Tag: "Borrowed Future"
Pending Business: Howdy Partner. Radio sales pro Steve Lapa writes today about the strange use of the word “partner” for the advertiser on a radio program. Lapa says, “Do our advertisers (customers) really want a partnership in the true sense of the word? Or do our advertisers want what everyone else wants: maximum value at the best price?” Aside from the inaccurate nomenclature, Lapa wonders if the “partner” designation affects the sales effort. Read his column here.
Monday Memo: “Gas cards? OR…Bitcoin?” “Imagine asking a contest winner to choose THAT?” consultant Holland Cooke asks. In this week’s column, he recalls “when radio stunts were fun,” and how a contest “will sound as big as you make it sound.” Read more here.
Audacy First Quarter Net Revenue Up 14%. For the first quarter of 2022, Audacy reports net revenue of $275.3 million, an increase of 14% over the same period in 2021. The company also saw its net loss shrink from $21.6 million in the first quarter of 2021 to $11 million in Q 1 of this year. Audacy provides financial data by segment and reports that spot revenue (national and local) was $173.9 million, while its digital segment (including podcasting) rose 16% to $53 million from the $41.6 million reported in the first quarter of 2021. Audacy also breaks down net revenue by format type and reports music radio revenue was $140.4 million; sports radio revenue was $53 million; and all-news & news/talk revenue was $48.3 million. Audacy president and CEO David Field comments, “I am pleased to report that Audacy posted strong first quarter results, delivering 152% growth in Adjusted EBITDA led by double digit revenue growth in both digital and spot radio. With our scaled, leadership position across broadcasting, podcasting and digital audio and our differentiated premium content offerings, we are well positioned to drive rapid evolution and innovation across the organization to capitalize on the outstanding growth opportunities in the dynamic audio marketplace. In Q1, we launched the Audacy Digital Audience Network, an addressable aggregate of 60 million listeners across our app, streaming content, and podcast lineup, enabling precision targeting at scale coupled with real-time optimization and reporting. We are looking forward to a number of exciting additional product and content launches and enhancements over the course of 2022 that will accelerate our audience growth and bolster our advertiser appeal.”
Beasley Broadcast Group Reports Q1 Net Revenue Increase of 15.6%. Reporting its financial data for the first quarter of 2022, Beasley Broadcast Group – parent company of Beasley Media Group – states that net revenue was $55.7 million, an increase of 15.6% over the same period in 2021. The company is also reporting an operating loss of $2.7 million in Q1 compared to an operating loss of $2.5 million in the first quarter of 2021. The increase in operating loss is primarily the result of an increase in operating expenses, which reflects additional cost of sales related to the revenue increase, other expenses related to sports and marketing, and additional expenses related to the company’s digital agency build out. Beasley’s net loss for the quarter fell to $3.7 million compared to the net loss of $10.7 million reported for the same period a year ago. Beasley CEO Caroline Beasley states, “First quarter results highlight ongoing progress toward our goal of returning all of our revenue sources to pre-pandemic levels. Net revenue rose 15.6% inclusive of a 35.5% rise in digital segment revenue, which accounted for 14% of total net revenue in the quarter, marking further success of our digital transformation strategies. Comparing our revenue performance to the first quarter of 2019, revenue was down $2.0 million, or 3.4%, as the 2019 results benefited from events and other revenue that has not fully recovered from the effects of the COVID-19 pandemic. Total outstanding debt as of March 31, 2022 was $300 million, as we did not have any scheduled debt payments during the quarter, and we had $50.7 million of cash and cash equivalents on hand at quarter end. We made an interest payment of approximately $12.9 million in February and repurchased $5 million of our 8.625% senior secured notes at a discount early in the second quarter. Our strong liquidity position enables us to make debt repayments while providing us with increased financial flexibility to pursue a potential acquisition or investment within the digital space, should an opportunity arise that could accelerate our digital growth, provide synergies or improve financial results. Looking ahead to the second quarter and second half of 2022, our focus remains on driving further revenue diversification and audience expansion, improving margins, benefiting from the return of the political cycle, maintaining a strong and flexible balance sheet, reducing net leverage and growing free cash flow. We expect progress on each of these fronts as we continue to close the gap on our pre-pandemic revenue and SOI levels and grow from there. I am extremely proud of our team members across the company for everything they have done and are doing to help us move past the challenges presented by the pandemic. We have clearly accomplished a lot and I believe we have many more opportunities ahead to build the company and enhance stockholder value.”
Ramsey Solutions Wins Webby Award for Borrowed Future Documentary. The documentary film Borrowed Future – produced by Ramsey Solutions – will be recognized as the Best Video Documentary in the Longform category of the 2022 Annual Webby Awards. Known as the “best of the Internet,” the Webby Awards are presented by the International Academy of Digital Arts and Sciences, the leading international awards organization honoring excellence on the Internet. Borrowed Future was originally released as a podcast in 2019 and reveals the inner workings of the predatory student loan industry that keeps borrowers trapped in debt. Directed by David DiCicco, the story follows college graduates who owe between $9,000 and $1 million in student loans, a college graduate who paid cash for college, and a group of high schoolers who haven’t made their choice yet. Leading voices like Mike Rowe, Seth Godin and Dave Ramsey are also featured. For weeks, the film held top spots on multiple streaming platform charts: #1 documentary on Google Play, #2 documentary on Apple TV and #5 documentary (rent or buy category) on Amazon Prime Video. Dave Ramsey says, “There’s no doubt we stirred up a holy ruckus with this documentary, and I’m so proud of the team that put it together. The student loan industry is downright evil. We definitely can’t bank on student loan forgiveness, and it’s about time America said, ‘I’ve had it!’” Webby Awards executive director Claire Graves comments, “Borrowed Future has set the standard for innovation and creativity on the Internet. This award is a testament to the skill, ingenuity, and vision of its creators.” The 26th Annual Webby Awards will take place in New York City on May 16. See more about the film here.
Brandon Tatum Joins Salem Radio Network for Syndicated Radio Program. Conservative media figure and former Tucson police officer Brandon Tatum is joining the Salem Radio Network to fill the slot Larry Elder held until his retirement from radio in early April. He will assume duties as host of the 6:00 pm to 9:00 pm ET program on May 16. The third hour of the program will be repurposed into a podcast. Salem SVP of spoken word Phil Boyce says, “Salem conducted a nationwide search, and some very big names were interested in taking this important slot. Brandon brings a unique talent to Salem, and has a strong following among the nation’s youth, with his involvement with Turning Point USA. His compelling story is riveting.” Tatum has been serving as director of urban outreach for Turning Point USA and hosts the popular program “The Officer Tatum Show” on social media platforms including YouTube. Tatum says, “Words cannot describe what a blessing it is to be a part of the Salem family. I am incredibly humbled and honored to continue the legacy of the great Larry Elder. My mission in life is to serve God with the gifts he has given me. Being the voice of and for the people is one of those gifts.” Additionally, Tatum co-founded Blexit with Candace Owens, an organization “dedicated to changing the narrative in the black community through education, community outreach, and empowerment.” Carl Jackson, who has been subbing as guest host in Elder’s absence both last summer when he ran for governor, and more recently after Elder’s decision to retire from radio, will continue as a regular sub for Tatum.
TALKERS News Notes. Philadelphia sports media legend and Pro Football Hall of Famer Ray Didinger announces he’s retiring from his weekend radio program on Audacy’s WIP, Philadelphia. The station reports that Didinger said on yesterday’s program that he co-hosts with Glen Macnow, “Sunday, May 29th will be my final show. I am ready to transition from Ray Didi to grandpop.” Audacy says Didinger covered the NFL for The Philadelphia Bulletin and The Philadelphia Daily News for over 25 years and in 1995 his name was added to writer’s honor roll in the Pro Football Hall Of Fame. Didinger also worked as a senior producer at NFL Films, as an Eagles TV analyst on NBC Sports Philadelphia…..SiriusXM announces that Jessica Casano-Antonellis joins the company as SVP and head of communications, reporting to chief marketing officer Denise Karkos. In this role, she will be responsible for all aspects of the company’s communications function, including strategic communications, brand reputation management and media relations. Karkos adds, “Jessica is a valued and respected leader who brings a wealth of strategic communications experience in the media, entertainment and technology industries to SiriusXM. She will be an incredible asset to the company and will play a key role as we continue to tell the story of SiriusXM as a leader in audio entertainment.”…..Former KQQZ, St. Louis station owner Bob Romanik – whose self-given nickname was “The Grim Reaper of Radio” – has died at age 72 while in hospice. According to his obit in the Belleville News-Democrat, Romanik served as an East St. Louis police officer and chief of police in both Washington Park and Valmeyer, Illinois during his career. He was a notorious raconteur who liberally used racial epithets on the air and referred to his programming as W.A.R. or White Awareness Radio. In 2020, after attempting to conceal his ownership of KQQZ and failing to show up for FCC hearings on the matter, the Commission permanently dismissed his application for renewal.
The Economy, Roe v Wade, COVID-19, Russia-Ukraine War, Midterms/Trump & the GOP, January 6 Investigation, and Musk & Twitter Among Top News/Talk Stories Over the Weekend. The sinking Dow and NASDAQ, the high price of food & gas, and the ongoing supply chain woes; the reactions to the leaked draft of a Supreme Court decision to reverse Roe v Wade; the rising rate of COVID cases in some parts of the U.S., concerns about new variants, and the ongoing lockdowns in China; Russia’s war in Ukraine and Vladimir Putin’s propaganda; the November midterm elections and Donald Trump’s influence over the GOP; the Justice Department’s investigation into the January 6 Capitol attack; and Elon Musk’s attempt to acquire Twitter were some of the most-talked-about stories on news/talk radio over the weekend, according to ongoing research from TALKERS magazine.
Ramsey Solutions’ Film Borrowed Future Debuts on October 14. The first documentary film from Ramsey Solutions will premiere on digital platforms on October 14. Titled, “Borrowed Future: How Student Loan Debt Is Killing the American Dream,” and produced by Dave Ramsey, it “uncovers the dark side of the student loan industry, exposes how it’s built to work against the 45 million Americans currently in debt for their education, and shows that it’s possible to beat the student loan system.” The film is directed by David DiCicco and features experts such as Seth Godin, Dave Ramsey, Seth Frotman, Kristina Ellis, Dr. John Delony and Anthony ONeal, as well as CEO of the mikeroweWORKS Foundation, Mike Rowe. The main subjects of the documentary are college graduates who owe between $9,000 and $1 million in student loan debt, a debt-free college graduate, and high schoolers who haven’t yet questioned the norm of student loans. DiCicco says, “This film is a warning for kids and teenagers who aren’t victims of the student loan industry yet. I want viewers to walk away from this film with eyes wide open to the true cost of student loans. Teens need to know that they can have the American Dream — they just shouldn’t listen to America on how to get it.” Dave Ramsey adds, “The student loan problem is out of control, and it’s messed up millions of lives. Smart young people got sucked into a false narrative about what success looks like, and it’s left them paralyzed. It’s time to call the student loan industry what it is: an epic failure.” See more about the film here.
Phil Valentine Update: Family Says He Remains in ‘Grave Condition.’ The status of WWTN-FM, Nashville “SuperTalk 99.7” afternoon drive talk host Phil Valentine has not improved as his family provided an update last night (8/16) asking his fans to “pray for a miracle” as he remains in “grave condition.” Valentine contracted COVID-19 in mid-July and initially Valentine told his listeners that while he was pretty sick, he believed he was “on the other side of it.” His family revealed on July 22 that he’d been hospitalized and was eventually put on a ventilator due to his suffering from COVID pneumonia. Although Valentine had expressed concerns over the safety of the vaccines and disagreed with mask mandates, his family says he was never an “anti-vaxxer,” but he does regret not being more “pro-vaccine.” His family is urging his fans to get vaccinated.
Salem Media Group Promotes Jamie Cohen to SVP of Broadcast Digital. Digital media pro Jamie Cohen is promoted to senior vice president, broadcast digital for Salem Media Group. The company says that in his new role he’ll oversee all aspects of the digital operations for Salem’s local and national/network digital efforts. Salem Broadcast Media president David Santrella comments, “Jamie has done a tremendous job building Salem’s digital enterprise for our local stations. Overseeing all aspects of our digital operations, both locally and nationally, will open more channels of opportunity and unify our efforts in reaching our audiences through digital avenues and monetizing our digital assets.” Cohen says, “I’m proud of the progress we’ve made and am bullish on our future. With the emergence of platforms like Salem Now, the Salem Podcast Network and other innovations, our audience has never been bigger. We have an amazing opportunity ahead of us and I can’t think of a better place to be.”
Phil Cianciola to Host Mornings on WOSH-AM, Oshkosh. Radio pro Phil Cianciola is named morning drive host for Cumulus Media’s WOSH-AM, Oshkosh, Wisconsin “NewsTalk 1490,” effective August 23. The station says, “It is important for WOSH that we retain a local voice in mornings and provide a show that will be uniquely Oshkosh. We wanted to find someone who would get what Oshkosh and the Valley are all about and would be able to entertain our listeners while also providing the news and community information that matters most. That’s a lot to ask of someone, but we’re confident that Phil fits our needs perfectly.” During his career Cianciola has served at Milwaukee news/talk outlets WISN and WTMJ. He comments, “I believe in LOCAL radio. The magic of radio is the relationships we build with listeners over the air. It’s all I’ve ever done. I guess you could say radio is in my blood.”
Brian Hauswirth Named News Director at KSSZ-FM, Columbia, Missouri. News pro Brian Hauswirth joins Zimmer Communications to serve as news director for news/talk KSSZ-FM, Columbia, Missouri “93.9 The Eagle.” In this role, he becomes the newest member of the “Wake Up Columbia” morning drive program. Zimmer Communications operations manager Jeremy Washington states, “We’re thrilled to have Brian Hauswirth be part of our Zimmer News Network. Brian shares our vision for excellence in broadcasting and will strongly enhance our award-winning local news coverage in Mid-Missouri.” Hauswirth most recently served with Missourinet where he was a senior capitol reporter, covering the Missouri statehouse in Jefferson City. His radio station experience includes time spent working at KMZU, Carrollton; KTRS, St. Louis; and KRES-KWIX, Moberly. In addition to his new role, Hauswirth will continue his 23rd season as a college football scoreboard host at Learfield, where he handles the updates for five major colleges across the nation, including Mizzou, Alabama, Texas Tech, Purdue, and Wyoming.
Audacy and Urban One Enter into Digital Platform Relationship. A content distribution partnership between Audacy and Urban One will put audio from the latter’s 57 stations in 13 markets onto the Audacy digital platform. Audacy VP of business development Corey Podolsky comments, “This partnership underscores our unwavering commitment to amplifying diverse voices and delivering premier audio content to the communities in which we serve. We’re delighted to unite with a power player in the audio space to expand and enhace our content offering and add dozens of dynamic brands to our library.”
iHeartMedia Launches Progressive Podcast Network Cool Zone Media. The launch of Cool Zone Media will highlight “vital voices often overlooked in today’s rapidly changing political landscape,” according to iHeartMedia. The progressive podcast network is being powered by investigative journalist and podcaster Robert Evans. The company says Cool Zone Media will provide an “in-depth look at topics including climate change, the Capitol insurrection, and uncovering QAnon – offering listeners a place unique from others in the political sphere by melding media and politics with storytelling.” The network debuts with the first episode of the new daily podcast, “It Could Happen Here,” that focuses on climate change and picks up where Evans’ 10-episode weekly podcast by the same name left off. Evans, who is serving as the head of content for Cool Zone Media, will be joined by the iHeartPodcast Network’s executive producer, Sophie Lichterman, who will become Cool Zone Media’s head of creative, to help curate and elevate other vital voices in today’s progressive political landscape for the network.
TALKERS News Notes. Canton radio stations WHBC-AM “News/Talk 1480” and WHBC-FM “Mix 94.1” wrapped their 14th Annual Aultcare Wish-a-thon to benefit Wishes Can Happen on Friday August 13 and the Alpha Media outlets helped raise a record $334,928. The charity grants wishes to children with severe and terminal illnesses in Northeast Ohio. The record number was an increase of almost $145,000 over last year’s event, thanks in large part to the many businesses, individuals and foundations who stepped up…..PodcastOne announces it has secured the exclusive sales and distribution rights for B-Real’s “Dr. Greenthumb” podcast and the sales rights to the show in its vodcast form. “Dr. Greenthumb” launched in January of 2020 as a program dedicated to all things entertainment, music, and cannabis and now has more than 300 recorded episodes to date that include guests such as Tommy Chong, George Lopez, Tony Hawk, Matt Barnes, John Sally and Ricky Williams. B-Real says, “PodcastOne has set the bar for what podcasts have become. With their amazing roster of shows, best-in-class distribution and advertising approach, there is no other platform for the ‘Dr. Greenthumb’ podcast. I am excited to partner with Norm Pattiz and the PodcastOne family.”…..Pictured below are staffers from the Audacy Greenville-Spartanburg, South Carolina operations celebrating their honors from the 2021 State Television and Radio (STAR) Awards presented by the South Carolina Broadcasters Association. News/talk WYRD-FM “106.3 WORD” was honored with four STAR Awards including: Radio Station of the Year, Radio Personality of the Year (Tara Servatius), Best News Talk Show (Tara Servatius), and Production PSA.
Benztown West Coast Commercial Production Director Jeff Kelly Dies at 50. The company announces the untimely death of Jeff Kelly, who had joined Benztown in January as West Coast Commercial Production Director. Kelly passed away unexpectedly on August 13 at the age of 50. He and his fiancé had recently moved to L.A. to work with the Benztown team in its Glendale studios. Benztown president Dave “Chachi” Denes says, “We are deeply saddened we were not able to spend more time with Jeff and we will miss him very much. Jeff was incredibly energized and excited about working for Benztown and his recent move to L.A. from Albuquerque, and his positive attitude and tremendous talents were inspiring. His production, writing and VO skills were among the very best in the business and I am incredibly grateful for his contributions to our company, the Commercial Production Department and YamanAir.”
Biden on Taliban in Afghanistan, COVID-19 Stats & Mandates, New Trump Book, Western Drought/Wildfires, and Newsom Recall Among Top News/Talk Stories Yesterday (8/16). President Joe Biden defends his Afghanistan pullout amidst the Taliban’s resurgence and the social chaos; the rate of COVID-19 cases in the U.S., the rate of vaccination, and mask mandates for schoolchildren; the new book from Bob Woodward and Robert Costa titled, Peril, that chronicles the final days of the Donald Trump administration; the drought and wildfires plaguing the U.S. West; and the recall election of California Governor Gavin Newsom heats up were some of the most-talked-about stories on news/talk radio yesterday, according to ongoing research from TALKERS magazine.