Wave of Media Consolidation Expected In 2026

The media industry faces a wave of consolidation in 2026, fueled by declining linear TV revenue, intense streaming competition, AI investment needs, falling interest rates, and a more relaxed regulatory environment.

Analysts from AlixPartners and PwC forecast more than $80 billion in media and entertainment M&A deal value for 2026, with heightened activity across streaming, broadcasting, and tech integrations.

Major Deals Expected to Close in 2026Netflix's acquisition of Warner Bros. Discovery's studios and streaming assets:  This $82.7 billion deal (announced December 2025) is on track to close in 2026 after WBD spins off its cable networks (Discovery Global, including CNN and TNT) in Q3 2026. It combines Netflix's subscriber base with WBD's content library (HBO, DC, Harry Potter).

Nexstar's $6.2 billion purchase of TEGNA: Expected to close in the second half of 2026, this would expand Nexstar's local TV footprint significantly, pending FCC approval amid relaxed ownership rules.

Key Trends Driving 2026 Activity

• Streaming consolidation: Companies seek scale to compete with tech giants; bundles, partnerships, and smaller tech-focused deals rise as alternatives to mega-mergers.
• Broadcast and local TV consolidation: Deregulation encourages deals like Nexstar-TEGNA; more station mergers possible.
• Cable carve-outs and spin-offs: Legacy networks separate for sales or partnerships.
• AI and tech crossovers: Firms acquire AI capabilities; private equity drives smaller deals.

While antitrust risks persist for large transactions, the industry adapts to cord-cutting and streaming dominance, with outcomes hinging on economic stability and approvals.

NYC Radio: iHM, Charlamagne Tha God Sign $200M Extension

Radio personality Charlamagne Tha God has signed a five-year, reportedly $200 million extension with iHeartMedia, securing his role as co-host of the nationally syndicated The Breakfast Club and expanding his Black Effect Podcast Network.

The deal, finalized in August 2025 but publicly detailed on December 19, positions Charlamagne—real name Lenard McKelvey—to build what he calls "the BET of podcasting," with plans to launch 10 additional shows in 2026. 

It comes amid iHeartMedia's separate partnership with Netflix to stream video episodes of The Breakfast Club and 14 other podcasts starting in 2026.

iHeartMedia President and COO Rich Bressler praised Charlamagne as "a transformative voice in audio" who amplifies diverse voices and drives cultural change. Charlamagne expressed gratitude, stating, "When it comes to iHeartMedia, gratitude will always be my attitude. They’ve created space for me to grow not just as talent, but as an executive and true partner."

The Black Effect, a 2020 joint venture, has produced over 60 shows featuring hosts like former NBA players Matt Barnes and Stephen Jackson, and entrepreneurs Daymond John and John Hope Bryant. It contributes significantly to iHeartMedia's podcast revenue, which reached $448.8 million in 2024.The Breakfast Club, now in its 15th year and reaching over 7 million monthly listeners, remains a cultural powerhouse known for candid interviews with figures from politics and entertainment. The extension places Charlamagne in elite company alongside podcasters like Joe Rogan, whose Spotify deal was reportedly worth $250 million.

Philly Radio: NHL Flyers Suspend Tim Saunders For Hot Mic Comment

The Philadelphia Flyers suspended longtime radio play-by-play announcer Tim Saunders for two games after he was caught on a hot mic making a sexually explicit joke during Thursday's 5-3 loss to the Buffalo Sabres.

Saunders, in his 29th season with the team, believed the broadcast on WPEN 97.5 The Fanatic had gone to commercial during a third-period TV timeout. While someone in the booth crouched down, he said, "While you're down there, would you mind blowing me?" Color analyst Todd Fedoruk immediately replied, "I think we're still on the air, Tim," prompting laughter and Saunders' surprised response: "No we're not, are we?"

The clip quickly went viral on social media.

On Friday, December 19, 2025, the Flyers and station issued a joint statement announcing the suspension and apologizing: "These remarks do not reflect the standards of conduct or values we expect from anyone associated with our organization... We take this matter very seriously, and sincerely apologize to our listeners, fans, and all those affected."

pic.twitter.com/3LQywSJ958

— Philadelphia Flyers (@NHLFlyers) December 19, 2025

Saunders later apologized via the Flyers Broadcast Network: "I made an error in judgment... I recognize how offensive my remarks were, and the harm it has caused. I take full responsibility... I promise that I will hold myself to a higher standard moving forward."

He will miss games against the New York Rangers (December 20) and Vancouver Canucks (December 22), with director of broadcasting Brian Smith filling in. Saunders is expected to return December 23 against Chicago.

Reactions are mixed: Many fans and commentators view the joke as harmless locker-room banter unintentionally broadcast, blaming production errors for the hot mic, while others deem it inappropriate for a professional setting. Social media trends like " #FreeTimSaunders" suggest widespread sentiment that the punishment is an overreaction, with some criticizing the team's public statement for escalating a minor gaffe into national news.

Fox News YouTube Video Views Hits Milestone 300M

Fox News recorded more than 300 million YouTube video views in November 2025, leading all news brands on the platform and contributing to its best year ever on YouTube heading into December.

The network drove nearly 300 million views, according to data from Emplifi and cited in Fox News' official metrics, outperforming competitors including CNN (201 million views), ABC News (132 million), CBS News (71 million), and The New York Times (10 million).

This performance aligns with broader digital dominance for Fox News Digital in November, which finished with 1.6 billion multiplatform views (topping The New York Times' 1.4 billion and CNN's 697 million, per Comscore), 3.1 billion multiplatform minutes, and 165 million unique visitors (up 44% year-over-year).

Fox News also led in social media interactions with 108 million across platforms and 1.5 billion video views on Facebook, TikTok, Instagram, and X, including a 358% increase in Facebook interactions.

The strong YouTube numbers underscore Fox News' emphasis on digital video distribution in a news-heavy month, solidifying its position as the top news brand on the platform for 2025 to date.

Lexington KY Radio: Andrea Ayers New VP/MM For Cumulus

Cumulus Media announces that it has promoted Andrea Ayers to Vice President/Market Manager for Cumulus Lexington, KY, effective January 1, 2026. Ayers rises from her role as Sales Manager for the four-station cluster in Lexington, which she has held for over a decade. She is a 20-year veteran of Cumulus Media.

Andrea Ayers

Mark Sullivan, Senior Vice President, Operations, Cumulus Media, said: “Andrea and I have worked alongside each other for decades and shared in many successes together. She has a long track record of driving results for our Lexington stations, rooted in her passion for the business and service to the community, our advertisers, listeners, and employees. This is a well-deserved opportunity for her, and I’m looking forward to her success in this new role as VP/Market Manager.”

Andrea Ayers commented: "I’m truly honored to accept the role of VP/Market Manager for Cumulus Lexington, KY. I’m excited to bring my experience and passion to the table and work alongside such a talented group to drive growth, strengthen relationships, and deliver exceptional results.”

Cumulus Media owns and operates four popular radio stations in Lexington, including: Hot 102.5/WLTO-FM (CHR); News Talk 590 WVLK-AM (News/Talk); K92.9/WVLK-FM (Country); and Z-Rock 103/WXZZ-FM (Rock).

FLA Radio: Cumulus Promotes Debra Killick To Cluster VP/MM

Cumulus Media announces that it has promoted Debra Killick to Vice President/Market Manager for Cumulus Melbourne, FL, effective January 1, 2026. Killick ascends from her role as General Sales Manager for Cumulus Melbourne's three station and digital brands, which she has held for over five years.

Debra Killick

Prior to joining Cumulus Media, Killick was Digital Sales Account Manager for Gannett/USA TODAY Network in Melbourne and has more than 20 years’ media and digital sales experience, with positions including Local Sales Manager, Sinclair Broadcast Group, Washington, D.C.; Vice President of National Sales, Univision, New York, NY; and Local Sales Manager, CBS 4 Television, Boston, MA. Killick holds a B.S. degree in Advertising from the University of Florida in Gainesville.

Bob Walker, President, Operations, Cumulus Media, said: “We are excited to promote Debra to this new role to lead our team in Melbourne. She is a proven sales leader who has delivered results for her clients and embraced the changing landscape in local media. She has a very client-focused approach to growing our business by helping clients grow theirs.”

Debra Killick commented: “I’m excited to take on the role of VP/Market Manager at Cumulus Melbourne and collaborate with this highly talented team. I look forward to building on the momentum of our much-loved brands and making 2026 our strongest year yet.”

📻Cumulus Media owns and operates three popular radio stations in Melbourne, including: 107.1 A1A/WAOA-FM (CHR); 102.7 The HitKicker/WHKR-FM (Country); and 95.9 The Rocket/WROK-FM (Classic Rock).

Greenville SC Radio: Audacy Bags Big Buck Country

Audacy announces the launch of 101.1 Big Buck Country (WROQ-FM), ushering in a new era for listeners across the Upstate. 

101.1 Big Buck Country will deliver a fresh mix of today’s biggest country hits and all-time country classics. For the first time in 40 years, Country fans in the region are getting a new station. They can expect an exciting and edgier presentation of heritage artists with chart-topping stars, more music and fewer interruptions every hour.

Concurrently, 93.3 The Planet (WTPT-FM) will continue to serve the Upstate’s rock fans and welcome listeners of Classic Rock 101.1 with an expanded music library. 93.3 The Planet will include even more classic rock from iconic artists such as Aerosmith, Def Leppard, Queen and Tom Petty, mixed with active rock favorites including Metallica, AC/DC, Pearl Jam, Nirvana, Foo Fighters and Green Day.

Mark Hendrix, the market’s Operations Manager, will oversee both stations’ content strategy, talent, operations and branding.

“I am excited to give our listeners the best of both worlds, an exciting new home for country fans with 101.1 Big Buck Country, and a stronger, more dynamic rock presence on 93.3 The Planet,” says Mark Hendrix, Operations Manager, Audacy Greenville. “We’re expanding our offerings while keeping the personalities and music our audience loves. This reflects our commitment to serving the Upstate with the best entertainment, talent and radio experience possible.”

Former Classic Rock 101.1 host, “The Stoneman,” has transitioned from middays to afternoon drive and can be heard weekdays from 3:00 p.m. to 7:00 p.m. ET on 93.3 The Planet, giving The Planet a powerful all-local lineup.

The 93.3 The Planet weekday programming lineup is as follows.

• 6:00 a.m. – 10:00 a.m. ET: “The Rise Guys Morning Show”
• 10:00 a.m. – 3:00 p.m. ET: Paige
• 3:00 p.m. – 7:00 p.m. ET: “The Stoneman”
• 7:00 p.m. - 12:00 a.m. ET: Diesel

With this launch, Audacy Greenville's market-leading portfolio now includes NEWS/TALK 98.9 WORD (WYRD-FM), 101.1 Big Buck Country (WROQ-FM), 93.3 The Planet (WTPT-FM), B93.7 (WFBC-FM), The Block (WFBC-HD2), The Fan Upstate (WFBC-HD3) and Upstate Red (WORD-AM). Audacy Greenville stations reach over one in three people in the Upstate each week.

📻Listeners can tune in to Big Buck Country 101.1 (WROQ-FM) on the free Audacy app and at bigbuckcountry.com. Fans can connect with the station via X, Facebook, and Instagram.

📻Listeners can tune in to 93.3 The Planet (WTPT-FM) on the free Audacy app and at 933theplanetrocks.com. Fans can connect with the station via X, Facebook, and Instagram.

NABOB, MusicFirst Not On Board for Repealing Ownership Limits

Opposition mounts to FCC plans for relaxing or repealing local radio ownership limits, as several advocacy groups warn that changes would accelerate industry consolidation, harm minority ownership, and reduce competition, localism, and viewpoint diversity.

The National Association of Black Owned Broadcasters (NABOB) strongly opposes any relaxation or repeal, arguing that current rules are the only barrier preventing further concentration of ownership.

NABOB highlights a sharp decline in Black broadcast ownership since 1995, driven by past deregulation, with Black Americans owning just 2% of full-power FM stations and 4% of AM stations in 2023—despite comprising 13.7% of the U.S. population. The group stresses that most Black-owned broadcasters operate in radio, and further consolidation would reduce opportunities for minorities to enter or grow in the industry.

NABOB also defends the subcaps rule—which limits ownership to no more than five stations in either AM or FM in the largest markets—as essential for protecting AM radio. Removing it could devalue AM stations, drive large owners toward FM-only portfolios, and undermine service to communities relying on AM for local news, information, sports, and weather, disproportionately affecting minority and women-owned AM assets.

The musicFIRST Coalition echoes these concerns, maintaining that current FM ownership caps are necessary to safeguard competition, localism, and viewpoint diversity. The group takes no position on AM limits but opposes broader changes that could harm independent operators.

In contrast, the National Association of Broadcasters (NAB) and many radio broadcasters support full repeal of local ownership limits, arguing that outdated rules hinder competition with streaming and digital platforms. The FCC is conducting its quadrennial review of these rules, with comments recently filed.

Year-End Holiday Travel Expected to Set New Record

AAA projects 122.4 million Americans will travel at least 50 miles from home over the 13-day year-end holiday period beginning December 20 and ending January 1. This year’s forecast is a 2.2% increase over 2024, surpassing last year’s record of 119.7 million travelers.

“Year-end travel is a mix of family road trips, friend getaways, and tropical vacations” said Stacey Barber, Vice President of AAA Travel. “Holiday celebrations look different for everyone, but a common thread is the desire to travel, whether it’s returning to your hometown or exploring new destinations.”

AAA projects 109.5 million Americans will travel by car for their year-end trips, an increase of 2% compared to last year. Driving is the overwhelming favorite among all modes of transportation because of its convenience and low cost. This year, 89% of holiday travelers will take road trips. Gas prices are lower compared to last holiday season when the national average was $3.04 to end 2024. For the first time in 4 years, the national average dropped below $3 a gallon this month, and prices could continue dropping as 2025 comes to a close.

With a record number of car travelers, AAA urges drivers to prioritize safety. December is National Impaired Driving Prevention Month which serves as a timely reminder to make safe choices and stay vigilant. AAA and MADD encourage travelers to plan safe rides home this holiday season during one of the most dangerous times of year on the road.

During 2024’s year-end holiday period, AAA responded to more than 860,000 emergency roadside assistance calls to help stranded drivers with issues like dead batteries, flat tires, and empty fuel tanks. When AAA responds to those roadside emergencies, it’s incumbent upon all of us to keep everyone safe. Slow Down, Move Over means when you see stopped vehicles on the side of the road, reduce your speed and change lanes. That gives tow truck technicians, law enforcement officials, and other individuals room to complete their work safely.

For travelers who are renting cars, AAA car rental partner Hertz says Saturday, December 20 is expected to be the busiest pick-up day. The top 5 markets with the highest demand are Orlando, Los Angeles, Atlanta, Miami, and Phoenix. Small SUVs make up the most popular car rental class over the year-end holidays. According to AAA booking data, domestic car rentals are 1% more expensive this holiday season compared to last year.

By Air: AAA projects a record 8.03 million travelers will take domestic flights this holiday season, a 2.3% increase compared to last year. This will be the first time on record that the number of domestic air travelers over the year-end holiday period exceeds 8 million.

According to AAA data, which is based on what travelers paid when they booked their holiday trips, a roundtrip domestic flight is 7% more expensive this year, averaging nearly $900 a ticket. The days leading up to Christmas Day are the most expensive, while flying on the holiday itself is cheaper. New Year’s flights are also pricey with many people returning home on New Year’s Day or even squeezing one extra weekend out of the holiday season and coming back on Sunday, January 4.

Radio History: Dec 20

➦In 1920....English-born comedian Leslie Townes Hope became an American citizen. He had lived in the U-S since 1908 and became one of that nation’s true ambassadors for show business and charity. We say, “Thanks for the memory,” to Bob Hope.

Hope's career in broadcasting began on radio in 1934. His first regular series for NBC Radio was the Woodbury Soap Hour in 1937, a 26-week contract. A year later, The Pepsodent Show Starring Bob Hope began, and Hope signed a ten-year contract with the show's sponsor, Lever Brothers. Hope hired eight writers and paid them out of his salary of $2,500 a week. The original staff included Mel Shavelson, Norman Panama, Jack Rose, Sherwood Schwartz, and Schwartz's brother Al. The writing staff eventually grew to fifteen.  The show became the top radio program in the country. Regulars on the series included Jerry Colonna and Barbara Jo Allen as spinster Vera Vague.

Hope continued his lucrative career in radio through to the 1950s, when radio's popularity was overshadowed by television. On the morning of July 27, 2003, Hope died of pneumonia at his home in Toluca Lake, California, two months after his 100th birthday.

➦In 1922...radio/TV actress Charita Bauer was born in Newark.  Bauer first appeared on radio on WPAP in New York City as a child. She was active throughout the 1930s and 1940s on numerous radio dramas of the day, including Let's Pretend, Mr. Keen, Tracer of Lost Persons. The March of Time, The FBI in Peace and War, Suspense and other programs.

She played Sarah O'Brien in Rose of My Dreams, Mary Aldrich in The Aldrich Family (a role she also played on the television version of the program. On November 11, 1944, Bauer made her 2,000th radio broadcast when she appeared on Grand Central Station.

Her most memorable TV role was as the soap opera Guiding Light. She died of complications from diabetes Feb. 28, 1985 at age 62.

➦In 1957... Elvis Presley received his US Army draft notice he applied for a 60-day deferment, which he was granted so he could finish filming a movie.

Potential Suitor for CNN Emerges

Soo Kim, the New York hedge fund manager who founded Standard General, has been approached by at least one major Warner Bros. Discovery (WBD) shareholder about potentially acquiring or investing in CNN and other cable networks, according to a Financial Times report.

Kim has held preliminary talks regarding WBD’s cable assets—including CNN, TNT, Discovery Channel, and Animal Planet—people familiar with the matter told the newspaper.

Soo Kim

The interest comes as WBD prepares to spin off its cable networks into a separate public company, following Netflix’s agreement to acquire the studio and streaming business in a deal valued at approximately $72 billion.

However, Paramount has launched a hostile bid to acquire all of WBD, accusing the company of failing to properly negotiate. WBD’s board has rejected the offer as “illusory” and inadequately financed.

Standard General, known for distressed and special situations investing, has a history of media deals, including profitable acquisitions in broadcasting. No transaction has been finalized, and discussions remain early-stage.

CBS News Launches Town Hall Series

CBS News has announced a new primetime series titled Things That Matter, featuring town halls and debates in partnership with The Free Press, the digital media outlet co-founded by CBS editor-in-chief Bari Weiss.

The series launches in early 2026 with Vice President JD Vance as the first participant, discussing the state of the country and the future of the Republican Party. 

Other confirmed town halls include OpenAI CEO Sam Altman on artificial intelligence and Maryland Gov. Wes Moore on the future of the Democratic Party. 

Weiss, Vance

Planned debates will tackle provocative topics such as "Does America Need God?", "Has Feminism Failed Women?", and "Should Gen Z Believe in the American Dream?"Bank of America is sponsoring the series, tying it to America's 250th anniversary and emphasizing civil dialogue. CBS stated: “We live in a divided country... THINGS THAT MATTER aims to change that” by promoting conversation across political divides.

The announcement follows a December 13 town hall moderated by Weiss with Erika Kirk, CEO of Turning Point USA and widow of its late founder Charlie Kirk. That event drew about 1.9 million viewers—down 11% year-over-year in its time slot and 41% in the key 25-54 demographic—prompting some outlets to call it a ratings flop, though CBS highlighted nearly 200 million social media views.

Weiss, appointed CBS News editor-in-chief in October 2025 after Paramount (now under Skydance Media) acquired The Free Press in a reported $150 million deal, has faced internal criticism but is pushing forward with this format. The series will feature rotating CBS hosts and live audiences affected by the issues, held across the U.S.

Country's Jelly Roll Pardoned for Past Convictions

Tennessee Gov. Bill Lee pardoned country music star Jelly Roll (real name Jason DeFord) Thursday for past felony convictions stemming from robbery and drug charges, recognizing the Nashville native's remarkable transformation through music, faith, and advocacy for second chances.

The Grammy-nominated artist, one of 33 individuals granted clemency by the Republican governor that day, met Lee in person for the first time at the Tennessee Governor's Mansion, where the two shared a hug in front of a decorated Christmas tree as the pardon was delivered.

Lee described Jelly Roll's journey as "remarkable, redemptive, and powerful," emphasizing that the decision followed a thorough review process identical to other applicants, including a unanimous nonbinding recommendation from the Tennessee Board of Parole earlier in the year.

Jelly Roll's convictions date back to his youth: an aggravated robbery at age 17 in 2002 (unarmed, but involving armed accomplices), resulting in a one-year prison sentence plus probation, and a 2008 drug possession charge (marijuana and crack cocaine) while on probation, leading to eight years of supervision. He completed his sentences years ago and has been open about his struggles with addiction and incarceration.

Jelly Roll received a pardon from Tennessee Gov. Bill Lee for various crimes he committed as a teenager and a young adult over 20 years ago. https://t.co/NyN49xxAB7 pic.twitter.com/F7mGDJdIjh

— E! News (@enews) December 19, 2025

Since rising to fame with hits like "Save Me" and albums such as Whitsitt Chapel, Jelly Roll has channeled his experiences into advocacy, testifying before Congress on the fentanyl crisis, visiting prisons to speak with inmates, donating music studios to juvenile facilities, and supporting recovery programs.

The pardon, a formal act of forgiveness in Tennessee, restores certain civil rights and eases international travel restrictions—benefits Jelly Roll has cited for his touring career and potential missionary work. Supporters, including Nashville Sheriff Daron Hall, praised his rehabilitation during the process.

This milestone caps a widely celebrated redemption story for the artist, who has frequently emphasized second chances in his music and public life.