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Audacy Reports Uptick in January Revenue

While Audacy has yet to release its fourth quarter and year-end earnings for 2023 due to the bankruptcy proceedings, it reported that revenue for the company was “in line with expectations” during the calendar year.

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As Audacy awaits FCC approval to complete its restructuring from pre-packaged Chapter 11 bankruptcy, it has shared encouraging news about its 2024 revenue.

According to the company, January revenue grew 1%, with radio revenue rising at the same rate and digital revenue ascending 7% in the year’s first month.

Overall, the first quarter revenue is up 1%.

Audacy is off to a strong start in 2024, driving accelerated financial and operating performance, including solid early growth in revenues, key digital metrics, and audience and revenue shares,” said Chairman, President, and CEO David Field.

“We look forward to a bright future, capitalizing on our best-in-class balance sheet and our scaled leadership position in the dynamic audio market, distinguished by our exclusive premium content and top positions across the country’s largest markets.”

While Audacy has yet to release its fourth quarter and year-end earnings for 2023 due to the bankruptcy proceedings, it reported that revenue for the company was “in line with expectations” during the calendar year.

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Media Business

NAB Leadership Foundation Announces 2024 Celebration of Service to America Awards

The winners will be honored in a ceremony on Tuesday, June 4th, at The Anthem in Washington, D.C.

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A photo of the NAB Leadership Foundation Celebration of Service to America Awards logo

The NAB Leadership Foundation has announced the winners of the 2024 Celebration of Service to America Awards.

The awards — presented by Bonneville International and Hearst Television — awards distinguished public service companies from local radio and TV stations.

“Television and radio stations are the cornerstones of their communities, and they go above and beyond to serve their audiences,” said NAB Leadership Foundation President Michelle Duke. “From trusted reporting that uncovers corruption to fundraisers that help those in need, these stations are doing incredible work. We can’t wait to share their stories with everyone at the 2024 Celebration of Service to America gala in June.”

The following stations and groups were honored for their efforts:

Service to Community Award for Radio, Broadcast Ownership Group
Bonneville, Maui Strong

Service to Community Award for Television, Broadcast Ownership Group
Cox, Real Estate Racket

Service to Community Award for Radio, Large/Major Market
WFSH-FM, Salem Media Group, Atlanta, Ga., Acts of Love

Service to Community Award for Television – Large/Major Market
WANF-TV, Gray Television, Atlanta, Ga., In Plane Sight

Service to Community Award for Radio – Medium Market
KTXY-FM, Zimmer Communications, Columbia, Mo., Children’s Miracle Network Radiothon

Service to Community Award for Television – Medium Market
KETV-TV, Hearst Television, Omaha, Neb., Voices of GenZ

Service to Community Award for Radio – Small Market
WLBC-FM, Woof Boom, Muncie, Ind., Muncie You-Nite

Service to Community Award for Television – Small Market
WJHG-TV, Gray Television, Panama City, Fla., Chapter Chat

The winners will be honored in a ceremony on Tuesday, June 4th, at The Anthem in Washington, D.C.

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Media Business

Mike McVay on Quu Report: Radio Must Present at High Level to Compete With Other Audio Options

“This requires improving the listening experience with both quality and content, as well as displaying text, logos, and other images to enhance the easy accessibility of the medium.”

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A photo of Mike McVay
(Photo: McVay Media)

Quu recently released its inaugural In-Vehicle Visuals report, which showed some encouraging figures for AM/FM radio. However, longtime industry consultant Mike McVay said the business cannot rest on its laurels in an increasingly competitive market.

In a webinar discussing the results of the findings from Quu, McVay was asked to give his key takeaways from the report’s findings.

While he shared his optimism for radio’s future in new automobiles, Mike McVay argued that radio must remain vigilant in maintaining high standards when it comes to how the product is presented to auto owners visually.

“The in-dash experience has to be at a high level for radio to be seen as an equal to the other audio sources available,” McVay said. “This requires improving the listening experience with both quality and content, as well as displaying text, logos, and other images to enhance the easy accessibility of the medium.”

McVay later added that it’s important for radio stations to continue featuring strong mobile apps. He shared an anecdote about his grandchildren taking over the radio in his car, utilizing apps to listen to music stations even when inside the broadcast range because it was easier for them.

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Media Business

Urban One President/CEO Alfred Liggins Inks Contract Extension

Liggins has signed a new contract that runs through December 31st and will feature automatic one-year renewals.

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A photo of Urban One President/CEO Alfred Liggins
(Photo: Urban One)

Urban One President and CEO Alfred Liggins has signed an extension to remain with the radio and TV owner.

Liggins has signed a new contract that runs through December 31st and will feature automatic one-year renewals, according to a report from Inside Audio Marketing.

He will make an annual salary of $1.25 million, but with bonuses could reach well over $4 million in compensation. After helping to found the company’s TV One division, Alfred Liggins could receive 4.2% of any sale of the sector should the company pursue a sale.

The 59-year-old has been President of Radio One since 1989 and CEO since 1997. His mother — Cathy Liggins Hughes — founded the company in 1980 after purchasing WOL-AM in Washington D.C. He initially joined the company as an account manager in 1985.

Between radio and TV outlets, Urban One currently owns and operates 61 entities.

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