Tag: "Adjusted EBITDA"
Townsquare Media 2021 Second Quarter Net Revenue Up 45%. The company releases financial data for the second quarter of 2021 and reports net revenue was $107.3 million, an increase of 45% over the same period in 2020. Townsquare Media says it achieved 99.4% of Q2 2019’s net revenue when excluding Live Events net revenue. Total digital revenue growth was up 36% year over year and contributed approximately 47% of the company’s total net revenue in the first six months of 2021. Townsquare CEO Bill Wilson says, “Over the next three years, we expect double-digit digital net revenue growth to continue, fueling the growth of our digital platform from $180 million of revenue (on a trailing twelve-month basis as of June 30, 2021) to $250 million. Most impressively, I am extremely proud to report that Townsquare’s second quarter Adjusted EBITDA of $30.3 million not only exceeded our expectations, our previously stated guidance, and 2019 levels (+1% vs. Q2 2019), but it was also the highest Adjusted EBITDA generated in any single quarter in Townsquare’s history. To accomplish this strong result only one year after the start of the pandemic is a testament to the strength of the Townsquare team, our digital platform and solutions for local businesses, and our careful expense management efforts.” Wilson adds, “As a Digital First Company, our digital revenue and profit growth has accelerated, driving the diversification of our business, total company growth and separation from our local competition. I am incredibly optimistic about Townsquare’s future, and very proud that we are on the path to achieving 2019’s Adjusted EBITDA in 2021, on the verge of a full revenue recovery in 2021, and plan on delivering strong revenue and profit growth in 2022.” Townsquare reports in three segments: Townsquare Interactive – its digital marketing solutions subscription business; Advertising – including broadcast and digital advertising products and solutions; and Live Events – including concerts, expositions and other experiential events. Advertising net revenue for Q2 of this year was $85.9 million, an increase of 50.4% over the same period in 2020. The company also reports net income of $10.1 million compared to the net loss of $28.9 million it posted during the same period a year ago. As of June 30, 2021, Townsquare had a total of $25.1 million of cash and cash equivalents and $550 million of outstanding indebtedness.
Jeff Rickard Named Brand Manager for WEEI, Boston; Ken Laird Promoted to Assistant Brand Manager. Boston sports talk outlet WEEI announces that Jeff Rickard is joining the station as brand manager, effective August 11. Audacy says that in this role, Rickard will oversee content operations for WEEI-FM and the WEEI radio network that spans the New England region. Rickard was most recently PD and morning host at Emmis Communications’ WFNI-AM, Indianapolis. During his career, Rickard spent almost 10 years in Bristol, Connecticut hosting ESPN Radio’s “Gamenight” program and served with Comcast as managing editor and anchor of the Boston-based “Out of Bounds Latenight” show. Rickard has also hosted shows regularly for numerous SiriusXM channels including: NFL Radio, ESPNU, MLB Network Radio, and Mad Dog Sports Radio. He has served as the host of NFL Radio’s “The Sunday Kickoff” during the NFL season for the past five years and is the host of “College Football Overtime” on ESPNU. He says, “Having worked in sports radio for virtually my entire career, I am thrilled to join the team at WEEI. Its rich history is well documented as is the unmatched passion of the Boston sports fan. I’m looking forward to pairing this talented team with fresh, new ideas to both reflect and match that passion.” At the same time, WEEI executive producer Ken Laird is being promoted to assistant brand manager. He’ll continue his role as update anchor and executive producer of the morning drive “Greg Hill Show.”
Ramsey Network Unveils New Podcast, ‘The Fine Print.’ The newest podcast from Ramsey Network is a show that shines a spotlight on the deceptive methods companies, marketers and scammers use to influence money decisions. ‘The Fine Print’ is hosted by Ramsey personality George Kamel and is “a bi-weekly show featuring interviews with experts and industry insiders about the money traps and trends keeping people broke.” Ramsey Solutions CEO and “The Ramsey Show” host Dave Ramsey says, “For 30 years, I’ve heard the pain in people’s voices when they call into the radio show because of a money trap that’s left them in a world of hurt. What if we could prevent that pain by empowering people to avoid the trap in the first place? That’s what ‘The Fine Print’ does. George educates listeners to recognize and steer clear of money minefields so they can be the heroes of their own stories.” Episodes of the podcast include: How TurboTax Is Screwing You; Could Bitcoin Be Your Ticket To Wealth?; The True Cost of Credit Card Rewards; The Dirty Truth Behind Your Credit Score; and How the Robinhood App Steals from the Rich AND the Poor. Find out more here.
LiveXLive and PodcastOne Announces Podcast Competition. This competition is called “Self Made Podcast Edition” and is “an audio competition to find the next big podcast star for PodcastOne.” The company says the competition will be driven by fans and PodcastOne’s panel of judges, as they listen to see who will take the top prize, a podcasting contract with PodcastOne and a total package worth over $100,000 including promotion across the network which features a roster of celebrity podcasters, including Adam Carolla, Kaitlyn Bristowe, Barbara Schroeder, Michael Irvin, and Jordan Harbinger.” The contest kicks off today (8/3) and is open to amateur podcasters only. The winner of “Self Made Podcast Edition” will be crowned on September 30, 2021 – International Podcast Day. PodcastOne president Kit Gray says, “There are so many wonderfully creative and innovative podcasters out there. We’re excited to be able to offer someone the opportunity to make their dreams of becoming a self-made podcast host come true.” Learn more here.
SiriusXM to Unveil Lucille Ball’s ‘Lost’ Radio Show on New Channel. The legendary comedienne is the star of the new SiriusXM channel called, “Let’s Talk to Lucy,” named after her 1960s CBS Radio program. SiriusXM says, “In between starring in four television series and more than 70 films, Lucy would frequently jump from set to set, tape recorder in hand, and talk about all aspects of life with some of the biggest names in Hollywood history, including Bing Crosby, Bob Hope, Dean Martin, Carol Burnett, Frank Sinatra, Barbra Streisand, and dozens more. These recordings eventually made it onto air when CBS Radio broadcast them as ‘Let’s Talk to Lucy’ from 1964-1965. However, for the last 50-plus years they’ve never been heard publicly again – until now.” Ball’s daughter Lucy Arnaz says, “Although I have been care-taking these ancient tapes for over 30 years, I had never really listened to them all and had no idea how many remarkable people Mom had talked to on these radio shows. It’s a treasure trove of personal information from some of the greatest talents of American entertainment and my family and I can’t wait to share them with the rest of the planet.”
TALKERS News Notes. Tomorrow evening (8/4), a debate among a number of the candidates running to replace California Governor Gavin Newsom in the September 14 recall election will will take place and Salem Radio Network is distributing the event nationally. It’s taking place from 9:00 pm to 10:30 pm ET at the Richard Nixon Presidential Library and Museum in Yorba Linda, California. SRN host Hugh Hewitt – who serves as president of the Richard Nixon Foundation – will moderate the debate along with panelists Christine Devine and Elex Michaelson of KTTV-TV, Los Angeles “FOX 11 News” and former U.S. National Security Adviser Ambassador Robert C. O’Brien. Special radio coverage will be anchored by KRLA, Los Angeles morning host Jennifer Horn and KRLA news anchor Larry Marino. SRN host and candidate Larry Elder is declining to take part saying his goal is “defeating Gavin Newsom not appearing in a circular firing squad with other Republicans.”…..Westwood One is expanding the role of sports media pro Rich Eisen within the network to include pregame and halftime hosting duties for “Monday Night Football on Westwood One.” The Monday night schedule kicks off on September 13, when the Baltimore Ravens visit the Las Vegas Raiders and concludes on January 3, 2022, when the Cleveland Browns battle the Pittsburgh Steelers. Eisen says, “‘Monday Night Football on Westwood One’ is one of the greatest hosting gigs in broadcasting and I’m honored to have the seat. The fact that I can expand my partnership with Westwood One beyond my daily show and podcast platform by talking even more football thrills me to no end.”…..The application window for programming candidates interested in applying to the “Elevating Women in Audio: MIW & BDSradio Mentorship” is being extended through Tuesday, August 10. The “Elevating Women in Audio: MIW & BDSradio Mentorship” program is a year-long experience for women in music programming, provided by Mentoring and Inspiring Women in Radio and MRC Data (formerly Nielsen Music). Personalized conversations with the best programming minds in the business are geared to help advance a career within the radio/audio industry. Additionally, the mentee receives a scholarship to attend Radio Show 2021 this October in Las Vegas. The mentorship is available to one female brand manager, content/program director, assistant program director, and/or music director from any U.S. based music format. To apply, click here…..The popular finance and investing podcast “Pennies: Going in Raw,” hosted by Hugh Henne and Dan, the Deity of Dips, is now a part of the iHeartPodcast Network. iHeartMedia says, “With more than 2.3 million downloads, the podcast takes an exciting and informative spin on stock market topics like day trading strategies, volume, price targets, penny stocks, accumulation, reverse splits and much more. The show also features a range of guests from young, successful traders to the leaders of multi-billion-dollar companies, such as Netflix co-founder Marc Randolph, and CEO and founder of Hims, Andrew Dudman…..Today through Thursday, WHO, Des Moines afternoon drive talk host Simon Conway (left) is pulling double duty as he fills in for Joe “Pags” Pagliarulo (right) on his Compass Media Networks nationally syndicated program. Conway’s WHO show is also heard on iHeartMedia’s WMT, Cedar Rapids and WOC, Davenport, Iowa…..iHeartMedia Pittsburgh’s Steelers Radio Network announces changes to its broadcast team. As part of the changes, Craig Wolfley, a former Steelers offensive lineman who has served as a sideline analyst on the Steelers game day broadcast since 2002, will join play-by-play announcer Bill Hillgrove in the broadcast booth as color analyst. Wolfley takes over for Tunch Ilkin, who retired after 23 seasons in the booth. Former Steelers offensive lineman Max Starks is joining Missi Matthews for sideline reports. He recently served as a sideline reporter for Westwood One. Starks will also join Wolfley as co-host of “In The Locker Room, Presented By Neighborhood Ford Store,” a daily, in-season radio program airing on Steelers Nation Radio.
COVID-19 Delta Variant and Masks, Eviction Ban Expires, January 6 Investigation, Voting Rights, Southern Border Policy, Infrastructure Bill, and Olympics Among Top News/Talk Stories Yesterday (8/2). The rising rate of COVID-19 Delta variant cases in the U.S. and abroad and the issue of mask mandates; the White House puts the onus on states as the federal ban on evictions expires; the investigation into the January 6 Capitol attack and the suicide of Capitol police officer Kyle DeFreytag; today’s planned DC rally supporting the For the People voting rights bill; the Biden administration continues the Trump administration policy of deporting illegal migrants; the $1 trillion bi-partisan infrastructure bill; and Simone Biles returns to the Olympics to win bronze in the balance beam were some of the most-talked-about stories on news/talk radio yesterday, according to ongoing research from TALKERS magazine.
NOW POSTED: This Weekend’s Installment of “The Michael Harrison Wrap: An Overview of the National Conversation.” The latest installment of the vibrant, 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 magazine, is now posted. This new episode titled, “Feeding an Environment of Fear,” looks back at this past week of February 22-26, 2021. The program features guests (in order of appearance): Kevin Casey, executive editor, TALKERS magazine; Gary Sutton, talk show host, WSBA, York, PA; Dr. Daliah Wachs, talk show host, Genesis Communications Network / medical physician; Dr. Renee Kohanski, podcaster, Clinical Correlation, Medscape‘s MDEdge Psychcast / forensic psychiatrist; Rush Limbaugh, late talk radio icon; and Richard Neer, talk show host, WFAN, New York. The show airs each week on its flagship, WONK-FM, Washington, DC, Friday evenings at 6:00 pm ET. It also airs throughout the weekend on WTIC, Hartford; KSCO, Santa Cruz, CA; KDFD (“Freedom 93.7”), Denver; KFNX, Phoenix; WVLY, Wheeling, WV; WTRW-FM, Scranton/Wilkes Barre, PA; WVOX, Westchester, NY; KBDT, Dallas; KQSP, Minneapolis; KBKW, Aberdeen, WA; WGDJ, Albany, NY; WJFN-FM, Richmond, VA; WZFG, Fargo; KTGO, Tioga, ND; KWAM, Memphis; K-NEWS, San Luis Obispo; WGMD, Rehoboth Beach, MD; WCHM, Clarkesville, GA; WPHM, Port Huron, MI; KSYL, Alexandria, LA; KTOE, Mankato, MN; WCED (“Connect FM”), DuBois, PA; K-NEWS 101.3, Owensboro, KY; WWTK, Sebring, FL; WIZM-AM/FM, La Crosse, WI; WMVA, Martinsville, VA; the Virginia Talk Radio Network; CRN Digital Talk Radio Network; the iHeart Podcast Network; Pioneer Valley Radio, Springfield, MA; Podcast Radio, UK and many more. To listen to this week’s episode, please click here. To view the latest TALKERS magazine topic research, please click here. “The Michael Harrison Wrap” is now 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 2020 Q4 Revenue Down 8.8%; Full Year Revenue Declines 20%. Reporting its financial data for the fourth quarter and for the full year of 2020, iHeartMedia fares a little better than its two major competitors (based on the number of radio stations owned) Cumulus Media and Entercom Communications. Fourth quarter revenue was $935.5 million, a decline of 8.8% from the same period in 2019. For the full year, revenue was $2.9 billion, down 20% from the full year 2019. Although the company reports net income of $2.9 million in Q4 2020, that’s down 95% from the $62.1 million net income reported in Q4 of 2019. For the full year 2020, iHeartMedia reports a net loss of $1.9 billion. It reported net income of $11.2 billion in 2019. iHeartMedia says that strong sequential improvement is continuing since the height of the pandemic in the spring of 2020. It also reports that digital revenue increased 26% year-over-year, including a 91% increase in podcasting revenue. Company chairman and CEO Bob Pittman says, “We are pleased that the company continues its steady recovery from the COVID-19 downturn – and it’s particularly rewarding to see the impressive performance from our areas of strategic investment, like podcasting, SmartAudio, digital, and Ad Tech. In addition, with our new reportable segments, we will be able to provide additional insights into both our largest segment and our fastest-growing segment, and help highlight the key metrics and impressive performance of each.” iHeartMedia COO and CFO Rich Bressler adds, “Our swift response to the COVID pandemic and our diligent management of expenses throughout the year enabled us to successfully achieve approximately $250 million of savings in 2020. This cost management enhanced our operating leverage and helped us to achieve adjusted EBITDA of $265 million in the fourth quarter, which was an improvement of 64% over the third quarter. The continued sequential improvement of our revenue, adjusted EBITDA and free cash flow over the past three quarters has us well positioned for continued recovery into 2021, and our commitment to make the majority of the $200 million of COVID-19 related savings permanent will further enhance the company’s operating leverage as revenue recovers.”
iHeartMedia Unveils New Business Operating Structure. Saying that this new structure reflects the “increasing size and importance” of its digital businesses, iHeartMedia announces that its two divisions – the Digital Audio Group and the Multiplatform Group – will publicly report their financial data separately and will have dedicated management. The iHeartMedia Digital Audio Group includes the iHeartRadio digital service and its podcasting business while the iHeartMedia Multiplatform Group includes its broadcast radio assets. The company says that as of the fourth quarter of 2020, the Digital Audio Group encompassed almost 20% of the company’s consolidated revenue and 23% of its earnings, and during that quarter grew revenue by 53% year-over-year and Adjusted EBITDA by 74% year-over-year. The company expects the Digital Audio Group will continue to grow as an increasing proportion of its business in the future. It adds that separate reporting of these two operating segments will provide “improved visibility into the underlying performances, results and margin profiles of these distinct audio-driven businesses.” Here’s how it breaks down: The iHeartMedia Digital Audio Group includes the podcasting business; the iHeartRadio digital service; the company’s digital sites, newsletters, digital services and programs; and its digital advertising technology companies, including Jelli, RadioJar, Unified and Voxnest, and will also include the recently-announced Triton Digital upon completion of the acquisition. Leading the division will be Conal Byrne as CEO and Darren Davis as COO, with Carter Brokaw serving as the president of digital revenue and Jessica Jerrick as EVP of digital distribution and platform partnerships. Meanwhile, iHeartMedia Multiplatform Group – representing almost 75% of the company’s revenue – includes the 860-plus radio stations in 160 markets; the company’s live and virtual events business; and its national sales organization (which will use iHeartMedia’s full array of products, from broadcast radio and events to its SmartAudio suite of data targeting and attribution products, which allows informed digital-like planning against targeted audiences with the benefit of broadcast scale and impact, as well as using all of the products from the iHeartMedia Digital Audio Group). Premiere Networks, which includes the Total Traffic and Weather Network; and BIN: Black Information Network, will also join this group. Leading the iHeartMedia Multiplatform Group will be Greg Ashlock as CEO and Tim Castelli as chief revenue officer. Julie Talbott joins this group as president of Premiere Networks; Hartley Adkins becomes president of the Markets Group; Jeff Howard remains president of national sales and Tony Coles as president of BIN: Black Information Network. Bob Pittman says, “These new reportable segments will enable us to strengthen the mission and tighten the focus of both the iHeart Digital Audio Group and the iHeart Multiplatform Group, while accelerating our ability to deliver industry-leading products and services to our listeners and advertising partners across all of our platforms. Creating these two business reportable segments will allow us to provide the investment community with increased visibility into the financial results of each segment – enabling them to better appreciate the strong growth and success of our digital businesses, including our industry-leading podcast business, as well as the continued strength of our broadcast radio and marquee events businesses.”
Entercom Announces New Programming Leadership Structure. This enhancement of Entercom’s programming leadership structure for its central programming team leaves Pat Paxton in his current position as chief programming officer. He says, “This enhanced leadership team will supplement our premium content offering throughout our portfolio and ensure we have the premier collection of personalities engaging deeply with our audiences nationwide. It will also allow us to best integrate the innovation of new products and content so we are continuously growing the impact and reach of our offering and super serving our 170 million listeners each month.” In this new structure EVP of programming Jeff Sottolano continues to manage Entercom’s sports, all-news, and news/talk brands. He is also being charged with growing Entercom’s content insights and analytics capabilities and overseeing its network and syndicated content development. Dave Richards joins the central programming leadership team as senior vice president of programming, rising from his SVP of programming of KISW, Seattle for the last 19 years and having developed programs like “The Men’s Room” and concepts like KISW’s annual “Live Day.” In his new role, Richards will be responsible for original content ideation, talent development, and coaching. He’ll spearhead Entercom’s efforts to support its expanding business portfolio, which includes RADIO.COM, Cadence13, and Pineapple Street Studios, through the generation of cross-platform content. Michael Martin continues to serve as SVP of programming and music initiatives and oversees Entercom’s relationships with artists, management, and record labels and lead its efforts to collaborate with the artist community on event, digital, and social opportunities. The company also announces the following members of its executive committee, who will collaborate to develop and oversee programming strategy across the company: Pat Paxton; Jeff Sottolano; Michael Martin; Dave Richards; Pam Russo, SVP and general manager, RADIO.COM; Bill Smee, VP of news; Matt Volk, VP of sports; Nikki Nite, VP of programming and brand manager, Entercom Austin; and Reggie Rouse, urban format captain, Entercom, and brand manager, Entercom Atlanta.
Round Three of January 2021 PPM Data Released. The third of four rounds of ratings information from Nielsen Audio’s PPM survey has been released for 12 markets including: Portland, Charlotte, San Antonio, Sacramento, Pittsburgh, Salt Lake City, Las Vegas, Orlando, Cincinnati, Cleveland, Kansas City, and Columbus. The January 2021 survey covered January 7 – February 3. TALKERS magazine managing editor Mike Kinosian presents his Ratings Takeaways from this round of markets. Alpha Media’s news/talk KXL-FM, Portland jumps from the #6 rank to #3 on the strength of 1.4 share increase that helped it finish the January survey with a 6.2 share. Urban One’s news/talk WBT-AM/FM, Charlotte tacks on 1.6 shares for a 6.6 share finish and a jump from #5 to #3. iHeartMedia’s news/talk KFBK, Sacramento regains the #1 rank after adding 2.4 share to wrap the survey with a 10.2 share. In Salt Lake City, iHeartMedia’s news/talk KNRS-FM also claims the #1 rank after adding 1.9 shares to post a 7.9 share. See Mike Kinosian’s complete report for this round or markets (as well as his Takeaways from the first two rounds) here.
TALKERS News Notes. As reported by Chicago media writer Robert Feder, WGN-AM, Chicago is honoring the memory of former morning drive host Bob Collins, who would have been 79 on Sunday (2/28). Collins died in a small plane collision in 2000. On today’s Bob Sirott morning show, staffers WGN toasted Collins this morning (2/26) at 7:48 and, according to tradition, poured from the bottle of Jack Daniel’s found in Collins’s office. Also on the air with Sirott today were retired WGN morning host Spike O’Dell (who succeeded Collins) and retired agribusiness reporter Orion Samuelson.…..The nationally syndicated “Dan Bongino Show” hits the 100 affiliate station mark a year after its launch. Cumulus Media’s Westwood One says that – in addition to being heard on stations like KABC-AM, Los Angeles; KSFO-AM, San Francisco; and KSEV-AM, Houston – from the November election through February 22, the Dan Bongino Show podcast “boasted more than 51 million downloads on Apple, Spotify and other major platforms, rising 27% during that period.” Bongino says, “Growing up a fan of conservative talk radio makes this moment extra special for me. To be able to reach people across the country with a strong pro-liberty, pro-freedom message is the honor of a lifetime. Special thanks as well to the affiliates partnering with us in this venture.”…..A new sports radio imaging service called Game Plan is being offered to stations from SPLAT! and is syndicated by Sun Broadcast Group. SPLAT! says GAME PLAN is “a new kind of sports radio imaging service, designed specifically to sharpen the competitive edge of local stations, while simultaneously complementing the power of network sports brands. With GAME PLAN, a local station’s imaging sounds just as bold and powerful as their network imaging, maybe even better.”…..Entercom and Major League Baseball’s Pittsburgh Pirates announce a multiyear radio broadcast contract extension for sports talk KDKA-FM “93.7 The Fan” to continue to serve as the Pirates’ flagship radio station. Under the terms of the new deal, all Pirates weekday afternoon games will air on “93.7 The Fan” and sister news/talk KDKA-AM/W261AX.
COVID-19 Stats, Vaccines and Variants Top News/Talk Story for Week of February 22-26, 2021. The falling number of COVID-19 cases in the U.S., the rollout of vaccines and the concern about variants creating another wave of cases combined as the most-talked-about story on news/talk radio this week and landing atop the Talkers TenTM. At #2 this week was the state of the U.S. economy tied with the education crisis. Following at #3 was the confirmation hearings for Joe Biden’s nominees for attorney general, interior secretary, and White House budget office, tied with Donald Trump’s planned speech at CPAC on Sunday. 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.