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Beasley Reports Third-Quarter Revenue Declines

“Our net revenues for the 2023 third quarter decreased 5.8% year-over-year, or 3.2%, when excluding the year-over-year decrease in political advertising revenue of $1.9 million. “

Eduardo Razo

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Beasley Broadcast Group’s third-quarter net revenue declined 5.7 percent to $60.1 million from $63.8 million in 2022.

Furthermore, the losses in the third quarter didn’t stop there, as Operating income swung to a loss of $85.5 million from $4.7 million. Adjusted EBITDA fell 23.6 percent to $5.5 million from $7.2 million. 

Beasley Broadcast Group also posted a net loss of $67.5 million ($2.25 per diluted share) compared to a net income of $0.5 million (2 cents) in the year-ago period. In Q3, the operating loss, net loss, and net loss per diluted share were affected by non-cash impairment losses. 

The net revenue during this period decreased year-over-year due to a reduction in cyclical political advertising and commercial advertising, which is a result of the ongoing weakness in the agency business.

“Beasley’s third quarter financial results reflect the well-publicized economic challenges and continued advertising market softness which we outlined in the prior quarters,” CEO Caroline Beasley said. 

“While we saw sequential month-over-month improvement in our advertising revenue performance from August to September, our net revenues for the 2023 third quarter decreased 5.8% year-over-year, or 3.2%, when excluding the year-over-year decrease in political advertising revenue of $1.9 million. 

“Importantly, Beasley’s ongoing expense management, revenue diversification, and new business initiatives resulted in lower operating expenses and healthy growth across our digital, network, and other revenue sources, and we generated third-quarter adjusted EBITDA of $5.5 million.”

However, the decline was partially offset by growth in digital advertising and other sources of revenue.

“Similar to recent quarters, Beasley delivered strong digital revenue growth of 9.1% year-over-year, with digital revenue representing 18.6 percent of total third-quarter revenue,” Beasley added.

“Our continued strong digital revenue growth has moved us to within a few basis points of reaching the bottom end of our goal of digital revenue accounting for 20% to 30% of total revenue, and we remain laser-focused on this initiative as a means to diversify our revenue in a cash flow positive manner.”

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Media Business

iHeartMedia Adds David Pigue and Sophia Gonzalez to Government Affairs Staff

Pigue had previously worked for Sen. Dan Sullivan (R-AK) on various policy issues. Gonzalez comes to the company after serving as the Assistant to the Chief of Staff for Sen. Jon Ossoff (D-GA).

Barrett News Media

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iHeartMedia has added David Pigue as Senior Director of Policy Counsel and Sophia Gonzalez has been named Sophia Gonzalez as Manager of Government Affairs.

Pigue had previously worked for Sen. Dan Sullivan (R-AK) on various policy issues. Meanwhile, Gonzalez comes to the company after serving as the Assistant to the Chief of Staff for Sen. Jon Ossoff (D-GA).

Additionally, the Washington D.C.-based division promoted Jessica Marventano (Executive Vice President) and Sara Morris (Vice President of Government Affairs) at the company, as well.

“David and Sophia together bring a wealth of experience in areas of key importance to iHeartMedia that will be of tremendous value to iHeart’s work in Washington on behalf of our more than 860 local radio stations as well as the company’s industry-leading digital and podcasting platforms,” Marventano said, according to Inside Radio.

“Our company is deeply appreciative of iHeartMedia’s Government Affairs team and their hard work on behalf of our company as well as on issues of critical importance to the broadcast radio industry,” added Chairman/CEO Bob Pittman. “I congratulate Jessica and Sara on their promotions, and welcome David and Sophia to the iHeart team.”

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Media Business

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

“This business is not without its challenges.”

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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.”

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(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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