates.” Townsquare Media is reporting that is has cut 65 positions – 26 of those at the corporate level. CEO Bill Wilson and other corporate officers are taking a 10% pay cut. The company is also warning that other measures will need to be taken if the effects of the pandemic continue to affect its business. Long Island-based JVC Media is furloughing an unspecified number of staffers and hopes to be able to call them back to work when the crisis abates. JVC CEO John Caracciolo has eliminated his own position as paid CEO and will operate his company on a voluntary, unpaid basis.
Tra Thomas Exits WPEN-FM, Philadelphia. Former Philadelphia Eagles offensive lineman Tra Thomas announced via Twitter yesterday (3/31) that he’s one of the victims of cuts being made by Beasley Media Group. Thomas was co-host of the morning show at sports talk WPEN-FM, Philadelphia “The Fanatic” alongside Marc Farzetta. He tweeted, “Welp guys it’s been real! I was just notified that due to cutbacks, I’ve been released from @975Mornings. I want to thank @MarcFarzetta @jelynchjr @BobCooney76 and @samwils18 and our listeners for an amazing ride. I’ll see you guys on the other SIDE, SIDe, SIde, side.”
Entercom Backs Off 2020 Guidance. Not surprisingly, Entercom Communications follows several other media companies in filing with the Securities Exchange Commission to withdraw its 2020 guidance as a result of the coronavirus pandemic At the same time, the company reports that it is drawing $96.5 million in cash from a revolver loan that is in addition to the $50 million that it drew earlier in March and marks “substantially all” of the cash available in the revolver. The company says, “The amounts drawn under the revolver were borrowed as a precautionary measure to preserve financial flexibility and may be used for working capital, general corporate or other purposes as permitted by the Credit Facility.” Entercom reports it currently has $180 million in cash on hand.
TALKERS News Notes. WOR, New York news anchor and reporter Alice Stockton-Rossini is one of the focal points of a Philadelphia Inquirer story about a party thrown for her mother’s 90th birthday and the fallout from that get-together after two guests later died from the coronavirus, including her mother’s best friend. Stockton-Rossini was in New Rochelle, New York in early March, reporting on the containment zone. But she was also planning her mother’s party later that week. Now, she wonders, “did I bring this down there?” Read the piece here…..According to its own research, iHeartMedia says that new statistics “provide insight into how Americans are consuming a vast array of podcasts as they stay home and practice social distancing during the COVID-19 pandemic. In addition to seeing increased podcast listenership, especially in markets with stay-at-home orders, Americans are specifically turning to podcasts covering business, finance, education and entertainment, including shows from several leading iHeartRadio personalities – versus true crime podcast listening, which has seen a slight decline.” iHM says that across its more than 350 podcasts, listenership for the iHeartPodcast Network is up 6% month-over-month as more Americans began staying at home. That number is even higher in markets where governors announced shelter-in-place orders, with listening up 13% in California and 8% percent in New York state in just one week…..Bonneville reports that in the Seattle market where it operates the digital news destination MyNorthwest in conjunction with its radio stations – including news/talk KIRO-FM – MyNorthwest saw a more than 200% increase in user growth during the month of March. Director of digital Tina Sorensen says, “With such a large audience trusting Bonneville Seattle, our social engagement team and the MyNorthwest team have demonstrated their dedication and determination to provide our users with what they need during this unprecedented time.”…..SiriusXM launches “She’s So Funny,” a new hand-curated, full-time comedy channel showcasing a spectrum of female comedic talent. The channel features artists such as: Tiffany Haddish, Amy Schumer, Wanda Sykes, Tig Notaro, Maria Bamford, Whoopi Goldberg, Ali Wong, Kathleen Madigan, as well as legends such as Joan Rivers, Lily Tomlin, and Moms Mabley.
Coronavirus Cases and Deaths Data, Trump’s Tuesday Evening Press Conference, Financial Markets Activity, Churches Violating Social Distancing Directives/Constitutional Rights Debate, Stimulus Package, Recession Fears, and the Presidential Race Among Top News/ Talk Stories Yesterday (3/31). The growing number of U.S. cases of COVID-19 and the death toll; President Trump’s two-hour, Tuesday evening press conference addressing the pandemic; the world’s financial markets again turn bearish; the church pastors in several communities refusing to suspend in-person services and the related debate over constitutional rights; the stimulus package enacted in the U.S.; economists’ fears about a severe recession as a result of the coronavirus; and the presidential race were some of the most-talked-about stories on news/talk radio yesterday, according to ongoing research from TALKERS magazine.
Music Radio News and Career Moves. In New Orleans, iHeartMedia brings Bailey Coleman south from the company’s Milwaukee station group to serve as the new VP of programming for the eight-station NOLA cluster. Coleman has been serving as program director and air personality at urban contemporary WKKV, Milwaukee “V100.7” as well as on iHeartMedia’s innovation team that uses technology to create community-based multi-platform listening experiences. Coleman assumes the position recently held by Uptown Angela Watson-Charles, who was elevated to an executive vice president of programming role within the company’s new Community Division…..Entravision Communications debuts its new CHR KKPS, Brownsville-McAllen-Harlingen, Texas “Fuego 99.5 FM Hot Hits.” The station will feature core artists such as: Cardi B, Ozuna, Billie Eilish, Daddy Yankee, and Bad Bunny. DJ Marky Mark will host the afternoon drive show from 2:00 pm to 7:00 pm. Entravision VP of Audio Nestor Rocha comments, “We are thrilled to heat up the South Texas music scene on Fuego 99.5 FM with the hottest and newest talent across the board. DJ Marky Mark has a huge presence in the Rio Grande Valley region, and we’re excited to have him anchor our new station. This is another great opportunity for us to connect and relate to our audience with the music they want.”