WBD Comes Up Short During 2Q

Warner Bros. Discovery reported second-quarter results Thursday that fell below Wall Street expectations across the board and revealed subscriber totals that were down from the previous quarter.

Global direct-to-consumer streaming subscribers at the end of the period were 95.8 million, below the 96.7 million subscribers analysts were expecting according to StreetAccount, and a decrease of nearly 2 million from the end of the first quarter.

The company launched its combined Max streaming service during the second quarter, merging HBO content with unscripted hits from the Discovery networks into one platform.

Beasley Media Reports 2Q Operating Loss

Beasley Broadcast Group today announced operating results for the three-month period ended June 30, 2023. For further information, the Company has posted a presentation to its website regarding the second quarter highlights and accomplishments which management will review on today’s conference call.

Despite a 4.3% year-over-year decline in operating expenses and flat corporate expenses compared to the second quarter of 2022, Beasley reported a 2023 second quarter operating loss of $4.5 million in the second quarter of 2023 compared to an operating loss of $4.5 million in the second quarter of 2022.  The second quarter of 2023 operating loss largely reflects the impact of $10.0 million of non-cash impairment losses compared to $8.6 million of non-cash impairment losses in the second quarter of 2022.

Beasley reported a net loss of $10.4 million, or $0.35 per diluted share, in the three months ended June 30, 2023, compared to a net loss of $14.5 million, or $0.49 per diluted share, in the three months ended June 30, 2022. The net loss in both period primarily reflects the aforementioned impairment charges and other items discussed above.

Adjusted EBITDA (a non-GAAP financial measure) increased 16.8% to $7.7 million in the second quarter of 2023 compared to Adjusted EBITDA of $6.6 million in the second quarter of 2022. The increase is primarily attributable to lower operating expenses as a percentage of net revenue compared to the prior-year period.

Caroline Beasley

Commenting on the financial results, Caroline Beasley, Chief Executive Officer, said, “Despite ongoing challenges related to the economy and softness in the national spot market, Beasley’s successful digital transformation, continued local audio leadership and revenue diversification initiatives, combined with our proactive initiatives to reduce expenses, resulted in net loss declining by more than $4.0 million in both the quarter and year-to-date periods, compared to the same periods in 2022, as well as quarterly adjusted EBITDA growth of 16.8%  and 2023 year-to-date Adjusted EBITDA growth of 28.1%.

“During the quarter, we made additional progress with reducing leverage and strengthening our balance sheet as we repurchased another $3 million of our debt at a discount and lowered quarterly interest expense which support our goal to drive cash flow growth.  We are generating cash from operations, and we expect to continue to generate positive cash flow for the full year.

D-C Radio: Fired Don Geronimo Issues Apology For 'Barbie Girl' Remark

DC-area radio host Don Geronimo, who was fired over the weekend after making disparaging comments toward a WUSA9 sports reporter live on the air, has issued an apology, reports WTOP Radio.

“Last week, during my live radio show from the Commanders training camp, I used inappropriate words in a way that hurt someone,” Geronimo said in a written statement provided to WTOP. “I deeply and sincerely apologize for the pain I caused WUSA sports reporter Sharla McBride.”

The comments were made during Geronimo’s broadcast from the Commanders’ training camp in Ashburn, Virginia, on iHeartMedia's Classic Rock WBIG 100.3 FM.

“Hey look, Barbie’s here. Hi, Barbie girl,” Geronimo said, referring to McBride as she walked past. “I’m guessing she’s a cheerleader.” In the statement, Geronimo said he did not know or recognize the sports reporter, and was attempting to reference the recent release of the “Barbie” movie.

“My attempts to be humorous and topical backfired, and I needlessly deprecated a professional colleague,” Geronimo said.

The statement went on to say: “I have reached out to Ms. McBride to apologize. When she feels ready, I hope that we can have a conversation and that I will have the opportunity to reiterate my apology to her in person. I hope that Ms. McBride and the listeners who heard me will forgive me. I am better than this, and I promise to demonstrate that going forward.”

Sinclair Reports $89M Loss In 2Q

Sinclair Inc. reported a second quarter loss of $89 million Wednesday, in financial results that no longer include the struggling regional sports networks that are now owned by bankrupt Sinclair subsidiary Diamond Sports Group.

The Baltimore Sun reports the broadcaster had deconsolidated Diamond Sports in March 1, 2022, removing the networks from its financial statements in a corporate reorganization. Diamond filed for bankruptcy protection in March, burdened by more than $8 billion in debt.

Sinclair, the nation’s largest owner of local television stations, reported the loss, equivalent to $1.38 per share, for the three months ended June 30 after the stock market closed Wednesday. The results compared with a loss of $11 million, or 17 cents per share, in the second quarter of 2022.

Quarterly revenue declined 8% to $768 million, the company said. Advertising sales fell 16% to $309 million. Revenue that comes from distributing its networks and content decreased to $418 million from $430 million in the prior year period.

Still, the company has met or beat its guidance in all key areas, said Chris Ripley, Sinclair’s president and CEO, in Wednesday’s announcement.

TV Ratings: Fox News Wins Second Week Of New Prime-Time Line-Up

With week two in the books, the reshuffled Fox News weekday primetime lineup continues to deliver audience growth on a week-to-week basis for the network, TV Newser reports.

For the full week of July 24, Fox News averaged 1.895 million primetime viewers, per live plus same day data from Nielsen.  That’s the largest average audience on basic cable, more total viewers than MSNBC and CNN combined, and +2% from the week prior (July 17, 2023). 

The network also averaged 191,000 A25-54 viewers in primetime, No. 8 on basic cable and +6% from the week prior. In total day viewing, Fox News averaged 1.12 million total viewers. That’s the largest audience on all of basic cable for the 30th consecutive week, and +3% from the week prior.  Additionally, Fox averaged 148,000 A25-54 in total day, No. 3 among basic cable networks and steady with the week prior.

Switching networks, MSNBC took the No. 2 spot in total primetime viewers this past week, averaging a total of 1.21 million viewers in the daypart. That’s +1% from the week before. However, the network averaged 117,000 A25-54 viewers in the daypart, which is No. 21 on basic cable and -3% from the week before. In total day, NBCU’s politics-focused cable channel struggled relative to the previous week. While still No. 2 on all of basic cable, the network averaged 779,000 total viewers, -2% from the prior week. Additionally, MSNBC averaged 77,000 A25-54, tied for No. 17 among all cable networks with CNN and -8% from the previous week.

Graphics Courtesy of RoadMN

On the cable news programming front, The Five is the No. 1 show on cable news for the 13th consecutive week, averaging 2.73 million total viewers at 5 p.m. for the week of July 24. Fox News had eight of the 10 most-watched daily cable news shows this past week, including each of the top six.

The 8 p.m. Jesse Watters Primetime secured second place on cable news for the week behind The Five with a 2.49 million viewer average. That’s up from debut week, way up from the interim 8 p.m. offering, but down from the Tucker Carlson era.

Miami Radio: WPOW Reveals New Line-Up

Johanna Gomez and KC Chopz

Audacy has announced a new weekday programming lineup for Power 96 (WPOW-FM), ‘Miami’s Party Station.’

The station welcomes Johanna Gomez as midday show host. Gomez will be heard weekdays from 10:00 a.m. to 2:00 p.m. ET. Gomez’s show will feature entertainment highlights, Miami culture and local events. The station also welcomes the return of KC Chopz as lead mix show DJ and on-air talent. KC Chopz will host a new mix show called “Miami on the Rocks Happy Hour” weekdays from 7:00 p.m. to 8:00 p.m. ET. During the show, he will discuss Miami pop culture and deliver energetic Miami street vibes in his mixes.

“Johanna has a rich history covering major local stories and events in the Miami area and is a perfect addition to our lineup in middays,” said Will Calder, Brand Manager, Power 96. “Additionally, Power 96's listeners have expressed their longing for our mix shows, and we are excited to announce the return of KC Chopz as our head mixer.”

“I’m thrilled to join a group of talented broadcasters and to be part of the legacy Power 96 has created,” said Gomez. “This opportunity will allow me to bring my television and radio experience and background to the loyal fan base of listeners in South Florida while enhancing a leader in the market of the best music and entertainment.”

Recently named ‘Best TV News Anchor’ by the Miami New Times, Gomez is an Emmy Award-winning journalist, television personality, and voice-over talent. From 2014 to 2023, Gomez was the co-host and reporter for “6 in the Mix,” a 30-minute live daily lifestyle show on NBC 6 South Florida featuring entertainment highlights and local events. Before this, Gomez spent more than five years as an anchor and reporter for WPLG Local 10, South Florida's ABC affiliate network, and covered various stories at the station. 

“Radio is a part of me, and Power 96 is in my DNA,” said KC Chopz. “Excited is an understatement.”

KC Chopz returns to Power 96 after spending eight years with the station from 2007 to 2016, rising up the ranks under 305 legend DJ Laz. Today, KC Chopz has built his name and brand into a powerhouse and staple in the Miami market, DJing at the city’s biggest nightclubs and parties, including LIV, Mr. Jones, DAER and more. KC also hosts his podcast “Miami on the Rocks,” which generates thousands of weekly downloads. He has interviewed A-list names like Kendrick Lamar, J Cole, Rick Ross and more.

8/3 WAKE-UP CALL: Top Banker..Fiscal Downgrade Doesn't Really Matter

The Fitch Ratings downgrade of the United States’ long-term credit rating ultimately doesn’t matter, JPMorgan Chase CEO Jamie Dimon told CNBC on Wednesday. “It doesn’t really matter that much” because it’s the market, not rating agencies, that determines borrowing costs, Dimon told CNBC’s Leslie Picker. Still, it’s “ridiculous” that other countries have higher credit ratings than the U.S. when they depend on the stability created by the U.S. and its military, Dimon added. “To have them be triple-A and not America is kind of ridiculous,” Dimon said. “It’s still the most prosperous nation on the planet, it’s the most secure nation on the planet.” Fitch downgraded the country’s rating to AA+ from AAA on Tuesday, pointing to “expected fiscal deterioration over the next three years,” an erosion of governance and a growing general debt burden.

Fitch's downgrade of U.S. debt unlikely to have much economic impact — for now https://t.co/ygws8VM2hN

— CNBC (@CNBC) August 2, 2023

➤TRUMP WOES DEEPEN:  Donald Trump’s legal woes may have deepened, but his political standing in the GOP remains high. Core Republican voters and key lawmakers are again sticking by the former president, who was indicted yesterday on charges that he was responsible for efforts to reverse his 2020 election defeat and then prompting the Jan. 6, 2021, Capitol attack. However, the new indictment divided the GOP field running against Trump for the party’s 2024 presidential nomination; he is the current front-runner. On social media, Trump said the case was a “pathetic attempt” by the Justice Department to interfere with the 2024 election. He is scheduled to appear tomorrow in federal court in Washington.

➤TRUMP TO APPEAR IN COURT TODAY: Donald Trump is expected to appear in court in Washington, D.C., today to answer criminal charges related to his attempts to overturn the results of the 2020 presidential election. During the court appearance, federal prosecutors will outline the four counts of conspiracy and obstruction they have brought against the former president. The judge is expected to set bail conditions. It will be Trump’s third appearance in a courtroom as a criminal defendant since he left office. He is expected to arrive at the federal courthouse to be booked at about 3 p.m. Eastern time today. Separately, two supporters of the former president have been charged in Michigan with tampering with voting machines. The two are accused of seizing five vote tabulating machines from three counties and taking them to a hotel room, where they were broken into for “tests.” They did not have a court order or permission from the Michigan secretary of state’s office to remove the machines.

Judge Orders Correspondent To Make Source Deposition

A federal judge handed down a rare and alarming court decision this week that could have significant implications for the free press in America.

CNN reports Judge Christopher Cooper, of the US District Court for the District of Columbia, issued a ruling to compel CBS News senior correspondent Catherine Herridge to participate in a deposition regarding the identity of a confidential source or sources she used for a series of 2017 stories published while she worked at Fox News.

The order came as a result of a lawsuit filed by Chinese American scientist Yanping Chen against the Federal Bureau of Investigation. Citing documents reviewed by Fox News, Herridge reported that Chen was the subject of a federal counterintelligence probe. Chen has alleged that federal authorities improperly leaked information about her, violating the Privacy Act.

In an effort to prove her case, Chen subpoenaed Herridge and Fox News, with the hope of unmasking the source(s) for the stories. Fox News and Herridge have aggressively fought the move, arguing that Cooper should quash the subpoenas because of First Amendment protections afforded to the press.

“The Court recognizes both the vital importance of a free press and the critical role that confidential sources play in the work of investigative journalists like Herridge,” Cooper wrote in the ruling. “But applying the binding case law of this Circuit, the Court concludes that Chen’s need for the requested evidence overcomes Herridge’s qualified First Amendment privilege in this case.”

The judge limited Chen’s subpoena to a deposition, for now. However, it’s unclear whether Herridge and/or Fox News will comply with the order.

First-Time Ever: Country Is 1-2-3 On Billboard Hot 100

The rise of Jason Aldean's “Try That in a Small Town”—a song with themes about gun ownership and vigilantism that was thrust into the national spotlight when Country Music Television pulled its music video—has made way for country music songs to take the No. 1, 2 and 3 spots on the Billboard Hot 100 for the first time in the chart’s 65-year history.

“Try That In A Small Town” debuted at No. 2 on the Billboard Hot 100 last week and rose to the top spot this week for the chart dated August 5, rounding out a top-three chart of country hits with “Last Night” by Morgan Wallen at No. 2 and Luke Combs’ “Fast Car”—a cover of the 1988 Tracy Chapman hit by the same name—at No. 3.

The previous week’s No. 1 song, ”Seven” by South Korean singer and BTS member Jung Kook, drops to No. 9 on the latest chart.

Songs from the country genre have never held the top three spots at the same time, Billboard said, and Wallen and Combs made history of their own in June when their songs held the top two positions, the first time both spots were taken up by country songs since 1981.

Audacy Live Stations To Air Ed Sheeran Special

(Photo credit: Kevin Mazur, Getty Images)

Audacy will air an Audacy Live special with Ed Sheeran on August 4 at 8:00 p.m. local time on the Audacy app and on over 50 stations nationwide. Fans – or “Sheerios” – will relive the superstar singer-songwriter’s intimate performance at Hard Rock Hotel New York from July 18, as well as an exclusive interview conducted by Audacy’s nationally syndicated host Josh “Bru” Brubaker.

“Being able to connect with our listeners through exclusive local experiences is one of Audacy’s greatest differentiators and we’re excited to relive what was a magical evening with Ed,” said Michael Martin, Senior Vice President of Programming and Head of Music Initiatives, Audacy. “The Audacy app is the premier destination for bringing engaging, dynamic audio content to our listeners, and we look forward to collaborating more with artists for our Audacy Live series in the future.”

FS1 Edges ESPN In Number of U-S Households

For the first time, the most-carried cable sports network in the United States is FS1.

According to the Sports Business Journal, Nielsen’s latest estimates indicate that FS1 is now in 71.375 million households, down from 73.906 million in January. Despite the drop, FS1 has edged ahead of ESPN, which is now in 71.321 million households. In January, ESPN had 74.153 million subscribers.

ESPN2’s carriage is nearly similar to ESPN’s. ESPN2 is in 71.318 million households, down from 74.135 million in January, according to Awful Announcing.

Interestingly, FS1 also surpassed the subscriber count of one of its corporate siblings. Fox News fell to 71.224 million households. Overall, cable, satellite, and streaming households fell to 75.783 million. That’s down from 78.889 million in January, a drop of more than three million subscribers.

Every sports cable network has taken hits this year. Warner Bros. Discovery’s cable networks, which air more non-sports programming than live sports, all took huge hits. TBS and TNT each lost more than three million subscribers, falling to 70.432 million and 70.295 million, respectively. truTV lost more than 4.5 million subscribers, dropping under 70 million to 67.302 million.

USA also lost subscribers but comes out just ahead of FS1 and ESPN. The network’s subscriber loss clocked in at over 2.5 million, but it’s still in 71.395 million households.

League-operated networks also took hits, though not as severe as other sports networks due to the lower overall carriage for these networks. MLB Network lost just under a million households and now has 41.149 million subscribers. NBA TV lost under half a million and checks in at 37.925 million. NFL Network saw a bit over 1.5 million subscribers depart and is in 51.072 million households.

The drop in cable, satellite, and streaming providers has been continuous and stunning in recent years. Six years ago, in the summer of 2017, ESPN and ESPN2 were in more than 87 million households and both FS1 and the dearly departed NBCSN were in over 84 million. The ESPN networks have shed roughly 20% of their subscribers since, while FS1 has lost around 15% and NBCSN has ceased to exist.

Wichita Radio: KFH New Home of K-STATE Football, Basketball

Audacy and K-STATE athletics have announced a multiyear broadcast partnership. As part of the agreement, KFH Radio (KFH-AM/FM) will become the new Wichita market affiliate for Wildcat football and basketball with coverage on 1240 AM and 97.5 FM. The agreement includes all K-STATE football and men’s basketball broadcasts, plus selected women’s basketball broadcasts.

“We are delighted to partner with K-STATE athletics and become the home of the University’s football and basketball programs,” said Becky Domyan, Senior Vice President and Market Manager, Audacy Wichita. “This partnership brings together a passion for sports and a commitment to delivering unparalleled coverage to Wildcat fans across the region. We look forward to capturing the electrifying moments and the shared spirit of K-STATE sports throughout the year.”

Houston Radio: KTBZ's Tessa Barrera Joins KPRC TV Show

Tessa Barrera (2nd on right)

A familiar voice is taking a seat as a permanent co-host on KPRC 2's "Houston Life."

The show announced Tessa Barrera, morning radio host on KTBZ 94.5 The Buzz's "The Rod Ryan show," is the new host replacing Courtney Zavala, who departed almost eight months ago. 

Barrera will keep her job at the radio station, while also co-hosting the daily afternoon lifestyle show with Derrick Shore, Click2Houston said in announcing her new gig. She had previously been a guest-host on the show, reports The Houston Chronicle.

"I've been a fan since I moved here, and now I'm on the freakin' set here," she said in her debut show. Barrera's radio family, her mother and her siblings congratulated her with well wishes on the show.

Austin Radio: Norsan Media Acquiring KTXX +Translator

Norsan Media, one of the nation’s top Hispanic Media companies providing entertainment and news via radio, television, newspapers, large-scale events, social media and digital marketing in the Southeast, adds new radio stations in the Austin, Texas market.

The company is now operating104.9 KTXX-FM Bee Cave and 105.3 K287FG Austin TX.

“The acquisition reflects the advancement of our continued strategic positioning in the Austin, Texas market, to increase market share and establish the base of our multi-channel 360 degree approach to reach the Hispanic audience in the market. Along with our existing Austin station: Regional Mexican La Raza 95.1 K236AY-FM/1530 KZNX-AM, these additional frequencies will allow us to serve and embrace the vast and ever-growing multicultural radio audience in Austin.” said Norberto Sanchez, Norsan Media’s CEO.

D-C Radio: WLZL Radiothon Raises $177,390+ For St Jude

Audacy Washington D.C. is proud to share that El Zol 107.9 (WLZL-FM) has raised 177,391 for St. Jude Children’s Research Hospital. This year’s tally brings the total raised by El Zol to over $2.2 million to cure childhood cancer since 2016.

“Audacy D.C. is honored to continue this partnership with St. Jude Children’s Research Hospital to raise funds to support the children and their families,” said Ivy Savoy-Smith, Senior Vice President and Market Manager, Audacy Washington D.C. “Our staff, listeners, clients and the community love this radiothon and look forward to supporting it every year. We’re grateful for another successful year.”

The station broadcasted from 6:00 a.m. to 7:00 p.m. ET on July 28, when on-air talent Patricia De Lima, Chepe (Joel Silva), Nicky Silva, Rey Parker, Karen Vargas, DJ EZ, and Carlos Suncar encouraged listeners to donate. The broadcast featured interviews with local St. Jude cancer patients and their families and many messages from kids and patients at the hospital.