Beasley Media Group is pursuing a “controlled, data-driven transformation” to stabilize its business after reporting another quarter of declining revenue, CEO Caroline Beasley told investors on the company’s first-quarter earnings call.
The radio broadcaster posted first-quarter revenue of $41.3 million, down 13% year-over-year, with adjusted EBITDA turning to a loss of roughly $375,000. Same-station revenue fell 6.7%.“Our strategy is centered on three clear objectives.”
Beasley said: “Stabilizing and rebuilding our core revenue base, particularly in local direct; scaling a higher-margin, more controllable digital business; and strengthening our balance sheet through disciplined deleveraging.”
Balance sheet moves made after quarter-end are central to the plan. The company sold its Fort Myers stations for approximately $18 million, completed a May 1 debt restructuring that exchanged $184 million in existing notes for $98 million in new PIK notes, repurchased $16 million of first-lien notes, and secured a new $35 million asset-based lending facility.
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| Carol Beasley |
Digital revenue grew 18% on a same-station basis and now accounts for more than 25% of total company revenue. Owned-and-operated digital products rose 26% year-over-year and represent about 65% of the digital mix, up from 49% a year ago.
Management is deliberately shifting away from lower-margin third-party programmatic revenue toward higher-margin owned assets.
Executives highlighted bundled audio and digital advertising packages as a key growth driver, noting stronger advertiser response to integrated campaigns with measurable ROI. Tampa and Boston were cited as markets showing early gains from tighter execution and digital adoption. The company is using market-by-market intervention plans, full CRM adoption, AI-assisted prospecting, and “hunter-focused” sales hires to rebuild local direct business.
Beasley said second-quarter same-station revenue is expected to decline in the mid-to-high single digits, though April pacing improved to a 2% decline after starting the month down 10%. The company also implemented additional cost cuts in May, including an early retirement program and other measures expected to deliver about $7 million in annualized savings.