Townsquare Media Reports Net Revenue Down 2.5% in Second Quarter
Townsquare Media reports its financial operations for the second quarter of 2024 and reveals net revenue of $118.2 million, a decline of 2.5% from the same period in 2023. The company also reports a net loss of $48.9 million in Q2, compared to the net loss of $2.7 million that it reported in the second quarter of 2023. Townsquare Media CEO Bill Wilson states, “I am pleased to share that Townsquare’s momentum is building as demonstrated by another quarter of sequential net revenue improvement, primarily due to our local focus
and our unique and differentiated digital platform… In the second quarter, the Company reported a net loss of $48.9 million, in large part due to non-cash impairment charges. Our Q2 performance was driven by stabilizing and/or improving trends across segments: Townsquare Interactive returned to sequential revenue growth in each month of the quarter, as a result of positive subscriber trends that have improved dramatically compared to previous quarters; Digital Advertising net revenue growth continued at +1% year-over-year; and Broadcast Advertising net revenue was approximately flat as compared to the prior year, an improvement from first quarter declines. In total, Digital represented 52% of Townsquare’s net revenue in the first six months of the year. Additionally, we continue to generate strong cash flow, granting us the ability to invest in our digital growth engine while preserving financial flexibility, as evidenced by our ongoing debt and share buybacks in the open market… Most importantly, due to our current cash position and our strong cash generation, we retain financial flexibility moving forward and we are confident in our ability to build shareholder value for our investors through long-term net revenue and cash flow growth, net leverage reduction, future dividend payments, and potential future share repurchases.”
7.8%. The company says net broadcast revenue was $47.1 million (-5.1%), while net digital media revenue was $11.9 million (+9.9%), and net publishing revenue was $1.56 million (-70.3%). It should be noted that Salem sold Regnery Publishing in December of 2023. The company reports net income of $2.3 million during the quarter, compared to that net loss of $7.1 million it reported in Q2 of 2023. 
responsible for overseeing the Fort Myers and Tampa, Florida markets. In addition to serving as Ft. Myers market manager, AJ Lurie will now oversee sales across the state. Mac Edwards will oversee the Charlotte and Fayetteville markets. Kent Dunn will continue to lead the Augusta market. Mary Menna will lead the company’s Boston, Philadelphia, and New Jersey markets. Kevin Rich, who currently serves as Beasley Media Group vice president of operations, will now also be responsible for overseeing the company’s Las Vegas and Detroit-based operations. Beasley CEO Caroline Beasley states, “These changes reflect the company’s continuous commitment to streamline our sales efforts and drive revenue in an efficient manner across multiple platforms throughout the company.”
Foundation’s 9th Annual Event & Dinner at Mohegan Pennsylvania in Wilkes-Barre on September 20 in the Keystone Grand Ballroom. The theme of the event is “The Enduring Importance of the American Revolution” and will feature keynote speaker Jack Warren, author of Freedom: The Enduring Importance of the American Revolution (Lyons Press, 2023). Each year the Foundation presents its Atlas Award for Citizenship and this year’s honoree is Northeastern Pennsylvania businessman Christopher Hackett. Find out more about the event and how to attend at: 
The second of four rounds of ratings information from Nielsen Audio’s July 2024 PPM survey has been released for 12 markets including Washington, Boston, Miami, Seattle, Detroit, Phoenix, Minneapolis, San Diego, Tampa, Denver, Baltimore, and St. Louis. The survey covered June 20 through July 17. Today, TALKERS managing editor Mike Kinosian presents his Ratings Takeaways from this group of markets. In Washington, Cumulus Media’s news/talk WMAL-FM is steady with a 3.6 share (weekly, 6+ AQH share) and remains ranked #11, while Hubbard Radio’s all- news WTOP-FM rises 1.2 shares for 10.7 share finish that lifts it to the #1 rank in the market. In Boston, iHeartMedia’s news/talk WRKO adds four-tenths to finish with a 3.3 share and climbs to the #10 rank, while sister all-news WBZ-AM is flat with a 4.7 share but rises one spot to the #6 rank. In Phoenix, iHeartMedia’s news/talk KFYI tacks on three-tenths to finish with a 3.8 share that lifts it to the #6 rank, while Bonneville’s news/talk KTAR-FM adds eight-tenths for a 3.1 share finish good for the #11 rank. 
The New York Times’ “The Daily” remains #1, followed by NPR’s “NPR News Now” at #2 and “Up First” at #3, with NBC News’ “Dateline NBC” at #4. Dan Bongino’s “The Dan Bongino Show” leaps four spots to the #5 rank and the DailyWire’s “The Ben Shapiro Show” jumps two spots to the #6 rank, while FOX Audio Network’s “FOX News Hourly Update” falls two places to #8. 
Radio. The company says that in his new role, Goforth will collaborate closely with local Hubbard Radio markets to enhance sales strategies for existing podcasts. And as part of the Hubbard Radio corporate team, he will create new podcast initiatives and strategic partnerships, to build an even more robust podcast network. Hubbard EVP and chief financial officer Dave Bestler says, “We fully understand and embrace the evolution in our business from radio to audio. We are creating must-hear content in all eight of our Hubbard Radio markets, and listeners are increasingly accessing our content on-demand. John will help expand our podcast offerings, while growing revenue with the podcasts we already have.” Goforth comments, “I couldn’t be more excited to join the amazing team at Hubbard and help grow their already impressive portfolio. It’s thrilling to be at the intersection of local and national in the podcast space. As we’ve seen in other channels, cracking the code on local is the key to explosive growth.”
6:00 pm to 9:00 pm host. Tatum filled in for Elder during his run for governor of California in 2021 and subsequently assumed the role full time. Elder joined the 2024 Republican presidential primary race but dropped out last fall and threw his support behind Donald Trump. Since then, he’s been hosting his podcast, “Larry Elder – We’ve Got a Country to Save.” He’ll continue the podcast with Salem handling sales and marketing for the it. Salem SVP of spoken word Phil Boyce says, “Larry is one of a rare breed who actually grew in popularity and influence AFTER he departed the radio. Now we get to hear his sage words of wisdom daily on radio stations across the country, on Salem News Channel, and the Salem Podcast Network.”
7:00 pm to 8:00 pm. KRLD brand manager Drew Anderssen says, “Will’s unique perspective on today’s top headlines will be a welcomed addition to our revamped lineup on KRLD. We’re excited to expand his reach and introduce his wildly popular program to KRLD listeners in Dallas and nationwide via the Audacy app.”
fans to engage with “Truth” hosts, enjoy delicious food, take in local entertainment. “Truth” hosts Tory Lowe and Melanie Ricks will broadcast live from 11 am to 1:00 pm. Station general manager Cherie Harris says, “We are thrilled to bring back Truth Family Fest for the second year in a row! This event is a celebration of family, community, and partnership. Truth Family Fest will provide valuable resources on healthcare, recreation, and back-to-school support, all aimed at making the transition to the upcoming school year smoother.”
July 2024 PPM Data – Information for Nielsen Audio’s July 2024 ratings period (June 20 – July 17) has been released for New York, Los Angeles, Chicago, San Francisco, Dallas, Houston, Atlanta, Philadelphia, Nassau-Suffolk (Long Island), Riverside-San Bernardino-Ontario, San Jose, and Middlesex-Somerset-Union.
governor who’s been a frequent contributor, guest host, and weekly co-host on the Rod Arquette show since 2018. Arquette says, “Greg has been a passionate contributor of political commentary in Utah on TV and radio dating back to 2012. His extensive experience and background in public service and public policy allows him to pull back the curtain on what’s really happening in Utah and national politics. Our goal is to bring common sense and fair mindedness to the issues that are impacting Utah families in an entertaining and informative way.” Hughes states, “I am beyond grateful and excited to join 105.9 KNRS and the iHeartRadio family. I am especially excited, to partner with Rod every day to inform and entertain the greatest listening audience in Utah. We are living in uncertain, but historic times. There is a real need for thought leaders today who can reach out and dialogue with public servants, business, and community leaders but most importantly, with everyday Utahns. ‘The Rod and Greg Show’ will be the place where that happens… and then some. I’m ready to go!” 
and Macy’s. In this newly created corporate position, Snyder will be responsible for overseeing digital marketing and building revenue opportunities on behalf of the company with an emphasis on newsletters, SEO, websites and affiliate marketing as well as leading the developers working across the organization. Beasley CEO Caroline Beasley comments, “We could not be more thrilled to welcome Dave into the Beasley family. His marketing expertise is exactly what we need as we continue to build new revenue streams on behalf of the company.”
investors are defined by the Securities and Exchange Commission’s Rule 501(a) as individuals with a net worth greater than $1 million – excluding their primary residence – or incomes in excess of $200,000 in the last two years with the expectation of the same in the current year – or $300,000 with a spouse.) Last month, Newsmax announced that it would seek to become a public company later in 2024 or in early 2025 with a listing on the NYSE or Nasdaq. In preparation for this contemplated public offering, Newsmax has launched a private placement offering seeking to raise up to $225 million. Ruddy states, “We are excited to connect with the tens of thousands of investors nationwide who have already shown interest in investing in Newsmax. There is much to be enthusiastic about Newsmax, including significant growth in our audience, a surge in interest in conservative media and our expanding portfolio of platforms and distribution. Now more than ever — especially in this election year of 2024 — America needs Newsmax. We look forward to sharing more details with everyone who tunes in to the webinar.” 
president and CEO Mary G. Berner says, “In the context of a challenging advertising environment, second quarter total revenue finished in line with our pacing guidance, down 2.5% year-over-year. However, our unrelenting focus on areas of the business that are in our control helped us to mitigate the impact of soft demand while also driving tangible progress in key priority areas. During the quarter, we grew our digital marketing services business by 24%, reduced fixed costs by $4 million, and continued to strengthen our balance sheet through the successful completion of our exchange offer, ABL upsizing, and the buyback of a portion of our remaining 2026 maturity debt. Looking ahead, while the advertising outlook remains uncertain, our advertisers continue to be focused on when – not if – they’re going to return to more typical spending levels. Fortunately, thanks to our success at extending our debt maturities, we have time on our side and the flexibility to pursue multiple paths to create shareholder value.”
Fanatic” to host the midday show, effective August 12. “97.5 The Fanatic” program director Scott Masteller says, “I am excited to welcome Mike back to the Fanatic. I know that both previous and new listeners will be anxious to hear his insight and perspective on Philadelphia Sports.” The company also announces that Bill Colarulo, a recent addition to the station, will join Mike Missanelli as part of the show’s new on-air lineup.
NAB Show New York on October 9. News/talk stations WLS-AM, Chicago and WLW-AM, Cincinnati are finalists for Legendary Station of the Year. WWTN-FM, Nashville talk host Dan Mandis is a finalist for Large Market Personality of the Year. KIDO-AM, Boise host Kevin Miller is a finalist for Medium Market Personality of the Year. The finalists for News/Talk Station of the Year are: WSB-AM, Atlanta; KRMG-FM, Tulsa; WLW-AM, Cincinnati; KDKA-AM, Pittsburgh; and WIBC-FM, Indianapolis.