Cumulus Masquerading 3rd Quarter Fail

  • Cumulus reported third quarter revenue down 2% - that’s the good news
  • You won’t believe their fastest growing revenue stream
  • And how they are hiding debt in broad daylight
  • The net effect of staff reductions on actual financials
  • Net leverage of other groups is averaging 5.5x – here’s Cumulus’

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Previously: Scott Shannon’s Forced RetirementThe Future of Free RadioAttitudes About Radio Are ChangingRadio Pressured to Sell Podcasting AdsAudacy Ignoring Their Debt ProblemBeasley Botches Their Own LayoffsRadio’s Attention Span ProblemDigital Dimes Killing Terrestrial RevenueBeasley Headed Towards BankruptcyThe Other Audacy/Beasley DealOlivier Rising at Audacy

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

Scott Shannon’s Forced Retirement

  • Audacy walked away from WCBS-FM, New York morning personality 8½ years after CBS Radio President Dan Mason hired him but the real story is not what Audacy is publicly saying.
  • The surprise executioner.
  • A likely replacement who will work for a lot less.
  • Is David Field the next retiree?

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Previously: The Future of Free RadioAttitudes About Radio Are ChangingRadio Pressured to Sell Podcasting AdsAudacy Ignoring Their Debt ProblemBeasley Botches Their Own LayoffsRadio’s Attention Span ProblemDigital Dimes Killing Terrestrial RevenueBeasley Headed Towards BankruptcyThe Other Audacy/Beasley DealOlivier Rising at Audacy 

You may also like: Audacy Fire Sale Begins Fears Mediabase Merger Will Hurt Indie Artists Beasley Could Be an Audacy Merger PartnerThe Coming Audacy New York Fire SaleSports Betting as the Death of AM Talkradio ... iHeart Accused of Buying Podcast AudiencesWarshaw’s Double Acquisition RollupFirst Look at 3rd Quarter Revenue ProjectionsThe Street Expects Audacy to Sell “Prized” Stations 

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

The Future of Free Radio

  • A way for free, commercial radio to charge for subscriptions
  • Why free radio is getting creamed by paid streaming
  • The proponent for making social media “paid” as an idea for free radio
  • The “you only pay for what you need” concept
  • Here’s what audiences will pay for on free radio 

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Previously: Attitudes About Radio Are ChangingRadio Pressured to Sell Podcasting AdsAudacy Ignoring Their Debt ProblemBeasley Botches Their Own LayoffsRadio’s Attention Span ProblemDigital Dimes Killing Terrestrial RevenueBeasley Headed Towards BankruptcyThe Other Audacy/Beasley DealOlivier Rising at AudacyAudacy Fire Sale Begins 

You may also like: Fears Mediabase Merger Will Hurt Indie Artists Beasley Could Be an Audacy Merger PartnerThe Coming Audacy New York Fire SaleSports Betting as the Death of AM Talkradio ... iHeart Accused of Buying Podcast AudiencesWarshaw’s Double Acquisition RollupFirst Look at 3rd Quarter Revenue ProjectionsThe Street Expects Audacy to Sell “Prized” StationsSurprise: Young People Prefer Talk Radio

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

Attitudes About Radio Are Changing

  • A new time for the morning show
  • The desire for more than just music but still including music
  • What streamers are sensing audiences want next
  • How they’re already adapting content to their shorter attention spans
  • Young demo wish list for radio 

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Previously: Radio Pressured to Sell Podcasting AdsAudacy Ignoring Their Debt ProblemBeasley Botches Their Own LayoffsRadio’s Attention Span ProblemDigital Dimes Killing Terrestrial RevenueBeasley Headed Towards BankruptcyThe Other Audacy/Beasley DealOlivier Rising at AudacyAudacy Fire Sale BeginsFears Mediabase Merger Will Hurt Indie Artists

You may also like: Beasley Could Be an Audacy Merger PartnerThe Coming Audacy New York Fire SaleSports Betting as the Death of AM Talkradio ... iHeart Accused of Buying Podcast AudiencesWarshaw’s Double Acquisition RollupFirst Look at 3rd Quarter Revenue ProjectionsThe Street Expects Audacy to Sell “Prized” StationsSurprise: Young People Prefer Talk RadioSpotify’s Pivot to Audio Books 

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

Audacy Ignoring Their Debt Problem

  • The sensible way back to health that Audacy refuses to take
  • Proof the current fiscal crisis was avoidable
  • How spending $25 million could have saved $6 million plus a year in lower interest costs
  • The downside of the reverse stock split to avoid NYSE delisting

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Previously: Beasley Botches Their Own LayoffsRadio’s Attention Span ProblemDigital Dimes Killing Terrestrial RevenueBeasley Headed Towards BankruptcyThe Other Audacy/Beasley DealOlivier Rising at AudacyAudacy Fire Sale BeginsFears Mediabase Merger Will Hurt Indie ArtistsBeasley Could Be an Audacy Merger PartnerThe Coming Audacy New York Fire Sale

You may also like: Sports Betting as the Death of AM Talkradio ... iHeart Accused of Buying Podcast AudiencesWarshaw’s Double Acquisition RollupFirst Look at 3rd Quarter Revenue ProjectionsThe Street Expects Audacy to Sell “Prized” StationsSurprise: Young People Prefer Talk RadioSpotify’s Pivot to Audio BooksAudacy Hiring Cheaper While Laying OffHeadwinds in Cox Radio Selloff

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

Radio’s Attention Span Problem

  • When attention span starts to drift for radio (and podcasts)
  • How radio stations are losing listeners by making it worse
  • Tactics that work against listener attention erosion
  • A simple fix for lost listening for commercial overload and music

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Previously: Digital Dimes Killing Terrestrial RevenueBeasley Headed Towards BankruptcyThe Other Audacy/Beasley DealOlivier Rising at AudacyAudacy Fire Sale BeginsFears Mediabase Merger Will Hurt Indie ArtistsBeasley Could Be an Audacy Merger PartnerThe Coming Audacy New York Fire SaleSports Betting as the Death of AM Talkradio ... iHeart Accused of Buying Podcast Audiences

You may also like: Warshaw’s Double Acquisition RollupFirst Look at 3rd Quarter Revenue ProjectionsThe Street Expects Audacy to Sell “Prized” StationsSurprise: Young People Prefer Talk RadioSpotify’s Pivot to Audio BooksAudacy Hiring Cheaper While Laying OffHeadwinds in Cox Radio SelloffWhy Audacy Continues to Deny BankruptcyLate-Stage Consolidation 

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

The Other Audacy/Beasley Deal

  • A reported factor that preceded the Las Vegas station swap
  • Why Audacy took an AM stiff and swapped a better FM
  • A premonition of things to come between Audacy and Beasley
  • The current Beasley layoffs as a bellwether of the next few weeks

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Previously: Olivier Rising at AudacyAudacy Fire Sale BeginsFears Mediabase Merger Will Hurt Indie ArtistsBeasley Could Be an Audacy Merger PartnerThe Coming Audacy New York Fire SaleSports Betting as the Death of AM Talkradio ... iHeart Accused of Buying Podcast AudiencesWarshaw’s Double Acquisition RollupFirst Look at 3rd Quarter Revenue ProjectionsThe Street Expects Audacy to Sell “Prized” Stations

You may also like: Surprise: Young People Prefer Talk RadioSpotify’s Pivot to Audio BooksAudacy Hiring Cheaper While Laying OffHeadwinds in Cox Radio SelloffWhy Audacy Continues to Deny BankruptcyLate-Stage Consolidation Expanded Firings on the Table at AudacySaga Off the Sales BlockNow It Can Be Told About Lowry Mays

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

The Coming Audacy New York Fire Sale

  • Cash the minute you want it – how the long-delayed all-news move for AM to FM went down.
  • The disrupted future of all-news in New York City.
  • The immediate advantage to David Field.
  • Station sale options.
  • The missing piece of the puzzle – suddenly found.

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Previously: Sports Betting as the Death of AM Talkradio ... iHeart Accused of Buying Podcast AudiencesWarshaw’s Double Acquisition RollupFirst Look at 3rd Quarter Revenue ProjectionsThe Street Expects Audacy to Sell “Prized” StationsSurprise: Young People Prefer Talk RadioSpotify’s Pivot to Audio BooksAudacy Hiring Cheaper While Laying OffHeadwinds in Cox Radio SelloffWhy Audacy Continues to Deny BankruptcyLate-Stage Consolidation

You may also like: Expanded Firings on the Table at AudacySaga Off the Sales BlockNow It Can Be Told About Lowry MaysAudacy & Lenders Reportedly Lawyering UpiHeart’s Newest Way to Fire Without FalloutHow Audacy Lost $1 Billion in 3 YearsAn Unexpected Development at SagaWhat Would Make Young Demos Put Up with Commercials 

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

Remembering Todd Wallace

Late Friday caller ID flashed my longtime friend Todd Wallace was on the phone.

I answered with “hey, how ya doin’” in my best Phillyese.

The voice on the other end was Todd’s son-in-law who said “I don’t think this call is going to go the way you thought it would” and informed me of Todd’s passing.

His credentials were rich:  Big 8 Drake jock, program director, consultant here and in Australia and New Zealand, the “father of call out passive music research” and on and on.

I know him from our long relationship and mutual love of radio.  When I founded Inside Radio, Todd supplied his audience ratings even before the publication made it big.

When I moved to Phoenix, Todd along with fellow buddy Bill Gardner founded the “Scottsdale Study Group” to study the lunch menu at local restaurants and pursue non-stop two-way conversation about all things radio.

Bill and I once stayed on after one of our lunches to talk right up until dinner – non-stop talk with no commercials in a way.

We had regulars like Bruce St. James and John Sebastian and a host of friends like Gary Edens, the late Jim Taszarek and many others.

We’d have guests passing through join us like Scotty Brink – sometimes in ways a bunch of program directors could appreciate like the time I invited a radio acquaintance who said he was on his way to check into hospice where he expected to die.

Lowry Mays picked up the tab because every time I got my Amex out I told them that the hardnosed founder of Clear Channel who tried to sue me for $100 million wound up settling for millions to get me to drop my countersuit so before wallets came out, the question would be posed, is Lowry paying?

Back to the programmer on his way to hospice -- he died and I covered it in Inside Music Media but a few years later he returned from the dead – that’s right, he never died – to stage a bank holdup.  You can’t make this stuff up.

Bank bandit or not, how could we know – he was a programmer who loved radio, that was the ticket to admission. 

Todd often encouraged me to give voice to the radio industry and its people we love who know how to do the best local radio and expose the evil ways of hedge funds and their CEO puppets – like I needed encouragement.  Still, I appreciated that my friend appreciated what I was doing.

I don’t have to tell you that every loss is a tough one and particularly so when it is a radio friend.

Radio is like ice hockey – we compete ferociously but always shake hands in the end to show respect.

I’m glad I never had to go up against “One-book Wallace” as he was called for his ability to fix stations quickly and make them bulletproof.

And now that I’ve had a few days to let it sink in Todd’s passing reminds me of how fortunate we are to be in an industry where we care about the audience, probably make less money than we could doing something else and forge wonderful lasting relationships with everyone -- even competitors.

Todd was an outstanding radio guy and devoted friend, I celebrate his life today by reminding myself and all who will listen that like radio, even friendship is local.

Previously: Surprise: Young People Prefer Talk RadioSpotify’s Pivot to Audio BooksAudacy Hiring Cheaper While Laying OffHeadwinds in Cox Radio SelloffWhy Audacy Continues to Deny BankruptcyLate-Stage ConsolidationExpanded Firings on the Table at AudacySaga Off the Sales BlockNow It Can Be Told About Lowry MaysAudacy & Lenders Reportedly Lawyering Up 

You may also like: Uncertainty at SiriusXMiHeart’s Newest Way to Fire Without FalloutHow Audacy Lost $1 Billion in 3 YearsAn Unexpected Development at SagaWhat Would Make Young Demos Put Up with CommercialsA Hail Mary for AudacyThe Truth About Radio Performance RoyaltiesA Warning About All Those Audacy Bankruptcy DenialsSaga Wants to AcquireAudacy Weighs More Layoffs

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