Audacy Weighs More Layoffs

  • The reason Audacy isn’t firing greater numbers between now and December 
  • One position that will actually increase in number 
  • Why Audacy is dragging out the firings 
  • The revised estimated target for total layoffs

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Previously: Saga Cashing OutAudacy’s Lenders to Become the New OwnersUnexpected Drama at SagaAudacy’s Pre-Layoff Raises RevealedSaga After Ed Christian …  Audacy Rethinks its 5% Layoff PromiseiHeart’s Plan to Take 100% Local Buys …  Larkin’s Audacy CutsThe Cox Radio Sales Finalists …  The Big Revenue Source Cumulus is Hiding …  Audacy Faces Bankruptcy Next Year … 

You may also like: Details of Apollo Cox Selloff RevealedApollo Explores Selling Cox Radio How Employees Would Fix Audacy …  $5,000 Springsteen TicketsPlunging Morale is Costing AudacyWhat iHeart Will DoAudacy & iHeart Undercutting Ad rates by 75%  … Audacy’s Big RevealWarshaw Walks Away from Cumulus Audacy’s Long Goodbye

Journalism is printing what someone else does not want printed.  Everything else is just public relations --  George Orwell

David Field Confirms Audacy’s Bankruptcy

  • Field on the danger of overleveraging
  • The startling amount of Audacy equity destroyed since the CBS merger
  • The missed opportunity of having the industry’s strongest balance sheet
  • A premonition of bad things to come in his own words using iHeart & Cumulus as negative examples.

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Previously: Why Millennials Reject RadioAudacy’s Lenders to Become the New OwnersUnexpected Drama at Saga Audacy’s Pre-Layoff Raises RevealedSaga After Ed Christian …  Audacy Rethinks its 5% Layoff PromiseiHeart’s Plan to Take 100% Local Buys …  Larkin’s Audacy CutsThe Cox Radio Sales Finalists …  The Big Revenue Source Cumulus is Hiding …  Audacy Faces Bankruptcy Next Year …   

You may also like: Details of Apollo Cox Selloff RevealedApollo Explores Selling Cox Radio How Employees Would Fix Audacy …  $5,000 Springsteen TicketsPlunging Morale is Costing AudacyWhat iHeart Will DoAudacy & iHeart Undercutting Ad rates by 75%  … Audacy’s Big RevealWarshaw Walks Away from Cumulus Audacy’s Long Goodbye

Journalism is printing what someone else does not want printed.  Everything else is just public relations --  George Orwell

Why Millennials Reject Radio

  • Results of a real time perceptual research study reacting to a Z100 stop set
  • The unedited 14-minute video with comments (excruciating)
  • How many commercials you can get away with without mass tune-outs
  • All you need to know in their words to win them back

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Previously: Audacy’s Lenders to Become the New OwnersUnexpected Drama at Saga Audacy’s Pre-Layoff Raises RevealedSaga After Ed Christian …  Audacy Rethinks its 5% Layoff PromiseiHeart’s Plan to Take 100% Local Buys …  Larkin’s Audacy CutsThe Cox Radio Sales Finalists …  The Big Revenue Source Cumulus is Hiding …  Audacy Faces Bankruptcy Next Year …  Details of Apollo Cox Selloff Revealed … 

You may also like: Apollo Explores Selling Cox Radio How Employees Would Fix Audacy …  $5,000 Springsteen TicketsPlunging Morale is Costing AudacyWhat iHeart Will DoAudacy & iHeart Undercutting Ad rates by 75%  … Audacy’s Big RevealWarshaw Walks Away from Cumulus Audacy’s Long Goodbye Why Audacy Stock is Now Worth 77 Cents  

Journalism is printing what someone else does not want printed.  Everything else is just public relations --  George Orwell

Audacy’s Lenders to Become the New Owners

  • A timetable is beginning to unfold
  • New owners’ effect on everyday operations
  • How their all-time low stock price triggers bankruptcy
  • David Field’s 4 fatal mistakes
  • Will new owners turn around Audacy?

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Previously: Unexpected Drama at Saga Audacy’s Pre-Layoff Raises RevealedSaga After Ed Christian …  Audacy Rethinks its 5% Layoff PromiseiHeart’s Plan to Take 100% Local Buys …  Larkin’s Audacy CutsThe Cox Radio Sales Finalists …  The Big Revenue Source Cumulus is Hiding …  Audacy Faces Bankruptcy Next Year…  Details of Apollo Cox Selloff Revealed …  Apollo Explores Selling Cox Radio …   

You may also like: How Employees Would Fix Audacy …  $5,000 Springsteen TicketsPlunging Morale is Costing AudacyWhat iHeart Will DoAudacy & iHeart Undercutting Ad rates by 75%  … Audacy’s Big RevealWarshaw Walks Away from Cumulus Audacy’s Long Goodbye Why Audacy Stock is Now Worth 77 CentsiHeart Crashing

Journalism is printing what someone else does not want printed.  Everything else is just public relations --  George Orwell

Unexpected Drama at Saga

  • The emerging problems causing all the uncertainty 
  • The warning about insane trading of Saga stock
  • Serious options that will be on the table
  • The life raft Ed Christian threw to his successors

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Previously: Audacy’s Pre-Layoff Raises RevealedSaga After Ed Christian …  Audacy Rethinks its 5% Layoff PromiseiHeart’s Plan to Take 100% Local Buys …  Larkin’s Audacy CutsThe Cox Radio Sales Finalists …  The Big Revenue Source Cumulus is Hiding …  Audacy Faces Bankruptcy Next Year …  Details of Apollo Cox Selloff Revealed …  Apollo Explores Selling Cox Radio … 

You may also like: How Employees Would Fix Audacy$5,000 Springsteen TicketsPlunging Morale is Costing AudacyWhat iHeart Will DoAudacy & iHeart Undercutting Ad rates by 75%  … Audacy’s Big RevealWarshaw Walks Away from Cumulus Audacy’s Long Goodbye Why Audacy Stock is Now Worth 77 CentsiHeart Crashing

Journalism is printing what someone else does not want printed.  Everything else is just public relations --  George Orwell

Audacy’s Pre-Layoff Raises Revealed

  • The fortunate who got raises instead of getting fired
  • The way Audacy could have easily avoided laying off 5%
  • A $22.5 million rescue fund squandered 
  • A plan where they could have saved 50 mission critical employees – still can, but won’t

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Previously: Saga After Ed Christian …  Audacy Rethinks its 5% Layoff PromiseiHeart’s Plan to Take 100% Local Buys …  Larkin’s Audacy CutsThe Cox Radio Sales Finalists …  The Big Revenue Source Cumulus is Hiding …  Audacy Faces Bankruptcy Next Year …  Details of Apollo Cox Selloff Revealed …  Apollo Explores Selling Cox Radio …  How Employees Would Fix Audacy … 

You may also like: $5,000 Springsteen TicketsPlunging Morale is Costing AudacyWhat iHeart Will DoAudacy & iHeart Undercutting Ad rates by 75%  … Audacy’s Big RevealWarshaw Walks Away from Cumulus Audacy’s Long Goodbye Why Audacy Stock is Now Worth 77 CentsiHeart Crashing …  A Change in Radio Rates and Contract Length

Journalism is printing what someone else does not want printed.  Everything else is just public relations --  George Orwell

Saga After Ed Christian

  • Why Saga stock was up 15% upon the death of its CEO 
  • You can expect these changes over the next few months 
  • The major protection that Saga loses upon the death of Ed Christian

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Previously:  Audacy Rethinks its 5% Layoff PromiseiHeart’s Plan to Take 100% Local Buys …  Larkin’s Audacy CutsThe Cox Radio Sales Finalists …  The Big Revenue Source Cumulus is Hiding …  Audacy Faces Bankruptcy Next Year …  Details of Apollo Cox Selloff Revealed …  Apollo Explores Selling Cox Radio …  How Employees Would Fix Audacy …  $5,000 Springsteen Tickets … 

You may also like: Plunging Morale is Costing AudacyWhat iHeart Will DoAudacy & iHeart Undercutting Ad rates by 75%  … Audacy’s Big RevealWarshaw Walks Away from Cumulus Audacy’s Long GoodbyeWhy Audacy Stock is Now Worth 77 CentsiHeart Crashing …  A Change in Radio Rates and Contract Length…  Warshaw Inciting Cumulus Shareholder Revolt

Journalism is printing what someone else does not want printed.  Everything else is just public relations --  George Orwell

Ed Christian – An Appreciation

I’ve written a lot of things about the fools who have ruined the radio industry by losing their local focus, firing staff, plugging in cost-cutting measures and devolving to selling ads at whatever they had to do to screw their competitor out of the buy.

This was not Ed Christian.

Ed was a radio junkie – listening to all his stations, regularly chatting with his market managers, insisting on rate integrity, local content and old school ideas.

My friend Tom Taylor, the fine journalist who covered the radio industry for decades remembered the person who lived the local radio life:

  • “Ed Christian was all about being (and appearing to be) local. The Norfolk stations aren't marketed as owned by Saga, but by "Tidewater Communications." The stations in Coastal Maine are "Portland Radio Group," etc.
  • “And when Ed came to town for a visit and there happened to be a client party, he didn't want the focus to be on him - but on the local market manager. Because that person was the one the business community was interacting with, and not The Big Out-of-Town Boss. 
  • “Also - Ed was insistent on the local facility looking business-like, and ready for a client visit, at any time. None of this stuck-away-in-the-back-of-the-strip mall stuff. (Jerry Lee was the same way - B101 had a prominent room up front for client/ad agency visits, and it was impressive as hell. It was like Mad Men, updated. I don't know about the liquor cabinet).”

Different in every way

  • Saga actually owned the buildings (with few exceptions) from which their stations operated – this in a world where larger group owners were rushing to get out of town.
  • A few weeks ago, he told me that he bought iHeart’s building in Norfolk for a little over $1 million – iHeart happy to get out, Eddie thrilled to get in saying within a few years the move would save them on rent.
  • He was kind in very private ways – I know of circumstances where he helped employees through health issues by opening up his wallet and being supportive and never looked to publicize or take credit for it.
  • He was right about Nielsen and when they sued him for what I believe was a trumped-up charge of stealing ratings, his ‘punishment’ was to become a Nielsen subscriber but when the mandated ‘punishment’ was over, he cancelled that day – years later he subscribed in a few larger markets at his price and terms.
  • Ed was a pioneer in the use of translators to cover a market and also reluctant to spend on streaming where he didn’t think it contributed to the bottom line – different, unheard of but apparently it worked for Saga.
  • He used to tell me some of the old school promotions that his local clients were eating up that helped Saga return profits for their shareholders and marketing help to retailers.
  • We talked about teaching – he shared his experience as a visiting professor.

Eddie loved reading me unless I got out of line and then in the earlier days we would have at it but as the years went on we agreed on the sorry state of radio and the importance of local radio in reality not just name.

And when he got mad at me, he let me have it.  But I always loved him – we didn’t have to agree to be friends.

His death caught me by surprise – as I’ve said, he seemed to be doing fine – but I have this empty feeling for the loss of a friend who had a great sense of humor, who kind of admired what I did and how in the end, he turned out to be the only beacon focused on authentic local radio.

A saga is a long story of heroic achievement.

To those of us who are proponents of local radio instead of hedge fund shortcuts, Ed Christian’s Saga and (small ‘s’) saga was completed with consistency, dignity and sense of purpose and profitability.

As Tom Taylor says “They don't make 'em like Ed Christian any more” and therein lies the reason for the mess radio is in today.

Saga After Ed Christian

Audacy Rethinks Its 5% Layoff Promise

  • What they’re not revealing about their one and done layoff promise
  • The real number of layoffs for the next four months
  • A surprise area Audacy will target next for mass firings
  • A formerly untouchable cutback is suddenly on the table

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Previously:  iHeart’s Plan to Take 100% Local Buys …  Larkin’s Audacy CutsThe Cox Radio Sales Finalists …  The Big Revenue Source Cumulus is Hiding …  Audacy Faces Bankruptcy Next Year …  Details of Apollo Cox Selloff Revealed …  Apollo Explores Selling Cox Radio …  How Employees Would Fix Audacy …  $5,000 Springsteen Tickets …  Plunging Morale is Costing Audacy …   

You may also like: What iHeart Will DoAudacy & iHeart Undercutting Ad rates by 75%  … Audacy’s Big RevealWarshaw Walks Away from Cumulus Audacy’s Long Goodbye Why Audacy Stock is Now Worth 77 CentsiHeart Crashing …  A Change in Radio Rates and Contract Length …  Warshaw Inciting Cumulus Shareholder RevoltCumulus to Layoff Station Personnel

Journalism is printing what someone else does not want printed.  Everything else is just public relations --  George Orwell

iHeart’s Plan to Take 100% of Local Buys

  • iHeart rate hardball just got worse 
  • The surprises iHeart is readying next
  • You may have to defend against the practice of “limbo” selling 
  • A heads up for iHeart competitors fighting over the same ad buys

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Previously:  Larkin’s Audacy CutsThe Cox Radio Sales Finalists …  The Big Revenue Source Cumulus is Hiding…  Audacy Faces Bankruptcy Next Year …  Details of Apollo Cox Selloff Revealed …  Apollo Explores Selling Cox Radio …  How Employees Would Fix Audacy …  $5,000 Springsteen Tickets …  Plunging Morale is Costing Audacy …  What iHeart Will Do

You may also like:  Audacy & iHeart Undercutting Ad rates by 75%  … Audacy’s Big RevealWarshaw Walks Away from Cumulus Audacy’s Long Goodbye Why Audacy Stock is Now Worth 77 CentsiHeart Crashing…  A Change in Radio Rates and Contract Length …  Warshaw Inciting Cumulus Shareholder RevoltCumulus to Layoff Station Personnel …  Westwood One to Shutter Another Division

Journalism is printing what someone else does not want printed.  Everything else is just public relations --  George Orwell

Larkin’s Audacy Cuts

  • A first indication of size and locations
  • Larkin’s whereabouts next week
  • What David Field is reportedly telling employees privately 
  • A warning about sales changes and a revised compensation plan 

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Previously:  Audacy’s Unspoken Plan to Avoid BankruptcyThe Cox Radio Sales Finalists …  The Big Revenue Source Cumulus is Hiding …  Audacy Faces Bankruptcy Next Year …  Details of Apollo Cox Selloff Revealed … Apollo Explores Selling Cox Radio …  How Employees Would Fix Audacy …  $5,000 Springsteen Tickets …  Plunging Morale is Costing Audacy …  What iHeart Will Do

You may also like: Audacy & iHeart Undercutting Ad rates by 75%Audacy’s Big RevealWarshaw Walks Away from Cumulus Audacy’s Long Goodbye Why Audacy Stock is Now Worth 77 CentsiHeart Crashing…  A Change in Radio Rates and Contract Length …  Warshaw Inciting Cumulus Shareholder RevoltCumulus to Layoff Station Personnel …  Westwood One to Shutter Another Division The Danger of Electric Cars to Radio

Journalism is printing what someone else does not want printed.  Everything else is just public relations --  George Orwell

Audacy’s Unspoken Plan to Avoid Bankruptcy

  • Options to stave off losing control of the company 
  • There’s a problem with a plan to get their stock up over $1 
  • Stuff you should know about Audacy’s podcasting businesses 
  • What to expect when you’re expecting massive layoffs – there is a safe time

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Previously: The Cox Radio Sales Finalists …  The Big Revenue Source Cumulus is Hiding …  Audacy Faces Bankruptcy Next Year …  Details of Apollo Cox Selloff Revealed …  Apollo Explores Selling Cox Radio …  How Employees Would Fix Audacy …  $5,000 Springsteen Tickets …  Plunging Morale is Costing Audacy …  What iHeart Will Do …  Audacy & iHeart Undercutting Ad rates by 75% … 

You may also like: Audacy’s Big RevealWarshaw Walks Away from Cumulus Audacy’s Long GoodbyeWhy Audacy Stock is Now Worth 77 CentsiHeart Crashing …  A Change in Radio Rates and Contract Length…  Warshaw Inciting Cumulus Shareholder RevoltCumulus to Layoff Station Personnel …  Westwood One to Shutter Another Division The Danger of Electric Cars to Radio

Journalism is printing what someone else does not want printed.  Everything else is just public relations --  George Orwell

The Cox Radio Sale Finalists

  • The most serious bidder 
  • Who else is likely kicking tires
  • What Apollo/Cox is doing ahead of any potential sale
  • How the Apollo/Cox selloff will end 

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Previously:  The Mother of All Audacy Expense Cuts …  The Big Revenue Source Cumulus is Hiding …  Audacy Faces Bankruptcy Next Year …  Details of Apollo Cox Selloff Revealed …  Apollo Explores Selling Cox Radio …  How Employees Would Fix Audacy …  $5,000 Springsteen Tickets …  Plunging Morale is Costing Audacy …  What iHeart Will Do …  Audacy & iHeart Undercutting Ad rates by 75% … 

You may also like: Audacy’s Big RevealWarshaw Walks Away from Cumulus Audacy’s Long GoodbyeWhy Audacy Stock is Now Worth 77 CentsiHeart Crashing …  A Change in Radio Rates and Contract Length…  Warshaw Inciting Cumulus Shareholder RevoltCumulus to Layoff Station Personnel …  Westwood One to Shutter Another Division The Danger of Electric Cars to Radio

Journalism is printing what someone else does not want printed.  Everything else is just public relations --  George Orwell

The Mother of All Audacy Expense Cuts

  • Admissions about belt-tightening
  • The plan they’ve been working on behind the scenes
  • The way they plan to handle stock delisting
  • Unspoken trouble ahead that could disrupt everything

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Previously: iHeart Revenue Wins at Audacy’s Expense …  The Big Revenue Source Cumulus is Hiding …  Audacy Faces Bankruptcy Next Year …  Details of Apollo Cox Selloff Revealed …  Apollo Explores Selling Cox Radio …  How Employees Would Fix Audacy …  $5,000 Springsteen Tickets …  Plunging Morale is Costing Audacy …  What iHeart Will Do …  Audacy & iHeart Undercutting Ad rates by 75%

You may also like: …  Audacy’s Big Reveal  Warshaw Walks Away from Cumulus Audacy’s Long GoodbyeWhy Audacy Stock is Now Worth 77 CentsiHeart Crashing …  A Change in Radio Rates and Contract Length…  Warshaw Inciting Cumulus Shareholder RevoltCumulus to Layoff Station Personnel …  Westwood One to Shutter Another Division The Danger of Electric Cars to Radio

Journalism is printing what someone else does not want printed.  Everything else is just public relations --  George Orwell

iHeart Revenue Wins at Audacy’s Expense

  • Tactics iHeart is using to squeeze their 2 competitors out of business
  • How monopoly has turned against Audacy and Cumulus 
  • How this affects iHeart’s debt problem 
  • What a whiz bang quarter means for layoffs
  • And my deadly honest POV 

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Previously:  The Big Revenue Source Cumulus is Hiding …  Audacy Faces Bankruptcy Next Year …  Details of Apollo Cox Selloff Revealed …  Apollo Explores Selling Cox Radio …  How Employees Would Fix Audacy …  $5,000 Springsteen Tickets …  Plunging Morale is Costing Audacy …  What iHeart Will Do …  Audacy & iHeart Undercutting Ad rates by 75% …  Audacy’s Big Reveal

You may also like:  Warshaw Walks Away from Cumulus Audacy’s Long Goodbye Why Audacy Stock is Now Worth 77 CentsiHeart Crashing …  A Change in Radio Rates and Contract Length …  Warshaw Inciting Cumulus Shareholder RevoltCumulus to Layoff Station Personnel …  Westwood One to Shutter Another Division The Danger of Electric Cars to Radio …  A Paid FM App Replacing Car Radio

Journalism is printing what someone else does not want printed.  Everything else is just public relations --  George Orwell

The Big New Revenue Source Cumulus is Hiding

  • Their dumbest move of the year – almost everybody agrees
  • Repercussions from the dismantling of Westwood One
  • The real story on Cumulus digital
  • Their mysterious new business revealed yesterday only as “Other” but is suddenly 10% of their total revenue

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Previously:  Audacy Faces Bankruptcy Next Year …  Details of Apollo Cox Selloff Revealed …  Apollo Explores Selling Cox Radio …  How Employees Would Fix Audacy …  $5,000 Springsteen Tickets …  Plunging Morale is Costing Audacy …  What iHeart Will Do …  Audacy & iHeart Undercutting Ad rates by 75% …  Audacy’s Big Reveal …  A Paid FM App Replacing Car Radio

You may also like:  Warshaw Walks Away from Cumulus Audacy’s Long Goodbye Why Audacy Stock is Now Worth 77 CentsiHeart Crashing …  A Change in Radio Rates and Contract Length …  Warshaw Inciting Cumulus Shareholder RevoltCumulus to Layoff Station Personnel …  Westwood One to Shutter Another Division The Danger of Electric Cars to Radio …  Audacy & iHeart Playing Dirty with Ad Rates

Journalism is printing what someone else does not want printed.  Everything else is just public relations --  George Orwell

Audacy Faces Bankruptcy Next Year

  • What this means for Audacy stations and personnel
  • Can David Field remain in power as Berner and Pittman did? 
  • Why Audacy market managers are in ill-humor 
  • The 10-to-1 reverse stock split as a Hail Mary

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Previously:  Details of Apollo Cox Selloff Revealed …  Apollo Explores Selling Cox Radio …  How Employees Would Fix Audacy …  $5,000 Springsteen Tickets …  Plunging Morale is Costing Audacy …  What iHeart Will Do…  Audacy & iHeart Undercutting Ad rates by 75% …  Audacy’s Big Reveal …  A Paid FM App Replacing Car Radio …  Radio Ad Revenue to Drop 10%Next Year … 

You may also like:  Warshaw Walks Away from Cumulus Audacy’s Long Goodbye Why Audacy Stock is Now Worth 77 CentsiHeart Crashing …  A Change in Radio Rates and Contract Length …  Warshaw Inciting Cumulus Shareholder RevoltCumulus to Layoff Station Personnel …  Westwood One to Shutter Another Division The Danger of Electric Cars to Radio …  Audacy & iHeart Playing Dirty with Ad Rates

Journalism is printing what someone else does not want printed.  Everything else is just public relations --  George Orwell