Wednesday, November 14, 2018
Cumulus Q3 Net Revenue Down 1.7%. The third quarter financial numbers for Cumulus Media have been released and the company reports Q3 net revenue of $282.3 million – an dip of 1.7% from the same period in 2017. Net income was $12.7 million and adjusted EBITDA was $62.1 million. Due to its emergence from Chapter 11 reorganization earlier this year, the company notes in its report that “for the purposes of the analysis of the results presented herein, the company is presenting the combined results of operations for the period June 4, 2018 to September 30, 2018 of the Successor Company with the period January 1, 2018 to June 3, 2018 of the Predecessor Company. Although this presentation is not in accordance with accounting principles generally accepted in the United States, the company believes presenting and analyzing the combined results allows for a more meaningful comparison of results for the nine month period ended September 30, 2018 to the nine months ended September 30, 2017.." Cumulus president and CEO Mary Berner comments, “In our first full quarter of operations since emerging from Chapter 11, our positive momentum continued and we remain focused on the path ahead. We delivered another quarter of Adjusted EBITDA growth – approximately 50 basis points on a reported basis and 3.9% when adjusting for the impact of USTN and our exit from WLUP-FM in Chicago. Additionally, in early October, we completed a $50 million prepayment of our term loan using cash generated from operations, demonstrating both our ability to produce significant free cash flow and our commitment to pay down debt with that cash. We continue to believe that our key growth initiatives, including our digital businesses at the Cumulus Radio Station Group, our rapidly expanding podcast business and pricing and inventory management improvements across the Company, as well as our substantial free cash flow generation, position the Company well to create value for all our stakeholders.."
iHeartMedia Names Future Board of Directors. When iHeartMedia emerges from Chapter 11 reorganization, it will have a new board of directors and today the company announces who will sit on the board. Current board chairman and CEO Bob Pittman and current president, COO and CFO Rich Bressler will continue to serve on the board with five new board members. They are: former Walt Disney Company executive Jay Rasulo; Spyglass Entertainment co-founder and former MGM Inc. chairman and CEO Gary Barber; Altimeter Capital founder and CEO Brad Gerstner; private investor and director for both Aptiv plc and Arconic Inc Sean Mahoney; and Drawbridge founder and CEO Kamakshi Sivaramakrishnan. Bob Pittman comments, “We are excited about both the depth and range of our new board members. We know our ability to draw on the experience of this unique combination of leaders in their respective fields will give us an unparalleled competitive advantage as we build our next level of growth.."
Premiere Networks’ Sean Hannity Hits 600-Affiliate Mark. After a little more than 17 years in national syndication, Premiere Networks talk radio superstar Sean Hannity reaches the milestone of 600 affiliate stations. Premiere states, “Hannity’s provocative, informed, and passionate commentary on news and politics has amassed a loyal following of more than 18 million listeners monthly. Broadcasting live on weekdays from 3:00 pm to 6:00 pm ET, the 2017 National Radio Hall of Fame inductee and two-time Marconi Award winner is one of the most prominent and influential talk radio hosts in the country, whose political foresight and focus on the American agenda has made him the second most-listened-to talk radio host in the U.S.." Hannity comments, “I am humbled and appreciative to not only our 600 amazing affiliates, but also to the listeners of this radio show in each and every city. Thank you for this honor!."
Deadly California Wildfire, CNN-White House Suit, Florida Recount/Kemp-Abrams Contest/AZ Senate Race, Melania Trump-Mira Ricardel Matter, New Amazon HQs Revealed, Dow Dips Again, Michelle Obama Book Tour, and NFL Action Among Top News/Talk Stories Yesterday (11/13). The California wildfire that has claimed 48 lives so far; CNN’s suit against the White House requesting the return of Jim Acosta’s WH credentials pass; the re-count troubles in Florida, the Stacey Abrams–Brian Kemp Georgia governor’s race, and Kyrsten Sinema’s AZ senate seat victory; Melania Trump’s move to oust deputy national security adviser Mira Ricardel; Amazon reveals new HQ locations; the Dow loses another 100 points; Michelle Obama’s Becoming book tour; and the week’s NFL action were some of the most-talked-about stories on news/talk radio yesterday, according to ongoing research from TALKERS magazine.
‘Stuttering’ John Melendez Is This Week’s Guest on Harrison Podcast. Media personality John Melendez, who spent 15 years as an outrageous sidekick and field reporter on Howard Stern’s radio and TV shows, followed by a 10-year stint as announcer and writer on the “Tonight Show with Jay Leno,” is this week’s guest on the award-winning PodcastOne series, “The Michael Harrison Interview.." Melendez, whose “Stuttering John." character rose to fame in the Howard Stern universe for asking unsuspecting celebrities extremely intimate and embarrassing questions, has just published a memoir, Easy for You to Say (Rare Bird Books, 2018). It discusses his lifelong battle against stuttering going all the way back to his experiences being bullied in school as well as his colorful media career and the major stars with whom he interacted. Melendez talks to Harrison quite candidly about his relationships with both Stern and Leno as well as his perspective on the industry and life. According to Harrison, “This guy is extremely interesting. He’s lived both a charmed life and career which he discusses in candid detail in our conversation. What a great guest!." 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 of the TALKERS email newsletter and on every page of Talkers.com.
Tags: board of directors, Bob Pittman, Brad Gerstner, Chapter 11 reorganization, Cumulus Media, Gary Barber, iHeartMedia, Jay Rasulo, Mary Berner, net income, net revenue, news/talk radio, Premiere Networks, Q3, Rich Bressler, Sean Hannity, Talkers Magazine, Walt Disney Company
Category: Front Page News, Industry News