Bloomberg: Audacy Gambled on CBS Radio Merger
A piece at Bloomberg by Ashley Carman looks at the $1.5 billion 2017 merger of Audacy (formerly Entercom) and CBS Radio and concludes that the deal has been a back-breaker for the company as Carman writes, “Now, six years later, Audacy is struggling under the weight of $1.92 billion in debt and shriveling demand for radio advertising, an industrywide plague.” The piece goes beyond just Audacy’s
financial struggles and looks more broadly at how radio as a legacy medium is facing “the same headwinds as other traditional media.” Carman adds, “Stations are losing their grip on younger audiences, and advertisers are tuning out. Fresh sources of revenue, like podcasts and streaming audio, are going to new contenders such as Spotify Technology SA or just failing to make up for the lost radio ad dollars.” The U.S. radio business has always touted its reach, but according to Lauren Russo, EVP at ad buyer Horizon Media, broadcast radio faces real problems. “The broadcast marketplace is extremely soft for ’23 and similarly for ’24. The overall audio ecosystem continues to grow from a streaming and podcasting perspective, but at the expense of broadcasts.” Read the Bloomberg piece here.
Simulcasting on 98.7 HD-2, iHeartMedia Washington, DC launches “Freedom 104.7 – DC’s Real News. Real Talk.” Senior vice president of programming Jeff Kapugi states, “We are excited to welcome a number of best-in-class personalities to ‘Freedom 104.7.’ We are confident [the station] will quickly become a favorite destination for DMV talk radio listeners.” Premiere Networks executive vice president of affiliate sales Peter Tripi adds, “We’re thrilled to have our industry-leading talk lineup join ‘Freedom 104.7 & 98.7 HD-2.’ These stellar talents will provide entertaining, unique and insightful views on the latest news, politics and events that Washington, DC listeners are looking for.” The station’s weekday lineup includes: “America’s First News” (6:00 am – 9:00 am); Glenn Beck (9:00 am – 12:00 noon); Clay Travis & Buck Sexton (12:00 noon – 3:00 pm); Sean Hannity (3:00 pm – 6:00 pm); Jesse Kelly (6:00 pm – 9:00 pm); “Our American Stories” (9:00 pm – 12:00 midnight); “Coast to Coast Early Edition” (12:00 midnight – 1:00 am); and “Coast to Coast AM with George Noory” (1:00 am – 6:00 am). Approximately six months ago (1/5), WWDC-HD2 and 104.7 translator station W284CQ became “iHeart Sports DC”; it was not listed in Nielsen Audio’s May 2023 sweep. Among persons 6+ in that ratings period, American University public radio news/talk WAMU ranks first (11.4); Hubbard all-news WTOP & WTLP “Washington’s Top News” is second (8.0); Cumulus Media news/talk WMAL “105.9 FM – Where Washington Comes To Talk” finishes seventh (4.7); and Audacy business news WDCH “Bloomberg 99.1 FM” ranks #22 (.5).