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NAB Announces 33% Increase in Membership Dues

The decision was approved overwhelmingly by the NAB Board of Directors.

Maddy Troy

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The National Association of Broadcasters (NAB) has announced an increase in membership dues following substantial revenue losses resulting from the cancellation of two NAB Shows due to the COVID-19 pandemic. Beginning January 1, 2024, radio and television members will pay 33.3% more in dues.

In a recent note to members, Joint Board Chairs Perry Sook and Dave Santrella stated that the dues increase aims to enhance the association’s financial stability and strengthen its advocacy for members’ interests. The decision was approved overwhelmingly by the NAB Board of Directors after extensive discussions and recommendations from the NAB Dues Committee, which comprises representatives from radio and television members.

NAB believes that the dues increase is necessary to address emerging challenges posed by Big Tech and the auto industry. It intends to utilize the additional funds to continue its efforts in ensuring the prominence of AM/FM radio in automotive systems, facilitating the adoption of NEXTGEN TV, advocating for fair competition for broadcasters, and reducing regulatory fees.

The cancellation of the NAB Shows in 2020 and 2021 due to the pandemic led to significant revenue losses for the association. As nearly 75% of its funding comes from these events, the financial impact has been substantial.

Despite implementing cost-cutting measures to align its budget with industry priorities, NAB has decided to increase dues as part of a comprehensive strategy to maintain its financial health and effectively represent the industry in Washington, D.C.

NAB has assured members who have been paying the earlier pandemic assessment on an annualized basis that they will not experience a significant change in annual dues. The association plans to provide new dues calculations to each member later this summer.

“We understand the challenges faced by our stations and recognize the competition they encounter from Big Tech companies with vast resources,” the note concluded. “We are requesting our members’ support to ensure the strength of our organization and protect their interests in an increasingly competitive media landscape.”

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Media Business

Warner Bros. Discovery Sees 14% Drop in Ad Revenue in Q4

“This business is not without its challenges.”

Barrett News Media

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A photo of the Warner Bros. Discovery logo

Warner Bros. Discovery hosted its fourth-quarter earnings call Friday, and while the company reported hundreds of millions in losses, it was trying to view that as a positive.

The company reported a loss of $400 million, which is down sharply from the loss of $2.1 billion it experienced in the same time frame in 2022.

Additionally, Warner Bros. Discovery — the parent company of CNN — saw a 14% decline in advertising revenue during the final three months of 2023.

“This business is not without its challenges,” Chief Executive Officer David Zaslav said during the company’s fourth-quarter earnings conference call, according to CNBC. “Among them, we continue to face the impacts of ongoing disruption in the pay TV ecosystem and a dislocated, linear advertising ecosystem. We are challenging our leaders to find innovative solutions.”

The comapny did report an 86% increase in free cash flow, which now sits at $6.16 billion.

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Media Business

Jeremy Boreing: Every Outlet ‘Suffering From Facebook’s Massive Shift Away From News’

“Mark Zuckerberg remade the news landscape when he moved his company into the space, and then gutted it when he moved out.”

Barrett News Media

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A photo of Jeremy Boreing
(Photo: The Daily Wire)

In recent years, Facebook has shifted its focus away from a news and link-sharing platform to become more focused on social interactions between users. That shift has been detrimental to news publishers, according to The Daily Wire co-founder Jeremy Boreing.

In a statement to Mediaite, the digital media executive wasn’t shy about his stance that the shift from Facebook has been detrimental not only to his organization but to the industry as a whole.

“Everyone is suffering from Facebook’s massive shift away from news. Mark Zuckerberg remade the news landscape when he moved his company into the space, and then gutted it when he moved out,” Boreing said. “A capricious trillion dollar company can crush entire industries without much effort. Daily Wire is disproportionately impacted because we were built with a focus on Facebook. Now, our focus has shifted to more premium content.”

The comments from Jeremy Boreing coincide with a report that conservative digital outlets have seen a dramatic drop in viewership, especially compared to figures seen in 2020. One outlet — Breitbart — has seen a drop in traffic of 87% compared to the tumultuous 2020 year that included the start and heights of the COVID-19 pandemic, as well as a contentious presidential election between Donald Trump and Joe Biden.

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Media Business

Court Approves Audacy Reorganization Plan

“We have achieved a speedy confirmation of our prepackaged Plan, which will enable Audacy to pursue our strategic goals and opportunities in the dynamic audio business.”

Barrett News Media

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Audacy Logo

A United States Bankruptcy Court for the Southern District of Texas has approved a plan for Audacy to reemerge from its bankruptcy proceedings.

Under the plan, Audacy will equitize more than $1.5 billion of funded debt, which reduces its debt load by 80%, down from $1.9 billion to $350 million.

Audacy Chairman David Field was encouraged by the development.

“Today’s announcement marks a powerful step forward for Audacy, positioning the Company for an exciting future,” said David Field, who also serves as the President and CEO of Audacy. “As expected, we have achieved a speedy confirmation of our prepackaged Plan, which will enable Audacy to pursue our strategic goals and opportunities in the dynamic audio business.

“We aim to drive accelerated growth and financial performance, capitalizing on our scaled, leadership position, our uniquely differentiated premium audio content and the robust capital structure that we will have upon emergence,” continued Field. “I also want to express my gratitude to our team, who continue their outstanding work to serve our listeners and customers with excellence and fulfill our commitments without missing a beat.” 

A statement from the company claims the restructuring “will enable Audacy to continue its strategic digital transformation and capitalize on its position as a scaled, leading multi-platform audio content and entertainment company differentiated by its exclusive, premium audio content.”

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