Tag: "financial data"
Cumulus Media 2022 First Quarter Net Revenue Rises 15%. Reporting financial data for the first quarter of 2022, Cumulus Media’s total net revenue for the period was $232 million, an increase of 15% over the same period in 2021. The company says it was the fifth straight quarter of sequential improvement in revenue performance versus a comparable quarter in 2019. Cumulus also reports a Q1 net loss of just $0.9 million, down from the net loss of $21.9 million reported in the first quarter of 2021. The broadcast radio segment is broken into two parts – spot, which rose 11.9% over the same period a year ago, and network, which was up 5.2%. The company’s digital segment was up 18%, led by digital marketing services (+35%) and podcasting (+22%). Cumulus president and CEO Mary G. Berner says, “Our outstanding first quarter results once again demonstrate the positive impacts of our ‘audio-first’ strategy to transform the company from a one-dimensional radio broadcaster to a multi-dimensional audio media company. Following a strong 2021 performance, this quarter’s results underscore our ability to deliver value to our shareholders through sustained profitable top- and bottom-line growth and balance sheet de-levering. We delivered sequential revenue improvement for the fifth straight quarter versus the comparable 2019 quarter, grew EBITDA by 250% year-over-year, and generated continued strong cash from operations, which collectively allowed us to achieve the company’s lowest net leverage in over a decade. Given our best-among-peers balance sheet, strong financial momentum and the company’s positive 2022 outlook, we expect ongoing cash flow generation that will support a meaningful return of capital to shareholders now and in the future. Accordingly, as a first step, today we are announcing a $50 million share repurchase program with a plan to commence share repurchases in the near-term. This capital return program is underpinned by our continued belief that the company is significantly undervalued.”
Cumulus Rejects Unsolicited Acquisition Bid. The last sentence of Cumulus Media president and CEO Mary Berner’s statement outlining its first quarter results says it all: “The company is significantly undervalued.” That was also the theme of a memo from Berner to Cumulus shareholders regarding the unsolicited offer from a consortium led by Connoisseur Media CEO Jeffrey Warshaw to acquire Cumulus. Berner says, “The company recently received an indication of interest in acquiring the company for $15 to $17 per share. After a careful and thorough review, conducted in consultation with our financial and legal advisors, the board unanimously concluded that the indication of interest significantly undervalues the company and is not in the best interests of its shareholders. The company’s board is open to all paths that continue to drive superior shareholder value. Our strong momentum across business lines, multiple digital revenue growth drivers, operational efficiency and superior cash flow provide the company with substantial untapped upside that it expects to continue to realize on behalf of its shareholders. Given these facts and circumstances, the board unanimously believes execution of the company’s strategy will deliver significantly more value to shareholders than this indication of interest.”
Bill O’Reilly’s ‘No Spin News’ Debuts This Week. The Bill O’Reilly-hosted program from Key Networks debuts this week on 58 stations across the U.S. Key Networks says “No Spin News” is “a full hour of trailblazing journalist and bestselling author O’Reilly’s fair, smart, fact-based analysis” airing every weeknight. The one-hour show has been airing in New York on 77 WABC for over a year under the title, “Common Sense with Bill O’Reilly.” The program now joins the suite of shows syndicated by Key Networks that includes: “The O’Reilly Update,” “The O’Reilly Update – Morning Edition,” and “The O’Reilly Update – Weekend Edition.” O’Reilly says, “We are beyond happy that radio stations from coast-to-coast are spreading the ‘No Spin’ mantra. We provide something that’s badly needed in the USA: honest fact-based analysis.” Key Networks COO Dennis Green comments, “Based on the success of ‘The O’Reilly Update,’ the marketplace was ready for more content from Bill O’Reilly. ‘No Spin News’ provides analysis on what is happening in the world that listeners want to hear. This is content you won’t get anywhere else, and I expect stations to add Bill O’Reilly’s ‘No Spin News’ in large numbers!”
WABC-TV, New York Opens Long Island Bureau at Hofstra University. New York City’s WABC-TV is opening a new, Long Island bureau today (5/4) inside the Lawrence Herbert School of Communication at Hofstra University. The small bureau will have a full-time reporter and two production trucks in Long Island, New York. WABC has a history of supporting the journalism program at the university, donating significant quantities of valuable equipment and providing internship and career opportunities for many students. Hofstra students will have regular exposure to WABC journalists, expanded internships, guest lectures and seminars held by WABC professionals. The Long Island bureau, located in the newsroom of Hofstra’s award-winning, student-run radio station, WRHU-88.7 FM, reinforces WABC-TV’s commitment to Long Island, as well as the Herbert School’s commitment to community journalism, including the newly launched community news site, LongIslandAdvocate.com. Lawrence Herbert School of Communication dean Mark Lukasiewicz states, “Our journalism program emphasizes experiential, hands-on learning and encourages our student journalists to engage with Long Island communities to tell impactful stories. The Eyewitness News Long Island bureau, located alongside WRHU’s newsroom, will provide that kind of hands-on opportunity – a daily chance for students to observe and learn from great local journalists doing the work of New York’s top broadcast news operation.”
TALKERS News Notes. The nationally syndicated “Rob Carson Show” joins the 1400 Investments, LLC-owned Nevada Talk Network. The program, syndicated by Newsmax and airing in the 12:00 noon to 3:00 pm ET daypart, is being heard on KELY-AM, Ely; KNNR-AM, Sparks-Carson City; KDJJ-FM, Fernley-Fallon; KPKK-FM, Amargosa Valley; KAVB-FM, Hawthorne; and KPVM-TV 25.6, Pahrump…..The syndicated “Todd Starnes Show” – airing live from 12:00 noon to 3:00 pm ET – adds new affiliate station KTXW-AM/FM, Austin “The Bridge” to its roster of affiliate stations…..FOX Nation – FOX News Media’s “on-demand streaming service designed to complement the FOX News Channel experience with a members-only destination for its most passionate and loyal super fans” – is premiering a documentary series about music and television industry star Sharon Osbourne in September. Titled “Sharon Osbourne: To Hell & Back,” the four-part program features “a candid and heartfelt look into Osbourne’s personal and professional life, highlighting how she found herself in the crosshairs of the cancel culture movement after exiting CBS’s ‘The Talk.’”…..SiriusXM is presenting nationwide, comprehensive coverage of the Kentucky Derby this Saturday (5/7). The wire-to-wire race broadcast of the Kentucky Derby is provided by NBC Sports Audio Network.
Roe v Wade Leak, Midterm Primaries/Trump & the GOP, the Economy, Russia-Ukraine War, COVID-19 Among Top News/Talk Stories Yesterday (5/3). Reactions to the leak of a draft of the Supreme Court’s decision to overturn Roe v Wade; the primary elections in Ohio and Indiana, the battle for control of Congress in November’s midterm elections, and Donald Trump’s influence over the GOP; the activity on the world’s financial markets, the supply chain woes, and concerns about a recession; Russia’s ongoing invasion of Ukraine and the effects across the globe; and concerns about new Omicron variants and the possibility of a serious summer COVID wave were some of the most-talked-about stories on news/talk radio yesterday, according to ongoing research from TALKERS magazine.
Audacy Third Quarter Net Revenue up 23%. Reporting its 2021 third quarter financial data, Audacy says net revenue was $329.4 million, an increase of 23% compared to the same period in 2020. Spot revenue was $220.6 million, up 21% compared to Q3 of 2020 and digital revenue was $61.4 million, up 30% compared to the same period a year ago. Operating income for the quarter was $29.2 million, compared to an operating loss of $0.3 million in the third quarter of 2020. Audacy president and CEO David J. Field says, “I am pleased to report that Audacy continues to rebound from the pandemic, as third quarter revenues grew 23% over the prior year and 8% sequentially over the second quarter, while EBITDA grew 58% year over year. While many ad categories remain highly impacted as a result of the pandemic, it is great to see an increasing number of categories back above 2019 spending levels. During October, we announced the acquisition of WideOrbit’s digital audio streaming and ad tech business, which we have relaunched as AmperWave, enabling us to accelerate our digital product roadmap and enhance our growth potential… And our podcast studios had a strong quarter of creative, premium original content development including the first release from our 2400Sports studio, our first C13 Features ‘movie for your ears’ in partnership with Endeavor, and the ‘Succession’ companion podcast hosted by Kara Swisher in partnership with HBO Max. We continue to rapidly evolve and fundamentally elevate the organization through a series of strategic acquisitions, organic growth initiatives, structural improvements, talent additions and premium content development and are well positioned to accelerate our growth and capitalize on the exciting opportunities in the dynamically growing audio marketplace.”
Cumulus Audio Active Group: October PPM Audiences Increase. This week’s Cumulus Media Audio Active Group blog focuses on recent information from Nielsen Audio that “as COVID infections fall, public concern over COVID wanes, and commutes to work and school resume,” American AM/FM radio listening “has increased to new highs in the October 2021 48 Portable People Meter markets.” Other noteworthy data includes: 1) Consumers are on the road in their cars; Geopath reports U.S. October 2021 miles traveled were 7% greater than October 2019; Apple Maps says October 2021 driving search volumes surged 59% past pre-COVID levels; 2) U.S. AM/FM radio had its strongest reach performance since COVID, recovering 99% of the March 2020 PPM cume audience in PPM markets; 3) Nielsen October 2021 PPM AQH audiences rose to 96% of March 2020 levels, the second best showing since the pandemic; and 4) Morning audiences exploded to their highest levels in 20 months; Versus a year ago, women 25-54 AQH increased 20% and teen AQH rose a massive 74%. See more from the blog here.
SiriusXM’s Joe Madison Announces Hunger Strike Over Voting Rights Bill. Morning drive talk host Joe Madison says he’s beginning a hunger strike in protest of voting rights not getting passed in the Senate. Madison – a.k.a. The Black Eagle – hosts the morning show on SiriusXM’s Urban View channel. He says, “As a political protest, I am beginning a hunger strike today by abstaining from eating until Congress passes, and President Biden signs, the Freedom to Vote Act or the John Lewis Voting Rights Advancement Act. Both bills were recently passed by the House of Representatives and both have stalled in the Senate. Madison adds, “I call it basically starving for voting rights. And that began on this date. And I repeat just as food is necessary to sustain life, the right to vote is necessary to sustain democracy. Yes, my life matters. My health matters, but our right to vote matters more.”
Hot Radio Guest Speaks at Major Libertarian Gathering. Emeritus finance professor Dr. Murray Sabrin of Ramapo College in New Jersey – one of conservative and liberty-minded talk radio’s most popular “go-to” guests for three decades – recently spoke at the Mises Institute “Supporters Summit” in St. Pete Beach, Florida and outlined his provocative and innovative strategy for medical freedom. Sabrin is the author of Universal Medical Care from Conception to End of Life: The Case for a Single Payer System, where the individual/family is the single payer not the government. In Sabrin’s proposal, medical freedom consists of cash payment for routine care, a super health savings account for more expensive treatment and a catastrophic insurance policy. Also, Sabrin advocates a massive expansion of nonprofit medical centers to replace the $700 billion Medicaid program. He also challenged U.S. Sen. Bernie Sanders (D-VT), who advocates Medicare for All, a government single payer system, to a debate so the American people can hear two diametrically opposing views on the future of medical care in America. To book Professor Sabrin as a hot guest, contact Victoria Jones of DC Radio Company at 917-865-3991 or firstname.lastname@example.org. To view Dr. Murray Sabrin’s 20-minute speech at the Mises Institute event, please click here.
Outkick Partners with Skyview Networks for Ad and Affiliate Sales, Content Distribution. The new relationship between OutKick’s sports talk network and Skyview Networks will have the latter providing network ad sales, affiliate sales and content distribution to Outkick, beginning with the “Outkick 360” program starring Jonathan Hutton, Chad Withrow and Paul Kuharsky. Outkick founder Clay Travis says, “We’re thrilled to work with Skyview to expand OutKick’s brand and reach. Beginning with the ‘OutKick 360’ show, we’re working with the best talent to bring authenticity, perspective and fun back to sports radio. Radio is at the core of OutKick, and we could not ask for better partners than Skyview to grow our network.” Skyview COO and president Steve Jones adds, “We’re excited to be working with the OutKick team in launching a new sports network that provides radio stations dynamic and entertaining programming that will drive ratings and revenue. OutKick’s engaging and knowledgeable hosts with their fan-first sports perspective matched with sports wagering analysis to capture gaming revenue sponsorships fit perfectly with Skyview’s #1 local play-by-play sports position in network radio.”
Audacy Names Brian Benedik Chief Revenue Officer. Media executive Brian Benedik is named chief revenue officer for Audacy, effective December 1. Benedik was most recently VP/global head of revenue for augmented reality developer Niantic. In his new role with Audacy, he’ll lead all aspects of revenue generation across corporate, national, regional and local levels and develop fully integrated, multiplatform sales solutions and breakthrough strategies to attract new revenue streams. Audacy COO Susan Larkin comments, “We’re thrilled to welcome Brian to Audacy and our executive leadership team. His resume speaks for itself, with key roles at audio publishers like Spotify, iHeart Radio, Audible and Katz Media, where his strategic vision enabled the former to quickly elevate from a newcomer in our industry to a multi-billion-dollar leader in the audio streaming space. Brian’s considerable expertise and experience will amplify our revenue generation efforts as Audacy continues its upward trajectory.” Benedik states, “The audio industry is booming with innovation and consumers are enjoying wonderful content experiences across a number of platforms. The Audacy re-imagination efforts are beyond impressive and the portfolio of assets across radio, streaming, podcast, live events, sports play-by-play and sports betting are best in class. I’m looking forward to working with David Field, Susan Larkin and the Audacy executive team to drive value to marketers and our loyal users.”
Biden’s Low Approval Ratings, Supply Chain/Inflation/Gas Prices, COVID-19, January 6 Investigation, COVID Travel Ban Lifted, China’s Military Aggression, and Astroworld Investigation Among Top News/Talk Stories Yesterday (11/8). President Joe Biden’s approval ratings slip to an all-time low of 38% with Americans saying he’s not focusing on the most important issues; the effects of the broken global supply chain, soaring retail prices and record high gas prices; the rate of COVID-19 cases in the U.S., the Appeals Court halt of Biden’s vaccine mandate, and the controversial case of Aaron Rodgers; the investigation into the January 6 Capitol attack; the U.S. lifts the international travel ban; China’s war games using U.S. ship mock-ups; and the investigation into the deadly Astroworld concert in Houston were some of the most-talked-about stories on news/talk radio yesterday, according to ongoing research from TALKERS magazine.