Radio News

On a morning that saw Nexstar and iHeartMedia each deliver their second quarter 2023 results, radio industry pure-play Saga also released their fiscal health report for the period. Saga Communications has proven to be one of the Radio industry's strongest performers on Wall Street. And, against tough comps, Saga did it again in Q2.

The second quarter 2023 revenue from the nation's top owner of broadcast radio stations fell by 3.6% year-over-year. However, that is slightly better than the guidance range of down mid-single digits, iHeartMedia points out. The Digital Audio Group revenue was up 3% in Q2. But, Multiplatform Group Revenue slumped by 6%.

In late June, Gary Fisher sold one of the FMs in his stable along the Jersey Shore in a deal brokered by Kalil & Co. Now, Fisher is signing off on the divestment of four other FMs in South Jersey. The buyer of these properties? The current owner of Z100.

How did Audacy Inc., which will not be holding quarterly earnings calls for investors, debtholders and financial analysts, do in Q2? It topped analysts' revenue forecasts. Unfortunately, that's where the good news ends, as an enormous earnings per share loss was logged.

As RBR+TVBR previously reported, Urban One has not yet released its first quarter 2023 fiscal results. It is now known that the Q1 and Q2 2023 results will likely not arrive from the African American-focused multimedia company for perhaps another six weeks.

Entravision Communications, more than ever, is a company reliant on digital advertising prowess. While its DNA is entwined in broadcast television and radio, it is Digital that dominates Entravision's revenue today. In Q2, the stark difference between Digital and Audio and Television, even when combined, is clear.

On the company's second quarter 2023 earnings conference call for investors, debtholders and financial analysts, Beasley Media Group CEO Caroline Beasley noted that the radio station owner invested in eSports enjoyed healthy non-GAAP Station Operating Income and EBITDA improvement. This was fueled by reduced expenses, a smaller payroll, and digital growth. Did the Q2 2023 results beat the street?

Across the Southeast, Norberto Sanchez's Norsan Media has carved a niche by serving Spanish-language media consumers with a mix of media choices not available otherwise, with markets including Jacksonville, Fla., among Norsan's locales. Now, Norsan is agreeing to acquire a Class A FM and an FM translator in a market where it already has a presence with its regional Mexican "La Raza" offering.

At 6:08am on Tuesday, August 2, 1983, WHTZ signed on the air. Today, "Z100" remains a force in the New York metropolitan area, and is perhaps one of the most important of the 800-odd radio stations owned by iHeartMedia. Editor-in-Chief Adam R Jacobson pays tribute to Z100 on its Big 4-0, as he believes its rise, near death, and continued success provides valuable learning lessons for Radio in 2023.

Longtime "bad boy" air personality Don Geronimo, who returned to Washington, D.C., from Sacramento to accept the morning show post at iHeartMedia's WBIG "Big 100," was fired on Friday after making on-air comments a day earlier about a Emmy Award-winning WUSA9 producer and reporter. Now, Geronimo has apologized for his disparaging remarks associated with "Barbie."

SiriusXM shares have seen much volatility over the last 30 days, with a short squeeze spiking prices before quickly receding to early July levels. Now, with shares hovering around $5 per share, a noted Wall Street media industry financial analyst has raised his target price. Guess what? That target price is where SIRI sat with 12 minutes remaining in Wednesday's trading. 

The FCC has moved forward with the adoption of a NPRM that seeks to give digital FM and Low Power FM stations "more flexibility" to increase digital power levels. This, the Commission argues, would encourage more FM broadcasters to adopt digital technology and make digital broadcasts available to a greater number of listeners.

To debunk that "tired myth that you need visual cues to impact consumer behavior," Audacy is touting the results of two new studies that show how Audio "holds more attention than other media and drives key brand metrics." Is it pro-industry malarkey, or empirical evidence that CMOs, brand managers and advertisers alike are biased against radio and podcasting?

With the release on Friday morning of Cumulus Media's second quarter 2023, the audio content creation and distribution company enjoyed a share surge that put CMLS, which trades on the Nasdaq, at $5.54. On Monday, shares saw further improvement, putting Cumulus in a strong position.

With cost-cutting across the entire ESPN arm of Disney and "Haunted Mansion" shaping up to be a box office bomb tied to former CEO Bob Chapek, another evolution for ESPN Audio has taken shape. And, it gives Craig Karmazin's Good Karma Brands — a key ESPN Radio affiliate owner — an even greater role in a sports radio operation integral to its entire business.