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Cumulus Media’s Q3 Financial Report Reveals Net Revenue Down 30.1%. Reporting its earnings for the third quarter of 2020, Cumulus Media says net revenue was $196.4 million, a decrease of 30.1% from the same period in 2019. The company also reports a net loss of $15.8 million compared to the $16.3 net income reported for the third quarter of 2019. Same station net revenue was $196.4 million, a decrease of 29.4% from Q3 of 2019. Cumulus Media president and CEO Mary Berner says, “In the third quarter, the company continued to focus on maximizing revenue performance, executing meaningful expense reductions, protecting cash through efficient working capital management and strengthening our balance sheet. Despite the extraordinary challenges of operating through a pandemic, we have reduced debt by $269 million and increased cash by $316 million since emerging from bankruptcy in 2018 (a net debt reduction of more than $585 million or 46%.) We believe that these actions, along with record-setting political revenues, will allow us to navigate through and emerge from the COVID-19 crisis with considerable ability to support our growth initiatives and capitalize on strategic and operating opportunities in 2021 and beyond.”
Bakersfield Talk Radio Personality Inga Barks Dies. According to a report by KERO-TV, Bakersfield, former market talk radio personality Inga Barks has died unexpectedly at age 53. At this point details are few, but it appears Barks passed away on November 4. KERO-TV quotes Barks’ friend Cindy Andrews – who worked with Barks at American General Media news/talk outlet KERN-AM – saying, “I am deeply saddened over the death of my former coworker and friend, Inga Barks. Not only was she a talented talk show host, but she was also very devoted to her family. We shared many laughs and unique experiences as female broadcasters for American General Media. She will be missed by many.” You can see KERO-TV’s report that includes tributes from former co-workers – including KMJ, Fresno’s Blake Taylor – here.
WTIC-AM, Hartford Morning Co-Host Joe D’Ambrosio to Leave Station in June. According to an account in the Hartford Courant, WTIC-AM, Hartford morning drive co-host Joe D’Ambrosio says he’s frustrated with his “inability to speak his mind on the air and will leave his position when his contract expires in June.” The paper reports that D’Ambrosio told co-host Ray Dunaway, “At this radio station at this time, I’m not allowed to let my opinions be known. I’ve told management, when my contract is up in June, my time with WTIC will be over.” It’s not clear if D’Ambrosio is upset with a directive from management or just with the general tenor of host and caller opinions. Reporter Susan Dunne says that when reached later, D’Ambrosio declined to elaborate on his comments.
PPM Analysis: News/Talk. TALKERS magazine managing editor Mike Kinosian presents a look at the performances of radio stations based on data from Nielsen Audio’s October 2020 PPM survey, today focusing on the news/talk format. Over the last eight PPM surveys going back to March, the global pandemic, racial tensions/protests, and the election year have provided the news/talk format with ample hot-button issues to discuss and the format’s performance has improved over the same period in 2019, based on Nielsen’s 6+ weekly AQH share data. In the October 2020 survey, 61% of news/talk stations were up over the September 2020 survey with gainers being led buy iHeartMedia’s KFYI, Phoenix (+1.4) and Bonneville’s KSL-FM, Salt Lake City (+1.3). Comparing year-over-year data, 68% of news/talk stations were up in October 2020 compared to October 2019 with gainers being led by iHeartMedia’s WISN, Milwaukee (+6.2), KNRS-FM, Salt Lake City (+4.4), and WCBM Inc’s WCBM, Baltimore (+3.7). In the October 2020 survey, seven news/talk stations ranked #1 (6+) in their respective markets. Find out which stations were ranked #1 by reading Mike Kinosian’s complete report here.
Mid-West Family Madison Donates $900k in Advertising. The Madison, Wisconsin station group of Mid-West Family Broadcasting gave $900,000 in free advertising (more than 31,000 commercials) to hundreds of local businesses affected by the COVID-19 pandemic between March 21 and July 21 through its “NOW OPEN” program. Mid-West Family Madison president Tom Walker says, “Our company was formed in Madison, we’ve been here for 91 years, and our commitment to the community and local businesses is our top priority. ‘NOW OPEN’ gave us the chance to connect businesses with consumers when they needed it most.”
Report: ESPN to Lay Off 300. According to a report by Andrew Marchand in the New York Post, sports giant ESPN is laying off 300 staffers and will not fill some 200 positions that had been open. This comes as parent company ABC/Disney deals with the effects of the pandemic and the changes in media consumption behavior. Marchand’s report indicates that the cuts will be “spread across the network” but will largely spare on-air personalities. Marchand adds, “As is the case across Disney, ESPN is trying to shift more of its business to direct-to-consumer. It has created ESPN+. It had reported 8.5 million subscribers as of this summer. The pandemic has also created new ways to deliver programming with less people.”
The Road to 270 Electoral Votes/Promised Legal Challenges, Portland Violence, COVID-19 Stats & Projections, European Lockdowns, New Islamic Terror Threats, U.S. Exits Paris Climate Accord, Prop 22 Passes in California, Watch on Hurricane Eta Among Top News/Talk Stories Yesterday (11/4). The counting continues as Donald Trump and Joe Biden each hope to reach the 270 electoral vote threshold to claim victory and the gearing up of legal challenges to some states’ vote totals; the National Guard is called in to Portland, Oregon after a riot is declared; the rapidly rising number of COVID-19 cases in the U.S. and projections for the fall/winter seasons; the lockdowns being ordered in numerous European nations to combat the rising number of COVID cases; concerns about new terror attacks by actors sympathetic to the Islamic State; the United States officially exits the Paris Climate Accord; California passes Proposition 22 which allows Uber and Lyft to treat drives as contractors and not employees; and the possibility that Hurricane Eta will gain steam and head for Florida 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. The Rock & Roll Hall of Fame and iHeartMedia are teaming up for an exclusive podcast partnership for the series “Rock & Roll Hall of Fame Induction Vault” that will debut Friday (11/6), the day before the 35th Annual Rock & Roll Hall of Fame Induction Ceremony airing on November 7 on HBO. The series covers iconic induction speeches and will debut with The Beatles inducted by Mick Jagger, N.W.A inducted by Kendrick Lamar, The Eagles inducted by Jimmy Buffet, and Stevie Nicks inducted by Harry Styles. New episodes will premiere every Friday through the end of the year and a second season will premiere in early 2021. iHeartPodcast Network president Conal Byrne says, “Over the past 35 years, the Rock & Roll Hall of Fame Induction ceremonies have become renowned for their impassioned and sometimes outrageous acceptance speeches. We’re thrilled to bring the most iconic moments of past and present music infamy to fans around the world and continue to share what’s made the event special in the past and for years to come.”
By Howard B. Price
NEW YORK — Adult contemporary radio programmers and music fans alike are celebrating today. But if you’re a business continuity professional, you, too, should be leaping out of your skin on word that after 35 years apart, ABBA has reunited to record two new songs.
BC? ABBA? Stay with me.