Beasley Credits Digital, Local Direct For Increased Momentum

Beasley Media Group reported second-quarter net income of $84.3 million, or $45.95 per diluted share, driven primarily by a significant non-cash gain on debt extinguishment after its May 1 restructuring, compared with a $200,000 net loss, or 9 cents per share, a year earlier.

Revenue fell 16.8% to $44.1 million from $53 million, with same-station revenue down 9.6% amid ongoing weakness in traditional national and local agency advertising. The declines were partially offset by same-station digital revenue growth and stabilization in local direct spot advertising. Adjusted EBITDA rose to $5.3 million from $4.7 million, while operating income dropped to $1.3 million from $2.9 million.

Digital revenue totaled $11.7 million, down 11.6% on a reported basis but up 7.1% on a same-station basis, accounting for 26% of net revenue with a 15.4% operating margin. 

Local revenue, including digital packages sold locally, represented 74% of net revenue and rose 9% year-over-year. New business contributed 13% of net revenue.

Operating expenses declined 13.2% as the company benefited from prior cost cuts and expense discipline. Beasley implemented about $10 million in additional annualized expense reductions in the quarter, bringing trailing-12-month savings to roughly $30 million. 

Station operating income was $5.3 million (12.1% margin), and corporate expenses fell 37.3% even after $367,275 in restructuring-related costs.

Caroline Beasley

The restructuring reduced total outstanding debt by $95 million, including a 46% cut in second-lien debt, through a second-lien exchange, partial repurchase of first-lien notes, and a new asset-based lending facility. The moves also lowered future cash interest expense and improved liquidity and financial flexibility.

CEO Caroline Beasley said results continue to reflect pressure in parts of the traditional advertising market but highlighted progress in digital, local direct spot advertising, and cost reductions. “Our digital and local direct spot businesses continue to build momentum, our cost structure is significantly more efficient than it was a year ago, and we remain focused on improving the quality of our revenue,” she said. The company is prioritizing debt reduction, portfolio optimization, improved cash flow, and lower leverage. “While the broader advertising environment remains dynamic, we believe the actions we are taking today are positioning Beasley to emerge as a stronger, more profitable, and more resilient company.”

For the first half of 2026, net revenue was $86.7 million, down from $101.9 million a year earlier, and adjusted EBITDA was $4.9 million compared with $5.8 million.