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There’s a new effort taking shape for Dairy Queen, and the venerable quick-service restauranteur and ice cream chain is using spot cable to get its marketing messages across in the most efficient way.

As shown in the newest Media Monitors report, DQ is now No. 6 by play count, thanks to more than 48,450 airings as detected by iHeartMedia-owned Media Monitors.

That puts Dairy Queen ahead of Subway, which is also increasing its spot cable activity, while last week’s leader, Domino’s, is now No. 5.

Taking the big No. 1 spot is Progressive, opening up a commanding in-category lead against Liberty Mutual Insurance, Allstate, State Farm and GEICO.

 

 

How does the Spot Ten TV report compare?

Here, Macy’s is now No. 2 in-between big Pharma brands Dupixent and Skyrizi.

Meanwhile, Unilever brand Dove rises to No. 5 thanks to a new effort.

This is the fifth installment in a recurring series that looks back at developments that have shaped radio broadcasting during the past 100 years, noting advancements and historical moments month by month. Read April’s story here.

Edward Howard Armstrong of New York, known as the “radio millionaire daredevil,” cannot forsake his radio. He is shown here on the beach, with a six-bulb suit case receiver.

100 Years Ago – April 1924: The second of several court battles between Lee deForest and Edwin Armstrong begins in an effort to determine priority in the invention of the regenerative feedback circuit. Litigation would continue well over a decade, with the U.S. Supreme Court eventually deciding that deForest should be credited with the invention. (Even after the decision, many members of the engineering community still sided with Armstrong as the true inventor of the regenerative feedback circuit.)

75 Years Ago – May 1949: Little Rock, Arkansas radio stations KARK and KGHI have requested NAB involvement in an on-going legal battle. The litigation centers on legislation drafted by a Little Rock city attorney in an attempt to sidestep the long-held principle that radio stations are instrumentalities of interstate commerce, and as such are exempt from state and local ordinances, and may be taxed only by the federal government.

The new Little Rock tax is based on “the generation of electromagnetic waves for radio broadcasting,” and assesses each station operating within the city an annual levy of $250, along with an additional $50 tax to be paid by anyone selling radio advertising. The two stations, having borne the cost of litigating the matter as far as the Arkansas Supreme Court (which upheld the tax), contend the NAB should appeal the case to the U.S. Supreme Court, as “cities everywhere are likely to snap up the Arkansas decision as precedent for local radio taxes.”

50 Years Ago – May 1974: As part of an initiative by the NAB’s Small Market Radio Committee, a 23-person FCC delegation, including the Commission’s new General Counsel, Ashton Hardy, visited radio stations in two small Virginia cities (Fredericksburg and Orange) to acquaint regulators with the issues faced in small-market operations. (Many of the FCC group had never been inside a radio station prior to the trip.) After their return to Washington, their comments included: “What impressed me most was that it (station operation) was a one-man operation, (with) everybody wearing several hats.” General Counsel Hardy remarked: “Every regulatory agency has got to realize you’re dealing with people. When you’re writing regulations, you’ve got to remember you’re regulating people.”

25 Years Ago – May 1999: Questions still abound in connection with the proposed “in band -on channel” implementation of U.S. digital radio broadcasting, with the three IBOC system proponents — USA Digital Radio, Lucent Digital Radio, and Digital Radio Express — now committed to delivering test results on their respective systems to the DAB subcommittee of the recently reactivated National Radio Systems Committee (NRSC). Concerns about implementation of any hybrid digital system include the impact on analog signals, how best to allocate bits (audio quality versus robustness), and the digital signal’s ability to withstand interference from other radio signals. 

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The post May Highlights of Radio Tech History appeared first on Radio World.

NEW YORK — The Library of American Broadcasting Foundation (LABF) on Monday revealed who it will recognize as distinguished industry leaders at its upcoming 2024 Giants of Broadcasting & Electronic Arts luncheon and awards ceremony.

The awards celebrate “the remarkable creators, innovators, leaders, performers, and journalists who have blazed trails in the radio and television broadcasting industry.”

The 2024 Giants of Broadcasting & Electronic Arts honorees include: AL ROKER Weather and Feature Anchor, TODAY and Co-Host, 3rd Hour of TODAY CHRISTINE BARANSKI Two-time Tony and Emmy Award Winning Actress MIKE MCVAY President, McVay Media Consulting PATSY SMULLIN President and Owner, California Oregon Broadcasting Inc. STEPHEN A. SMITH ESPN sports commentator and author STEVE JONES President and Chief Executive Officer, Skyview Networks WENDY MCMAHON President and Chief Executive Officer, CBS News and Stations & CBS Media Ventures

 

This year’s event is scheduled from 11:30am-2pm on November 12 at Gotham Hall in the City of New York. It is one day before Forecast, the annual executive leadership forum presented by Streamline Publishing held at the Harvard Club.

Net proceeds from the luncheon will support the preservation and expansion of the Library of American Broadcasting collection, which is curated at the University of Maryland. Returning as emcee is 2018 Giant honoree Bill Whitaker, a correspondent for CBS News’ 60 Minutes newsmagazine.

The LABF also supports the Broadcast Education Association (BEA) through the underwriting of research, creative grants and academic publications focused on broadcast media.

“This event celebrates the ‘innovators and trailblazers in the media industry,” said LABF Co-Chairs Heidi Raphael and Jack Goodman. “We are absolutely thrilled to pay tribute to and honor these outstanding individuals for their many contributions in broadcasting and American Culture.”

For complete details about the honorees, sponsorship opportunities, tables and individual tickets, please contact BJ Corriveau, 2024 Giants of Broadcasting Event Producer at bjcorriveau@giantsofbroadcasting.org or go to www.tvradiolibrary.org.

The owner of the MyNetwork TV affiliate serving the Motor City has notified the day-to-day head of the television broadcasting company that seeks to purchase the station that it will not participate in any regulatory appeal of a decision that allows the multimillion-dollar transaction to “proceed with caution.”

Could that refusal to participate not only lead to a non-consummation of the sale of WADL-38 in Detroit, but also place all of the “sidecar” arrangements presently allowed by the Commission under new scrutiny, jeopardizing the Shared Services Agreement benefits of multiple leading broadcast station groups?

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MVPD subscriptions fell at a substantial level among U.S. Hispanic households in just one year’s time, a new study from M/A/R/C-owned Horowitz Research finds.

The big result from that cord-cutting? Demand is increasing exponentially for Spanish-language content on subscription-based video-on-demand (SVOD) and free ad-supported streaming television (FAST) platforms.

 

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In these letters to the editor, the authors comment on the story “When It Comes to AM in Cars, Let the Consumer Decide,” where Rob Atkinson suggests that maybe the AM Radio for Every Vehicle Act should be amended. Comment on this or any article. Email radioworld@futurenet.com.

What if There’s a Solar Flare?

While I like Rob’s idea in concept, I have to say it undermines the real issues involved. Yes, if AM were required as an option, consumers that listen to AM regularly would choose to have it. Case closed, right?

Wrong. The problem with that theory are the people that do not listen to AM regularly and who therefore might opt-out. The Federal Government wisely considers scenarios bordering on doomsday. These include a solar flare that could knock out any number of pieces of critical infrastructure (not just communications but the power grid as well).

Large enough solar flares happen frequently — we are dependent on chance (or luck, if you prefer) that they haven’t aligned properly with earth’s orbital position to cause a second Carrington Event. That happened in 1859 and it was big enough to wipe out the telegraph network, a technology far more robust than most of today’s infrastructure.

Or a major cyber attack. Hardly a month goes by that I don’t see another report of deliberate cyber intrusions on our critical infrastructure that seem structured as preparation for future attacks.

When one considers the amount of damage an electromagnetic pulse from even a single small nuclear bomb can do, one can imagine something far short of an all-out nuclear war causing major disruptions too.

The common thread here are events where wide-scale critical infrastructure damage leaves citizens without power and communications for days or longer. The National Public Warning System (the core Federal portion of the Emergency Alert System) was designed for such events. And it relies primarily on AM as by far the most cost-effective way to reach 90% of our population. While it could be replaced with another technology, the alternatives would require several orders of magnitude greater expenditure. AM would even sound better under these circumstances as sources of interference would go dark.

It is under these scenarios that folks that do not listen to AM will gratefully discover it, and will be pleasantly surprised to hear it deliver information, hope and advice to the public during the crisis. My point is, they won’t know they need it until they need it desperately.

Atkinson is not the only one unaware of this big picture necessity for AM. The auto industry lobbyists arguments seem devoid of these basic facts.

— Rolf Taylor, Rocket Engineering and Consulting

 

What if There’s a Nuclear Attack?

Rob Atkinson seems to think that EV cars can be manufactured with an AM radio option. I think if you ask the manufacturers, they’ll tell you that either the vehicle power train is designed to reduce the amount of AM noise to an acceptable level for an on-board AM receiver or not. So that decision will be made at the manufacturing level, not at the dealer. This is one reason why the current AM legislation is making its way through Congress.

The other reason may not be well-known to even most radio people, but I’ve discovered in the past few years that FEMA has invested a lot of money in hardening certain high-power, clear-channel AM sites. They have their own transmitter and studio equipment in hardened structures, their own backup power and programming sources. The point of this is to provide basic, last-minute information to the public over as wide an area as possible for each station.

After a nuclear attack, it will be critical for the surviving public to have some idea of what to do next, because the power will be off in every impacted market and there won’t be any cellular or internet service. If you survived and don’t have a shelter at your home or office, you’ll want to know where to go to shelter from the fallout, for example.

That’s what this is really about, protecting that system. For it to work, you need a functional AM receiver in your vehicle.

— Gary O. Keener, San Antonio, Texas

[Read more stories about the future of AM radio in cars]

The post Letters: AM Is Doomsday Ready appeared first on Radio World.

The FCC has received paperwork for a proposed transaction that would transfer control of 400-watt Class A FM serving Astoria, Ore., from a city in the state of Washington from the company run by Robert Meadows.

 

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NEW YORK — They’ve already enjoyed a strategic partnership. Now, the owner of the NBC and Telemundo TV networks is collaborating with Instacart on a new retail media partnership designed to provide additional opportunities for consumer packaged goods-focused advertisers.

The goal? Better strategic audiences across NBCUniversal‘s streaming platforms.

“With new retail media data collaboration, advertisers can reach digital savvy, purchase-minded consumers,” NBCU believes, as it expands its strategic partnership with Instacart.

“With this new first-party data collaboration, advertisers will be able to reach in-market consumers through NBCUniversal’s iconic streaming content and measure the impact of their campaigns by leveraging ad exposure and purchase data,” NBCU continues.

The offering is expected to launch by the end of June on NBCU’s streaming platforms. An expansion to its linear offerings is in the works and will come at an undisclosed future date.

Peacock is Instacart’s first official streaming partner.

“Advertisers are increasingly prioritizing strategic audiences, and with this partnership, CPG brands will be able to connect the next generation of grocery shoppers in a highly engaging environment,” said Alison Levin, President of NBCUniversal Advertising & Partnerships. “We will be leveraging NBCUniversal’s full portfolio and market-leading daily reach, combined with Instacart’s measurement & data capabilities, to drive results for marketers.”

Tim Castelli, Vice President of Global Advertising Sales at Instacart, added, “Online grocery shopping continues to grow in a post-COVID world and Instacart is the clear category leader. We’re committed to helping CPG brands connect with and inspire high-intent consumers wherever they advertise. Soon, NBCUniversal advertisers will be able to leverage Instacart’s first-party audience data to enhance their streaming campaigns and prove their campaigns’ efficacy with our closed-loop measurement. Consumers can see a CPG’s ad on streaming and get that product delivered to them via Instacart in as fast as an hour – it’s a win-win for both consumers and brands.”

WASHINGTON, D.C. — The NAB is welcoming a new VP of Public Policy, who reports to EVP of Government Relations Shawn Donilon.

She was formerly VP/Legal at the Digital Media Association.

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The Media Bureau affirms the dismissal of the application of City of Erie Cable TV Access Crop d/b/a Community Access Media for a new LPFM station at Erie, Pennsylvania

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This week, FCC Commissioner Geoffrey Starks appeared at the National Association of Farm Broadcasters “Washington Watch” event to respond to ongoing efforts to keep AM radio receivers in newer vehicles. The annual event, this year held April 29 – May 1 in Washington, D.C., offered broadcasters an opportunity to hear the latest policies and news coming out of the U.S. capitol.

Starks opened his remarks by sharing what has been happening in his “neck of the woods” — sharing his concerns about the future of the AM band should car manufacturers remove the service, especially in rural areas.

“Your listeners log in a lot of miles in many instances, and you provide them with that free, reliable source of industry news programming, and they need to be able to keep receiving it,” said Starks, addressing the crowd. “I could end the sentence right there.”

Tuesday morning, the U.S. House Energy & Commerce Committee’s Subcommittee on Innovation, Data and Commerce met to discuss the proposed AM Radio for Every Vehicle Act of 2024, which would require car makers to maintain AM broadcast radio without separate or additional payment, fee or surcharge. While interested parties included contenders from the automotive and consumer technology industries denouncing the bill, there was an overwhelming amount of support from the gathered members of Congress.

As of this week, 247 bipartisan members of the House — nearly equally divided between Republicans and Democrats — have cosponsored the AM Radio for Every Vehicle Act. To date, the proposed legislation has also received support from 60 members of the Senate.

Geoffrey Starks (Credit: Jonathan Newton/The Washington Post/Bloomberg)

With that hearing top of mind, Starks said this issue “warrants continued attention from the FCC,” especially when it comes to providing emergency alerting services to the general public.

“Propagation means the success of the national public warning system hinges on the use of AM radio. And I simply agree with that. So I’m glad to see the overwhelming bipartisan support.”

When opening up the discussion for comments, attendees raised concerns about the enforcement of Part 15 interference rules. These are rules that regulate low power, unlicensed devices on the FCC band.

Starks said if there is illegal interference, the FCC has procedures in place to regulate it.

“There’s an extensive field operation that we have at the FCC, and they will come do field testing if there is interference,” said Starks.

Attendees also asked about the FCC’s thoughts on upgrading the requirements for receivers and improving their quality.

“Part of what I have focused on is making sure that the quality of equipment that is coming in is up to standards,” said Starks. “As you know, some of the new cheaper equipment is a concern.”

Others commented that cheap car receivers are contributing, in part, to interference concerns in electric vehicles.

Finally, Starks answered a question about pre-sunrise authority, which, under FCC rules, requires stations to reduce their operational power.

“I know there’s pending legislation on whether we’re ultimately going to do away with daylight saving,” said Starks. “That’s an issue that I think we would be eager to hear from you and see if we can have some movement there.”

[Read more stories about the future of AM radio in cars]

The post FCC Commissioner Talks AM, Receiver Quality and Pre-Sunrise Authority appeared first on Radio World.

By Brian Winnekins
Special to Streamline Publishing

WASHINGTON, D.C. — FCC Commissioner Geoffrey Starks is throwing his full support behind the AM for Every Vehicle Act, saying the FCC will provide support and expertise as the legislation advances.

In an address to the National Association of Farm Broadcasting‘s Washington Watch event, Starks acknowledged the crucial role AM radio plays in public safety and information dissemination, particularly highlighting its resilience and importance to the EAS infrastructure.

“You all are focused on ensuring AM radio receivers remain in vehicles, including electric vehicles,” said Starks. “You all should hear directly from me: I share that concern and that care that you all have here. Your listeners log in a lot of miles in many instances, and you provide them with that free, reliable source of industry news programming. And they need to be able to keep receiving it.”

He continued, “AM radio plays a critical, critical role in public safety infrastructure. Seven former heads of FEMA have explained AM’s resiliency combined with the long-distance AM signals. Propagation means the success of the National Public Warning System hinges on the use of AM radio. And I simply agree with that, so I’m glad to see the overwhelming bipartisan support.”

Starks invited feedback from broadcasters on how the FCC can further support the industry, particularly in handling interference issues like those caused by LED lights and other electronic devices in vehicles that can disrupt AM radio signals. He assured that the FCC is equipped to handle such complaints and conduct field testing to resolve interference issues.

Another AM radio issue addressed by Commissioner Starks: the affect of Pre-Sunrise Authority on broadcasters and the potential damage the band would suffer under a potential permanent Daylight Saving Time. Several broadcast groups have expressed concern that should DST become permanent, AM stations would face reduced power and signal strength up to 8a in wintertime, impacting listener numbers and revenue.

Starks says he wants to hear and address all of those concerns, reviewing changes to the Authority, if necessary. He also briefly discussed his support of the FM geo-targeting allowance implemented by the FCC.

He closed with optimism for legacy media, stating, “Radio and television stations are unique. I think there’s a lot going on dynamically in the media ecosystem here, but let me just say I think radio and TV stations are going to continue to shine…Most roadways in America provide that free reception that we’re talking about over the air, especially for many Americans who can’t afford another subscription in their household. Or those who just have fatigue from all the subscriptions that they already have.”

— With reporting from Cameron Coats, in New York

For years, Siena College’s noncommercial FM in Loudonville, N.Y., has served as a unique alternative to the commercially licensed music stations serving the Albany-Schenectady-Troy market. Much like Adult Hits “Bob,” “Jack” or “Ben” presentations, the school’s WVCR-FM takes a “we play anything” approach as “88.3 The Saint.”

Replacing WVCR’s automation system recently became a station need. The solution was delivered through a deal with Broadcast Electronics.

 

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BCE Inc., the parent of Bell Media, late Thursday released its Q1 2024 earnings report. How did the Bell Media segment perform during the first three months of the year?

Ad revenue was up 1.6%, thanks largely to “strong growth in digital advertising and improved out-of-home and radio performance,” in addition to Super Bowl LVIII ads tied to the NFL championship game’s coverage in Canada on CTV. Yet, overall media operating revenue sharply declined.

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“Without further ado” tops public speaking expert and veteran public relations executive Rosemary Ravinal‘s list of trite and overused phrases that speakers use reflexively when there are better words to express the same thought. “It’s become a lazy habit, a poor linguistic cue that the speaker is about to get to the point, shedding unnecessary preamble,” she says. So why do we feel the need to announce the absence of further ado? This trope is one of seven tired phrases that can affect the overall impact of your messages, she writes in this column.

 

By Rosemary Ravinal

Seemingly trivial expressions in everyday use can hinder effective communication.

Let’s explore how they can negatively shape the flow, tone, and reception of your words, and how to replace them.

1. Without further ado: Setting the stage
The phrase dates to Shakespearean times, where it was used to signal a shift in action, often towards something momentous or climactic. Today, it’s become a staple in public speaking, an assurance to the audience that their time won’t be wasted on superfluous chatter. But the phrase itself has become superfluous. It’s worth considering whether this phrase is more of a habit than a necessity. Does its usage imply that there was indeed some ado prior, albeit unspoken? Could it inadvertently draw attention to what it seeks to dismiss? These questions invite you as a speaker to reflect on the purpose of your words and whether such formulaic phrases truly add value to what you have to say.

Alternatives: “Let’s get started.” Or simply pause, take a breath, and get to the point.

2. If you will: A conditional crutch
The phrase “if you will” sneaks its way into speeches as a way of suggesting hypothetical scenarios. For example: “We need to streamline our processes, if you will, to boost efficiency.” Here, “if you will” adds unnecessary hesitation and weakens the call to action. Instead, a more direct approach would convey confidence and decisiveness: “We must streamline our processes to boost efficiency.”

“If you will” also shows up in media interviews and industry panels as a gesture of deference by the questioner, which often sounds like the person responding is doing you a favor. Example: “Please explain for our listeners, if you will, why you are expanding your operations in Miami?” Uh? The interviewee is there to talk ABOUT that very topic. Why clutter the question with a flowery “if you will?”

Alternatives: Strive for precision and clarity. Remove the phrase altogether, no need for a replacement.

3. At the end of the day: A cliché in disguise
“At the end of the day” has become a go-to phrase for speakers aiming to wrap up their points or provide a summary. However, its frequent use has rendered it dull and uninspiring. Instead of offering a profound conclusion, it often serves as a placeholder for deeper insights or meaningful conclusions that don’t exist. Consider the following: “At the end of the day, our success hinges on teamwork.” While the sentiment may be valid, the phrase itself adds little value and fails to leave a lasting impression.

Alternatives: “In summary” and “in conclusion” are better. Follow these with the substance of your idea or call to action.

4. If I may: Your confidence undermined
Like “if you will,” starting a statement with “if I may” can project uncertainty and diminish your authority and confidence as a speaker. It suggests a lack of conviction in your own ideas. “If I may, let me ask you about your plans to expand operations in Miami.” Why do you need to ask permission? Challenge yourself to speak assertively without relying on qualifiers.

Alternatives: None. Just ask the question with conviction.

5. To be honest: Diminished credibility
Phrases like “to be honest” can inadvertently imply that honesty is not your intention. When you feel the need to emphasize your truthfulness, it can raise doubts about the authenticity of your message. Its effectiveness can vary depending on the context and the speaker’s delivery. Sometimes it can come across as insincere if overused or if what follows doesn’t align with the audience’s expectations of honesty. Ouch!

Alternatives: Use affirmative phrases like “I believe” to transition to your statement. Better still, eliminate it altogether.

6. I have a quick question: Your question has little value
During Q+A sessions, how often do you hear someone say, “I have a quick question?” It’s often said with trepidation, like the person is imposing or doubts the merits of the question. Why make it a “quick” question. Besides, when you raise your hand, it signals that you have a question. When called on, just ask the question, listen to the answer, and thank the speaker. Period.

Alternatives: State your name and say “My question is…” No need to thank the speaker for “taking your question.” That’s a filler phrase, too.

7. First and foremost: Is it really?
“First and foremost,” is redundant. If something is “first,” it’s already implied that it’s the most important or primary aspect, so adding “foremost” is unnecessary. When you use it randomly without anything of substance following, it sounds like you’re using fancy speech to sound important. For instance, “First and foremost, let me thank you for coming today.” Are they doing you a favor for coming?

Alternatives: “First” is enough, and “thank you for coming today” is always appreciated.

So, what can you as a speaker do to break free from the shackles of overused phrases and elevate your communication?

• Be direct: Cut through the clutter and express ideas with clarity and conviction. Avoid unnecessary qualifiers like “if you will” and “if I may” that dilute the strength of your message.
• Embrace originality: Strive to infuse your speech with fresh perspectives and original language. Avoid relying on clichés like “without further ado” and “at the end of the day” that function as formulaic fillers.
• Be brief: Be concise and economical with your words. “First” is enough unless an idea is so extraordinary that it becomes first and foremost. Get to the point: “I have a quick question” becomes quicker without the preamble.
• Display trustworthiness: Defaulting to tired phrases like “to be honest” can boomerang as the opposite of what you intended. Be deliberate and intentional instead.

Become aware of these and other linguistic crutches so you can break free from them and deliver more impactful speeches and presentations every time.

Contact Rosemary Ravinal for details on public speaking training programs or one-on-one coaching services in any of the following areas, in both English and Spanish:

• Public Speaking
• Media Readiness
• Presentation Skills

info@rosemaryravinal.com

In this letter to the editor, the author shares his personal highlights from the 2024 NAB Show. Comment on this or any article. Email radioworld@futurenet.com.

One of the gems of the 2024 convention was the Society of Broadcast Engineers two-day Ennes Workshop focused on Media over IP.  Yes, I was one of the co-chairs, but I can still be proud. The jam-packed event had 20 sessions focused on the topics with no sales presentations!

The sessions covered understanding IP basics, troubleshooting and implementation. Also, an understanding of SNMP, AOIP, codecs and network topology. There was an introduction to 2110 and discussions of various implementations.

The two-day SBE Ennes Workshop at the NAB Show program moderators: Jeff Welton, David Bialik and Fred Willard. Thanks for all your work!#NABShow #SBEEnnes #BroadcastEngineering #BroadcastTech pic.twitter.com/3ay8DCMEhT

— Society of Broadcast Engineers (@SBEorg) April 14, 2024

Eduardo Martinez gave a great talk on using Wireshark and other tools to troubleshoot issues. And Javid Butler gave a hands-on demonstration of working with fiber optic cable! Chris Holbrook stressed the importance of documentation with Computer Aided Design. John Kean discussed Loudness control.

Besides all this we also heard from industry legends Bob Orban and Merrill Weiss.

This was two days well spent and no wonder it was sold out! I am not saying that other technical sessions were not this intense — but wow. Fred Willard and I organized this into sessions that we would want to attend, and it worked. The attendees were riveted to their seats the entire time. I am only sorry that I was too busy to attend the other Ennes Workshop on RF.

Thank you SBE for giving me the privilege of organizing and attending this.

[Check Out More Letters at Radio World’s Reader’s Forum Section]

The post Letter: Thank You, SBE appeared first on Radio World.

Cumulus Media said a successful restructuring of its capital structure has taken some pressure off of its debt burdens.

“With the advertising environment still unsettled,” said President/CEO Mary Berner, “these new terms provide us additional time and flexibility to execute against our key business priorities — accelerating digital growth, reducing fixed costs, and continuing to de-lever our balance sheet — each of which is foundational to our ability to build long-term shareholder value.”

She said the company was “thrilled” to secure five-year maturities with favorable terms through a debt exchange and an expansion and extension of asset-based loans.

“This is an excellent outcome for the company especially given the generally difficult financing environment for legacy media companies,” Berner said.

She said Cumulus extended its maturities to 2029, reduced its principal amount of outstanding debt by $33 million, obtained “attractive” interest rates, maintained a structure free of financial maintenance covenants, and increased capacity on its asset-based loan facility by 25%.

“The importance of these transactions is underscored by the continuing choppiness in the macroeconomic environment. While our Q1 revenue was in line with guidance and a marked improvement from 2023 trends, it is also reflective of the uncertainty that continues to weigh on advertisers.”

Cumulus released its first-quarter operating results. It posted total net revenue of $200.1 million, a decline of 2.7% from a year ago, though it noted that this was “a sequential improvement versus Q4’s year-over-year performance.”

Broadcast revenue, including both spot and network, was down 5.6% from a year ago. Digital revenue was a bright spot in Q1, up 7.3% to $34.4 million, 17% of total company revenue.

The company recorded a net loss in the quarter of $14.2 million compared to a net loss of $21.5 million a year earlier. It said it also “continued to improve operating leverage by reducing fixed costs by approximately $4 million.”

The post Cumulus Gets Some Debt Relief, Posts Q1 Revenue Decline appeared first on Radio World.