Tag: "financial results"
Entercom Q3 Report: Revenue ‘Improved Significantly.’ It was almost a year ago that Entercom closed on its acquisition of the CBS RADIO stations and the addition of that group of stations pushes Entercom’s net revenue from $122.3 million in the third quarter of 2017 to $378.5 million in the third quarter of this year. But, on a same-station basis, net revenue was down from $395.2 million – a decrease of 4.3%. Pro forma adjusted EBITDA for the quarter was $86.7 million, compared to $89.7 million in the third quarter of 2017. Entercom president and CEO David Field says, “As we close in on the one-year anniversary of our transformational merger with CBS RADIO, we are very pleased with our progress and excited about the momentum we are building across multiple growth initiatives. Revenues have improved significantly since the first half of the year and the fourth quarter is on track for significant growth, currently pacing up 4%. Expenses are down significantly, driven by synergies, and we anticipate solid double-digit EBITDA growth in the fourth quarter. In addition, we have now completed all of our previously announced divestitures and land sales, generating roughly $200 million in cash proceeds.”
Townsquare Media Reports ‘Another Strong Quarter.’ The company reports its 2018 third quarter financial results, stating net revenue was $114.1 million – up 1.9% from the same period in 2017 – but was basically flat, excluding political revenue. Excluding live events net revenue, which was budgeted to decline in 2018, net revenue increased $8.7 million, or 9.5%, to $101.1 million, as compared to $92.3 million in the same period last year. Townsquare Media co-CEO Dhruv Prasad says, “We are pleased to announce another strong quarter at Townsquare, our fourth since Bill Wilson and I started our partnership as co-chief executive officers one year ago. We implemented a strategic plan focused on the stability and profitable growth of Townsquare’s local branded media, marketing solutions, and live events businesses, and that plan has helped yield three consecutive quarters of revenue and EBITDA growth so far in 2018.”
Mike Thomas Promoted to National Format Brand Manager for Spoken Word Formats. WBZ-FM, Boston “98.5 The Sports Hub” program director Mike Thomas is elevated to the position of national format brand manager for spoken word formats, including sports talk, talk, podcasting, and Esports content for Beasley Media Group. He will continue to serve as PD for WBZ-FM. At the same time, the company makes a similar move upping David Corey – PD of WKLB, Boston – to national format brand manager for country. Beasley Media Group EVP of programming Justin Chase says, “Mike Thomas and David Corey will join our existing national format brand managers, John Candelaria (urban) from Detroit, Cadillac Jack (AC/CHR) from Boston and Bill Weston (rock) from Philly to round out a first-class programming team to further support and elevate our stations.”
Prosecution Rests in Carton Fraud Trial. According to coverage in Newsday, the feds have rested their case against former WFAN, New York morning personality Craig Carton. Carton’s defense attorney Robert Gottlieb told U.S. District Judge Colleen McMahon that they are having “serious conversations” about Carton taking the stand in his defense but have not reached a decision. Carton is being charged with fraud, accused of using money from investors in his ticket re-sale business to pay off personal expenses – including alleged gambling debts – as well as to pay off earlier investors. Carton denies he set out to defraud anyone and argues he was a victim of former partner Joseph Meli, who is serving 6 ½ years after pleading guilty to a previous event tickets Ponzi scheme.
KABC, Los Angeles’ Jillian Barberie Reveals Cancer Diagnosis. As reported by LARadio.com, KABC, Los Angeles afternoon drive personality Jillian Barberie has announced via social media that she has been diagnosed with breast cancer and is beginning aggressive treatment. She writes, “Results back. It’s cancer in my right breast but also it has spread to my lymph node. Appointment at Bedford Breast to assess everything. I’m going to be super aggressive and do double mastectomy and they said I need chemo for the lymph. Thanks for coming on this journey with me!” Barberie hosts the KABC show with John Phillips. In her absence, Steve Edwards is filling in.
News Pro Mike Parker Dies at 75. Former KFI, Los Angeles news director Mike Parker passed away on Sunday (11/4) at the age of 75. He spent the last 35-plus years of his career at WBBM-TV, Chicago, but worked in radio in Los Angeles prior to that. LARadio.com notes that Parker graduated from Los Angeles City College and began working at KBBQ-AM as a newscaster. He moved to KFI in 1969 and served as news director from 1973-77.
Former SiriusXM Chairman and CEO Joe Clayton Passes at 69. Media executive Joe Clayton died on Saturday (11/3), three years after retiring from his last position as CEO of Dish Network. He was the first CEO of Sirius Satellite Radio, serving from 2001 through 2004, and became chairman from 2004 through 2008, exiting after the merger of Sirius and XM. Sabo Media chairman Walter Sabo tells TALKERS magazine, “Sirius exists because of what Joe did. Joe got the radios out of the factories and into cars. He made those consumer electronics deals. He worked that board to get Howard Stern the deal he has and he never relented. He knew Howard was the ticket. Over and over he pulled that company out of the fire and gave it the foundation of success.” Read the Variety obit here.
Midterm Elections, Migrant Caravan, Post-Election Administration Changes, New Iran Sanctions, and NFL Action Among Top News/Talk Stories Yesterday (11/5). Today’s midterm elections and the battle for control of the House and the Senate; the caravan of Honduran migrants headed for the U.S. border; chatter about changes in some key Trump Administration posts after the election; the U.S. reimposes sanctions on Iran that were lifted as part of the 2015 nuclear pact; and the weekend’s NFL action were some of the most-talked-about stories on news/talk radio yesterday, according to ongoing research from TALKERS magazine.
Doing His Civic Duty. TalkersRadio general manager David Bernstein is pictured above at his polling place at St. Cloud Elementary School in West Orange, New Jersey where he’s volunteering helping voters, putting up signs and making sure the process is going smoothly for voters. Bernstein says activity was brisk there this morning, calling it a “heavy turnout, a packed house from opening at 6:00 am until 10:00 am.”
Meg Strikes Again! Dynamic personality Meg McDonald, host of the increasingly popular short-form TalkersRadio series “MEG!” made yet another splash within the Southern California civics community this past Sunday (11/4). The Studio City Beautification Association hosted a booth at the Studio City Farmers Market giving away free succulents as a thank you to the community. McDonald (pictured left) is an active board member of both organizations and held down the 11:00 am to 2:00 pm shift telling TALKERS, “We gave away 150 succulents and everyone was so appreciative. It was a warm sunny 81-degree day so, of course, I wore my favorite Broadcasters General Store cap.”
Music Radio News and Career Moves. In Tulsa, Griffin Communications names Amber Glaze afternoon drive personality and music director for country KVOO-FM. Glaze was most recently with Signal Media’s country KHLR, Little Rock “106.7 The Ride” as host of the “Hot Mess in the Morning” program. KVOO program director Brian Jennings says, “Amber brings ideas and energy, along with her passion for country music. We waited for the right candidate to come along and we’re so excited she’s finally here. Her bright demeanor, silly sense of humor, and trademark boisterous laugh make for an invaluable addition to the KVOO team.” Griffin recently acquired KVOO and four other Tulsa stations from Scripps Media…..Alpha Media re-brands CHR WDLD-FM Hagerstown, Maryland “Live 96.7.” The station drops the “Wild 96.7” moniker. Alpha Media Hagerstown VP and market manager Ed Dorsey says, “We are thrilled to be evolving the station into the ‘Live and Local’ brand that Alpha Media Hagerstown-Chambersburg stands for, to better serve the Hagerstown community. We are excited about this new image, a ‘fresh coat of paint’ on the WDLD 96.7 brand that the community has learned to know and love over the past 16 years.”…..iHeartMedia alternative WRFF “Radio 104.5” is presenting the “Radio 104.5 Miller Lite Mystery Show presented by Xfinity Live!” The mystery show will take place on Monday, November 19 at Xfinity Live! in Philadelphia featuring a surprise performance from a top performing artist. Attendees won’t know who the act is until the show begins. Tickets can only be had by listening to “Radio 104.5” or via the next free ticket download that will take place on Thursday, November 15 at 12:00 noon.