iHeartMedia Second Quarter Revenue Declines 47%. In line with the other broadcast companies that have reported Q2 2020 data so far, iHeartMedia’s revenue of $488 million represents a 47% decrease compared to the same period in 2019. Breaking it down into segments, iHM reports that broadcast revenue declined 57% ($561 million to $244 million), networks revenue was down 38% ($156 million to $96 million), digital revenue increased 2% ($91 million to $93 million – led by a 103% increase in podcasting revenue), sponsorship and events declined 65% ($42 million to $15 million), and audio & media services dropped 33% ($59 million to $39 million). iHeartMedia is reporting an operating loss of $159 million in Q2 of 2020 compared to an operating income of $182 million in the second quarter of 2019. Chairman and CEO Bob Pittman says, “The challenges that we have faced due to COVID-19 were unprecedented and had a severe, negative impact on our revenue in the second quarter. Despite those financial challenges, we retained our strong relationship with the consumer as the #1 audio company in America and the #1 media company in America by reach. As the advertising marketplace is recovering, we are working hard to ensure that we have the products and services to fully capitalize on the opportunity while proactively taking steps to fortify our balance sheet and our liquidity. Finally, I want to thank our employees for their commitment and creativity under such difficult and challenging circumstances.” Company president, CFO and COO Rich Bressler adds, “In response to COVID-driven market weakness, we acted rapidly and decisively to further streamline our cost structure and capital-spending programs, while continuing to implement pre-COVID cost savings programs through our modernization initiatives. These actions played an important role in minimizing the negative impact on our free cash flow results against the backdrop of the significant revenue declines we saw in the second quarter. We believe that these actions, in combination with our proactive capital structure management provides the company with sufficient liquidity to operate effectively even in an extended period of economic weakness.”

Round Three of July PPMs Released. The third of four rounds of ratings data from Nielsen Audio’s July 2020 PPM survey has been released for 12 markets including: Portland, Charlotte, San Antonio, Sacramento, Pittsburgh, Salt Lake City, Las Vegas, Orlando, Cincinnati, Cleveland, Kansas City, and Columbus. Nielsen’s July 2020 survey period covered June 18 – July 15. You can see all the 6+ data from subscribing stations here. Meanwhile, TALKERS magazine managing editor Mike Kinosian presents his Ratings Takeaways for this group of markets. In Portland, Alpha Media’s news/talk KXL-FM tacks on one-tenth to finish the July survey with a 6.5 share good for the #3 rank in the market. Entercom’s news/talk WBT-AM/FM, Charlotte dips one-tenth to a 5.9 share but rises one spot to the #3 rank. Despite losing a full share and finishing with a 5.5 share, iHeartMedia’s news/talk WOAI, San Antonio remains ranked #2 in the market. In Pittsburgh, Entercom’s news/talk KDKA-AM adds three-tenths and wraps the survey with a 5.4 share good for the #4 rank. iHeartMedia’s KNRS-FM, Salt Lake City jumps by half a share to claim the #5 rank with a 5.8 share. See Mike Kinosian’s complete report here.

NAB’s Gordon Smith Suffers Stroke. A statement from the National Association of Broadcasters reveals that its president and CEO Gordon Smith suffered a stroke and was admitted to the hospital. The statement adds, “He is responding well to treatment, is stable and alert, and is resting comfortably. His prognosis is good, and he is expected to make a full recovery.”

COVID-19 Statistics & Projections, Presidential Race, Portland Protests, TikTok Deal/U.S.-China Relations, Beirut Explosion, and Pro Sports Leagues’ Struggles Among Top News/Talk Story Yesterday (8/5). The rising number of COVID-19 cases in numerous states and projections for future cases; the November presidential election and President Trump’s statements about the validity of mail-in ballots; the controversial BLM protests in Portland; the deal to allow Microsoft to acquire TikTok and the tenuous U.S.-China relations; the investigation into the ammonium nitrate-caused explosion that rocked Beirut; and pro sports leagues struggle with positive COVID-19 cases were some of the most-talked-about stories on news/talk radio yesterday, according to ongoing research from TALKERS magazine.

Venerable Multimedia Personality Shadoe Stevens Is This Week’s Guest on Harrison Podcast.  Los Angeles-based radio and TV personality Shadoe Stevens is this week’s guest on the award-winning PodcastOne series, “The Michael Harrison Interview.”  Stevens is an extraordinarily talented and creative individual who has succeeded to one degree or another in just about every phase of performance media in a career that has spanned five decades. He remains on the leading edge with the debut of a 12-part podcast series titled, “MentalRadio,” that pulls out the stops on imaginative writing, complex production, and audio theatrics. During the course of his career, Stevens has served as program director and/or air talent at legendary radio stations including LA’s KROQ and KMET. He was the first successor to Casey Kasem as the voice of “American Top 40” which he hosted for seven years. He’s been a television announcer and personality on such shows as “Hollywood Squares” and “The Late Late Show with Craig Ferguson.” He was also producer, writer, and talent on hundreds of successful radio and television commercial campaigns – highlighted by his celebrated creation and performance of the outrageous character, Fred Rated, for the Federated Group home appliance chain. As an actor, he appeared on such TV programs as “Baywatch,” “The Larry Sanders Show,” “Beverly Hills 90210,” “Dave’s World,” “Max Monroe: Loose Cannon,” and he performed in the movie “TRAXX,” plus more. Harrison and Stevens recount their days in Los Angeles radio (both served as PD of KMET), the intricacies of Stevens’ colorful career, and the unlimited potential of modern podcasting as a platform for 21^st century audio theater. Radio and media freaks will really enjoy this interview! To listen to the podcast in its entirety, please click here or click on the player box marked “The Michael Harrison Interview” located in the right-hand column on every page of Talkers.com.

Tags: 2020, Alpha Media, Bob Pittman, broadcast revenue, Charlotte, digital revenue, Entercom, Gordon Smith, iHeartMedia, July 2020, KDKA-AM, KNRS-FM, KXL-FM, Mike Kinosian, NAB, National Association of Broadcasters, networks revenue, news/talk, news/talk radio, Nielsen Audio, operating income, operating loss, Pittsburgh, Portland, PPM, Q2, Revenue, Rich Bressler, Salt Lake City, San Antonio, second quarter, stroke, Talkers Magazine, WBT-AM/FM, WOAI

Category: Front Page News, Industry News