Audacy has disclosed in a submission to the SEC that they have granted a three-year contract extension to Susan Larkin, their Executive Vice President and Chief Operating Officer. According to the agreement submitted to the Securities & Exchanges Commission, the renewed contract for Susan Larkin with Audacy will be valid until May 4, 2026, with automatic one-year renewals unless either party provides prior notice of non-extension.

Radio Insight reported on the recent developments and indicated that throughout the three years covered by the contract, Larkin is set to receive an annual base salary of $775,000, $800,000, and $825,000, respectively. In addition, she could earn an annual cash performance bonus, which the Compensation Committee of the Board will determine at their discretion. This bonus will be contingent upon the Company’s performance evaluation, Ms. Larkin’s annual performance, and potential equity compensation. The equity compensation is targeted at a yearly amount of $500,000, although the relevant parties can adjust this figure as determined.

Larkin became part of the then-Entercom team in July 2017 when she assumed the role of Regional Vice President. Following the acquisition of CBS Radio, she transitioned to the position of Market Manager for San Francisco until April 2018, when she relocated to New York City. Her ascent to her current status took place in May 2020. Before joining Audacy, Larkin dedicated nine years to Cox Media Orlando as Market Manager and served as Regional Vice President for Jacksonville and Orlando for two years. Throughout her career, she also held the positions of General Sales Manager for ABC Radio Minneapolis and National Sales Manager for Jacor Columbus, Ohio.

According to the SEC filing, Monique Nelson has resigned from her position on Audacy’s Board of Directors due to time limitations. Following her departure, the board reduced the number of members from nine to eight, and Sean Creamer was promoted to Class A director to fill the vacancy created. Furthermore, the board revised the annual equity compensation for board members. Instead of the previous arrangement of a yearly grant of $120,000 in shares of restricted stock units, they have now opted for a one-time cash payment of $100,000.

According to a report from The Daily Beast, conservative media organization Project Veritas has initiated legal action against its founder, James O’Keefe. The lawsuit alleges that O’Keefe engaged in employee mistreatment, incurred substantial personal expenses using company accounts, and utilized Project Veritas resources to establish a competing media outlet.

The legal dispute, filed on Wednesday in a federal court in New York, arises from a deepening rift between O’Keefe and Project Veritas, the right-wing undercover video operation he established in 2010. Earlier this year, a group of Project Veritas employees penned a letter claiming that O’Keefe had transformed into a “power-drunk tyrant” who displayed outright cruelty toward staff members. Examples cited ranged from O’Keefe allegedly consuming a sandwich belonging to a pregnant coworker to utilizing company funds for theatrical productions.

In February, James O’Keefe was suspended and shortly thereafter revealed the establishment of a new organization called O’Keefe Media Group (OMG), which bears similarities to Project Veritas. Project Veritas alleges that O’Keefe initiated his new venture while utilizing Project Veritas resources, including donor lists and laptops.

When approached for comment by The Daily Beast, neither Project Veritas nor O’Keefe responded. Additionally, two former Project Veritas employees named defendants in the lawsuit either did not respond or could not be contacted for comment.

Project Veritas asserts that O’Keefe’s erratic conduct violated the terms of the contract even prior to his establishment of OMG. During an internal investigation conducted earlier this year to examine O’Keefe’s behavior, the company’s board received allegations indicating that O’Keefe frequently engaged in unprofessional behavior during team meetings. These allegations included instances of O’Keefe shouting at and demeaning colleagues, focusing on female employees. It was claimed that he made disparaging remarks about their contributions to the company and made inappropriate comments about personal matters such as pregnancies.

Furthermore, employees reportedly stated that they personally witnessed explicit messages exchanged between O’Keefe and various women on social media platforms while accessing O’Keefe’s phone for work-related purposes.

According to employees, the unprofessional behavior also extended to financial matters. The lawsuit claims that O’Keefe regularly displayed tardiness for meetings and exhibited rudeness during VIP events intended to provide donors with additional access to O’Keefe. As a result, strained relationships developed with several donors.

The lawsuit accuses O’Keefe of assigning personal tasks to employees, such as cleaning his boat and running errands like picking up his laundry. While employed at Project Veritas, O’Keefe allegedly misused company funds for questionable purposes. These actions included spending over $10,000 on a helicopter flight from New York to Maine without clear benefits to Project Veritas. O’Keefe also reportedly expensed first-class air travel and luxury accommodations.

Research studies, including the recent annual Techsurvey conducted by Jacobs Media, have highlighted the significant connection between radio or podcast hosts and their listeners, demonstrating its impact on advertisers.

An analysis of these studies, discussed in the latest edition of Westwood One’s weekly blog, reveals that the primary reason for AM/FM radio listeners to tune in is the DJs, hosts, or shows, according to 60% of respondents in Jacobs’ Techsurvey. This reason surpasses the desire to hear favorite songs or artists.

Furthermore, Jacobs Media found that younger AM/FM radio listeners are more likely to attribute their listening habits to personalities, with 65% of Gen Zs or Millennials stating so, compared to 63% of Gen Xers and 56% of Baby Boomers.

The trends observed in the Techsurvey also indicate that the bond between listeners and local personalities has never been stronger, with 57% of respondents agreeing that the “local feel” is one of the primary advantages of AM/FM radio. This percentage has increased from 49% in 2021 or 2022 and 43% in 2018.

Pierre Bouvard, the Chief Insights Officer of Cumulus Media/Westwood One Audio Active Group, emphasizes the importance of radio talent in attracting listeners and creating a local connection. Bouvard states, “Personalities, whether on the radio or in podcasts, have an incredible connection with their audience, and that in turn generates incredible impact for advertisers.”

He cites findings from a 2020 MARU/Matchbox survey commissioned by Cumulus, which reveals that AM/FM listeners develop loyal relationships with personalities, driven by comedy and a sense of community. The survey found that 46% of respondents consider their favorite personalities to be opinion leaders whom they trust.

Hosts have the a powerful ability to influence listener actions, as 63% reported discussing topics from the shows with friends or family, and 30% actively sought out products or services recommended by radio personalities.

The influence of podcast hosts is also significant, as demonstrated by a MAGNA/Vox Media survey of over 2,000 weekly podcast listeners. The survey reveals that 75% of participants believe that podcast hosts have the most influence, surpassing social media influencers (15%) and TV/movie celebrities (10%).

The survey further indicates that 79% of respondents agree that podcasts offer superior content compared to social media, with 90% stating that listening to podcasts has opened them up to new perspectives and topics. Additionally, 68% of respondents reported having a deep connection with their favorite podcasters.

Considering these findings, Pierre Bouvard highlights the value of podcast hosts and their ability to convey trust, authenticity, and knowledge. He contrasts this with social media influencers and TV/movie stars, who are primarily celebrity types. Bouvard notes that consumers pay more attention to content they perceive as superior, citing an IAB study that revealed 71% of consumers concentrate heavily when listening to podcasts, compared to 44% when engaging with social media.

Bouvard concludes, “If a consumer sees something as superior in content, they pay more attention. And they’re more attentive and imagine the impact of your ad with all of that attentiveness.”