iHeartMedia Reports Drop In Revenue

iHeartMedia, Inc. today reported financial results for the quarter ended March 31, 2024.

Financial Highlights: 

Q1 2024 Consolidated Results

• Q1 Revenue of $799 million, down 1.5%; in line with guidance range of flat to down 2%
• Excluding Q1 Political Revenue, Q1 Revenue down 2.5%
• GAAP Operating loss of $35 million vs. $49 million in Q1 2023
• Consolidated Adjusted EBITDA of $105 million, within previously disclosed guidance range of $100 million to $110 million, compared to $93 million in Q1 2023
• Cash Flows used for operating activities of $59 million
• Free Cash Flow of $(81) million

Q1 2024 Digital Audio Group Results

• Digital Audio Group Revenue of $239 million up 7%
• Podcast Revenue of $91 million up 18%
• Digital Revenue excluding Podcast of $148 million up 1%
• Segment Adjusted EBITDA of $68 million up 26%Digital Audio Group Adjusted EBITDA margin of 28.5%

Q1 2024 Multiplatform Group Results

• Multiplatform Group Revenue of $493 million down 7% 
• Excluding Multiplatform Group Q1 Political Revenue, Multiplatform Group Q1 Revenue down 8%
• Segment Adjusted EBITDA of $77 million down 11%Multiplatform Group Adjusted EBITDA margin of 15.6%

Continued Proactive Capital Structure Improvement

• Cash balance and total available liquidity of $361 million and $788 million, respectively, as of March 31, 2024
• Received cash proceeds of $101 million from sale of equity interest in BMI in February 2024
• As of March 31, 2024, aggregate Notes repurchases since Q2 2022 of $534 million at a discount to par for $447 million cash; in aggregate expected to generate approximately $45 million of annualized interest savings
• Cumulative reduction of the outstanding principal balance of these Notes from $1.45 billion as of March 31, 2022 to approximately $0.9 billion as of March 31, 2024

GuidanceQ2 

• Consolidated Revenue expected to be approximately flat
• Q2 Consolidated Adjusted EBITDA3 expected to be $140 million to $160 million
• Remain committed to long term target of approximately 4x Net Debt to Adjusted EBITDA ("net leverage")

Bob Pittman

“We’re pleased to report our first quarter of year-over-year Adjusted EBITDA growth in five quarters, driven by the substantial sequential year-over-year improvement in the performance of all our segments: the Multiplatform Group, the Digital Audio Group, and the Audio and Media Services Group – with the Digital Audio Group hitting its best Q1 EBITDA margin ever,” said Bob Pittman, Chairman and CEO of iHeartMedia, Inc. 

“Additionally, our Q1 results were in line with our previously provided Adjusted EBITDA and Revenue guidance ranges. Although the marketplace continues to be dynamic, we continue to see meaningful opportunities for growth in our businesses and we remain confident in 2024 as a recovery year.”

“We continue to see signs of improvement throughout both our businesses and the broader advertising marketplace, and we expect 2024 to be a significant growth year,” said Rich Bressler, iHeartMedia’s President, COO and CFO. 

“Our high-growth Digital Audio Group’s Adjusted EBITDA was up 26% over prior year with first quarter revenues up 7.0% vs. prior year, and represented thirty percent of the company’s total revenue; we saw improvement in our Multiplatform Group; and as an early indication of the potential for political revenue, we are currently pacing up 16% for the full year in political revenue compared to 2020, the last presidential election cycle, which was the highest political revenue year for the company.”

Sony, Apollo Plan Paramount Break-Up

Sony Pictures Entertainment and private equity firm Apollo Global Management are planning to acquire Paramount Global for a whopping $26 billion. However, their intentions go beyond a simple acquisition. According to the New York Times, they intend to break up the company into different parts1. Here’s what we know so far:

The Breakup Plan: The CBS broadcast network, cable channels like MTV, and the Paramount Plus streaming service would be auctioned off. Paramount Pictures, known for blockbuster films like “The Godfather,” “Top Gun,” and the “Mission Impossible” franchise, would be combined with Sony’s existing business. Sony and Apollo are also likely to retain Paramount’s library of films and TV shows, along with the rights to well-known characters like the Teenage Mutant Ninja Turtles and SpongeBob SquarePants.  Interestingly, they haven’t yet shared this plan with Paramount or its advisers.

Changing of the Guard: Paramount has been under the control of the Redstone family for decades. Sumner Redstone, the media mogul, assembled the sprawling conglomerate through audacious deals. Shari Redstone, his daughter, championed a 2019 deal to reunite Paramount with CBS, and she remains Paramount’s controlling shareholder.  Sony and Apollo’s interest in acquiring Paramount represents a significant shift in the entertainment industry’s landscape.

TV Ratings: CBS Places 6 Shows In Top 10 Ranker

Continuing coverage of former President Donald Trump’s trial as well as the protests engulfing college campuses nationwide were the dominant stories of the week for the cable nets. 

As usual, Fox News led the pack during total day and primetime in both measured categories, and was also the only network not to experience any week-to-week declines. Meanwhile, MSNBC was the second most-watched cable network in total viewers, but fell to third place behind CNN in the advertiser-coveted Adults 25-54 demo.

TV Newser reports Nielsen live plus same-day data for the week of April 29 saw FNC average 2.004 million total viewers and 211,000 A25-54 viewers during primetime. Compared to the week prior the network was up in total viewers by +4% and by +9% in the demo. For total day viewing, the network averaged 1.306 million total viewers and 154,000 A25-54 viewers. That’s a gain of +3% in total viewers from the previous week, but a flat result in the demo.

Fox rose from third to second place in total primetime viewers among all basic cable networks, and remained in fifth place in the primetime demo. On the total day charts, the network retained its No. 1 position in total viewers, and remained stuck in third place in demo.

MSNBC’s primetime line-up averaged 1.195 million total viewers and 110,000 viewers in the A25-54 demo for the week. Placed alongside the previous week, that’s a tumble of -17% in both categories. MSNBC continued to rank as the No. 4 cable network in total primetime viewers, but dropped three spots to land in 18th place in the demo. During total day, it ranked behind Fox as the No. 2 network in total viewers and fell from seventh to ninth in the total day demo.

CNN’s primetime numbers averaged 594,000 in total viewers and 112,000 viewers in the A25-54 demo. That’s a total viewer drop of -23% and a demo drop of -10% compared to the previous week. CNN finished the week by falling four spots to land in ninth place in primetime with total viewers (tied with USA), while rising one spot in the demo to 17th place. For total day, the network remained static at No. 5 and No. 8 in total viewers and in the demo, respectively.

Fox had 11 out of the 15 most-watched cable news shows of the week, led by The Five (2.958 million viewers at 5 p.m. ET). MSNBC took the remaining four spots, led by Deadline: White House with Nicole Wallace at No. 7 (1.679 million viewers at 4 p.m. ET).

In the A25-54 demo, Fox News had 14 of the top 15 cable news shows with Gutfeld! topping the charts (308,000 viewers at 10 p.m. ET). MSNBC’s Deadline: White House nabbed the No. 15 spot (152,000 viewers at 4 p.m. ET).

Smartmoms Use A Number Of Smart Devices OnLine

The Edison Research Team notes we’ve turned the calendar page to May and that means it’s time for Moms and Media 2024. 

This year’s findings, pulled from Edison Research’s Infinite Dial series supported by Audacy, Cumulus Media and SiriusXM Media, continue to show U.S. Moms engaging heavily online and utilizing a variety of devices that play perfectly with the smartphone.

Smartphone ownership has reached practically full saturation among Moms (98%) but they are still acquiring new tech to get even more out of that necessary mobile device. In 2024, 47% of Moms reported owning a smartwatch compared to the 37% we saw in the 2023 report. Ownership of wireless earphones or headphones also saw an increase over last year, with 75% of Moms now owning them, up from 71%.

Smart devices, like watches and wireless earbuds, allow Moms to do even more with their smartphones, especially regarding their audio usage and consumption. 

Forty-three percent of Moms are weekly podcast listeners and additionally, 82% have listened to online audio in the last week. With wireless earphones, Moms can listen privately anywhere, which helps to create more listening opportunities.

Moms’ media habits reflect a heavy lean on the smartphone, which we have observed and tracked in our research for years. The very substantial 4 hours and 4 minutes that Moms average daily online is undoubtedly a result of having a smartphone at the ready. 

Another byproduct of smartphone ownership for Moms has been high social media consumption. This year, Edison states have 97% of Moms who currently use some type of social media, with 96% saying they have used it in the last week. Such commitment is made possible by the constant access a smartphone provides, where waiting for anything idly has been replaced with social media scrolling.

As the trends have shown, smartphones, along with all of their other tech devices, will continue to influence Moms’ media consumption and their engagement with online content.

Philly Radio: WPEN-FM Loses Two On-Air Personalities

Beasley Broadcast Group laid off 7% of its workforce this week, including two on-air personalities at Philadelphia sports talk radio station 97.5 The Fanatic (WPEN-FM).

The Philadelphia Business Journal reports Jennifer Scordo, a producer and on-air contributor to the Fanatic's afternoon drive show, and nighttime host Pat Egan are among several employees at local Beasley-owned stations impacted by the cuts. Sources said others caught up in the layoffs include two longtime producers and other behind-the-scenes staffers.

In addition, two veteran producers announced their retirements: 93.3 WMMR-FM creative director Kevin Gunn, who had been with the rock station since 1981, and Rhonda Hibbler, the Fanatic’s production director who was inducted into the Philadelphia Broadcasters Pioneers Hall of Fame last year.

Scordo has had an on-air producer role at the Fanatic during afternoon drive for three years, first succeeding Natalie Egenolf in that position with host Mike Missanelli and then continuing after Missanelli’s 2022 departure as part of what the station dubbed "The Greatest Show Ever?" with co-hosts Tyrone Johnson, Ricky Bottalico and Hunter Brody. She could be seen weekdays on a simulcast of the program that airs on NBC Sports Philadelphia.

Prior to joining The Fanatic, Scordo spent six years working on air for two other local Beasley stations — country station 92.5 WXTU-FM and classic rock station 102.9 WMGK-FM.

5/9 WAKE-UP CALL: Biden to Bibi..You're On Your Own

President Joe Biden said for the first time Wednesday he would halt some shipments of American weapons to Israel – which he acknowledged have been used to kill civilians in Gaza – if Prime Minister Benjamin Netanyahu orders a major invasion of the city of Rafah. “Civilians have been killed in Gaza as a consequence of those bombs and other ways in which they go after population centers,” Biden told CNN’s Erin Burnett in an exclusive interview on “Erin Burnett OutFront,” referring to 2,000-pound bombs that Biden paused shipments of last week.

Biden in exclusive interview with OutFront: "I'm not supplying the weapons" if Israel goes into Rafah population centers. pic.twitter.com/RGSR13YnnF

— Erin Burnett OutFront (@OutFrontCNN) May 9, 2024

“I made it clear that if they go into Rafah – they haven’t gone in Rafah yet – if they go into Rafah, I’m not supplying the weapons that have been used historically to deal with Rafah, to deal with the cities – that deal with that problem,” Biden said.

➤BIDEN FIGHTS ECONOMIC PERCEPTIONS: Biden was speaking Wednesday in Racine, Wisconsin, where he’d just promoted new economic investments that could result in thousands of new jobs. In the CNN interview, he sought to reframe perceptions of the American economy, touting strong job growth and efforts to combat corporate greed while questioning surveys showing voters still pessimistic about the country’s direction. “We’ve already turned it around,” Biden said, responding to a question on whether, less than six months before Election Day, he was running short on time to improve his standing among Americans on his handling of the economy.

SAVAGE: CNN just aired the most brutal 2-minute takedown of Joe Biden’s Presidency during an interview with him as a reporter hurls rapid-fire reality checks to his FACE:

"Voters trust Trump more on the economy."

"Housing prices have doubled"

"Real income is down after… pic.twitter.com/OeJ4AE6BXa

— Benny Johnson (@bennyjohnson) May 8, 2024

Biden pointed to surveys showing many Americans view their own economic situation favorably, even as they look negatively on the nationwide economy. “The polling data has been wrong all along,” he said, questioning the effectiveness of phone surveys.

CNN asks Biden about his new nickname “Genocide Joe” pic.twitter.com/P9fMgfCsN9

— Benny Johnson (@bennyjohnson) May 9, 2024

FETTERMAN RIPS BIDEN: Biden must stop delaying arms sales to Israel . . . Sen. John Fetterman (D-PA) stated that while President Joe Biden has been a strong supporter of Israel, the administration delaying arms sales to the country is wrong and the only conditions should be on Hamas and their enablers. "I don’t think we should be withholding any kind of munitions and I think, I said I think we need to send them immediately. Of course, Israel is in this kind of war and we — I have no conditions. I never have, and I can’t imagine I ever will,” he said.

WATCH: Fox’s @BritHume on Biden’s threat to halt weapons aid if Rafah is invaded: “Biden is trying to have it both ways” in Israel’s war with Hamas pic.twitter.com/UxSbiI83Eq

— TV News Now (@TVNewsNow) May 9, 2024

MTG FAILS:  The U.S. House of Representatives on Wednesday swiftly defeated an effort by firebrand Republican Marjorie Taylor Greene to remove fellow Republican Speaker Mike Johnson from his leadership role. Democrats joined Republicans in a 359-43 vote to protect Johnson's speakership, in a bid to avoid a replay of the chaos that occurred in October when Republicans ousted his predecessor, Kevin McCarthy. Greene's move represented a rare Republican defiance of presidential candidate Donald Trump, who in a social media post on Wednesday said it was "not the time" for Republicans to try to push out their own speaker.

BREAKING: Democrats joined Republicans in an overwhelming vote of 359-43 to defeat a motion by Rep. Marjorie Taylor Greene to remove House Speaker Mike Johnson from his leadership position. https://t.co/EOTLBIrq6a pic.twitter.com/qr9c0Dcew6

— CBS Evening News (@CBSEveningNews) May 8, 2024

"I appreciate the show of confidence from my colleagues to defeat this misguided effort," Johnson said following the vote. "Hopefully this is the end of the character assassination that has characterized the current Congress."

Earlier, standing flanked by fellow Republican Thomas Massie, Greene criticized Johnson for a string of compromises with Democrats, who hold a majority in the Senate. "Excuses like 'this is just how you have to govern in divided government' are pathetic, weak and unacceptable," Greene said of Johnson. "Even with our razor-thin Republican majority we could have at least secured the border."

NY Times Posts Upbeat Results

New York Times beat estimates for first-quarter revenue and profit on Wednesday, as its bundled content offering attracted more subscribers to its website and app ahead of major sports events and the 2024 U.S. presidential elections.

Reuters reports the publisher of the New York Times newspaper has focused more on bundling its core news with other content ranging from podcasts to cooking recipes and games to attract readers and drive revenue growth.

The company reported revenue of $594 million, compared with analysts' estimates of $591.9 million, according to LSEG data. On an adjusted basis, it earned 31 cents per share, compared with the estimates of 20 cents.

Subscription revenue rose nearly 8% to $429 million, while revenue from digital-only products rose more than 13% on higher demand for its bundled and multiproduct offerings.

The company, however, added 210,000 digital-only subscribers in the first quarter, compared with 300,000 in the preceding three months.

Total advertising revenue for the quarter fell 2.4% to $103.7 million, despite a near 3% rise in digital ad sales, its biggest revenue generator.

Its sports-focused Athletic publication, however, reported a 33% jump in total revenue and an 18% rise in subscription revenue ahead of the Paris Olympics.

Marketers are moving away from print and towards digital and sports advertising to capture a younger and larger audience. New York Times reported a drop of about 10% in print advertising revenue and a 2% drop in subscription revenue for the business.

News Corp Misses Quarterly Revenue Estimates

 

Media conglomerate News Corp on Wednesday missed Wall Street estimates for third-quarter revenue, weighed down by a sluggish advertising market and lower physical book sales at its book publishing business.

Inflation and higher interest rates have impacted News Corp's businesses and dented its advertising sales, reports Reuters.

The company's News Media segment, which includes the New York Post, The Times, the Sunday Times, among others, came under pressure as marketers kept a tight leash on ad budgets in an uncertain economy.

News Corp, a part of media baron Rupert Murdoch's empire, said it has been reviewing the company's structure and that the "work is intense and ongoing."trading after the bell.

Revenue fell 1% to $2.42 billion in the quarter ended March 31, below estimates of $2.46 billion, according to Visible Alpha.

Revenue at the Dow Jones business grew 3% to $544 million, while revenue at its Digital Real Estate Services unit rose 7%, driven by strong performance at REA Group (REA.AX), opens new tab, which operates residential and commercial property websites in Australia.

The company's revenue at its book publishing segment fell 2% to $506 million.

Disney's TV Business Continues to Decline

Walt Disney's surprise profit in its streaming entertainment division was eclipsed by a drop in its traditional TV business and weaker box office, sending its stock tumbling 10%, on track for its deepest one-day drop in 17 months, Reuters reports.

Like other media companies, Disney has been trying to adapt to consumer migration from cable television to streaming entertainment, and had promised Wall Street that its streaming operation would become profitable by September.

The division has been losing money since Disney+ debuted in 2019 in a major push by the company to compete with Netflix.

However, revenue from the traditional television business declined 8% to $2.77 billion and operating profit fell 22% from a year ago.

That decline reflected lower ad revenue and the impact of Disney's new TV distribution deal with Charter Communications as the second-largest cable TV and broadband company dropped eight of Disney's cable networks.

Mike Eaby Named VP/EP Of Westwood One Sports

Cumulus Media has announced Mike Eaby’s promotion to Vice President/Executive Producer of Westwood One Sports. In his new role, Eaby will manage and oversee all Westwood One Sports multi-platform content and live event production. Eaby will assume his new responsibilities on May 15, reporting to Bruce Gilbert, Senior Vice President, Sports Content & Audience for Cumulus Media and Westwood One. 

He succeeds Howard Deneroff, who departs his position after more than 35 years with Westwood One Sports.

Pittsburgh Radio: KDKA AM/FM, MLB Pirates Extend Broadcast Deal

The Pittsburgh Pirates and Audacy Pittsburgh announced Wednesday the two parties have agreed to radio broadcast contract extension that will ensure 93.7 The Fan (KDKA-FM) will continue as the Pirates flagship radio station through the 2027 season. 

Audacy Pittsburgh will also continue to leverage the Pirates brand and game programming on its sister station KDKA News Radio (KDKA-AM) which is simulcast on 100.1 FM and 1020 AM, including the airing of all Pirates weekday afternoon games. 

“In Pittsburgh, there aren’t many traditions more engrained in our community than the Pirates on The Fan and KDKA,” said Michael Spacciapolli, Senior Vice President and Market Manager, Audacy Pittsburgh. “We are honored to continue to tell the story of this team for many many years to come as they chase another World Series title for our city.”

“Our relationship with KDKA is like no other in sports,” said Travis Williams, Pittsburgh Pirates President. “Starting with the first baseball game to ever be broadcast, KDKA and the Pirates have been synonymous with each other.  We are thrilled that tradition will continue and be expanded upon across the cluster of Audacy Pittsburgh stations.”  

Catholic Broadcasters Have A Beef With FCC

A trio of Catholic radio networks has filed a petition against the FCC over new requirements that will soon mandate that all U.S. radio and television stations publish information about the race and gender of their employees, according to the Catholic News Agency.

In a 3-2 ruling in February, the commissioners of the FCC reinstated a requirement that radio stations must annually file a document, known as Form 395-B, that lists the race and gender of their employees.

Broadcasters are required to maintain a summary of publicly accessible information known as a public file, with varying requirements among the types of stations regarding what must be contained in the file.

The FCC had not required Form 395-B since 2004, following a 2001 ruling by the ​​U.S. Court of Appeals for the District of Columbia Circuit.

In an April 29 complaint filed with the FCC, three Catholic broadcasters — Ave Maria Radio, Armor of God Catholic Radio, and La Promesa Foundation — argued that the new regulations would “adversely affect them as well as all religious broadcasters generally.” 

The FCC in its February ruling introduced a mandate that stations must make the 395-B forms public, because “doing so will ensure maximum accuracy of the submitted data, is consistent with Congress’ goal to maximize the utility of the data an agency collects for the benefit of the public, allows us to produce the most useful reports possible for the benefit of Congress and the public, and allows for third-party testing of the accuracy of our data analyses.”

In their joint complaint, the radio stations argue that the new rule “would advance the interests of the LGBTQ lobby and would chill the religious freedoms … enshrined in the First Amendment of the federal Constitution.”

Mike Jones, vice president and general manager at Ave Maria Radio, called the FCC’s action “pernicious” and said that their attorney offered to file a complaint with the FCC on their behalf and on behalf of the other stations. 

The radio stations’ complaint also argues that the U.S. Supreme Court is expected to soon rule on two cases that could limit the FCC’s ability to make decisions, giving that power instead to Congress.

Bias Claims At NPR Discussed At Congressional Hearing

A hearing was held on Capitol Hill Wednesday to address accusations of ideological bias at NPR while considering its taxpayer-funded status. The discussion revolves around transparency, viewpoint discrimination, and the responsibility of publicly funded news organizations.

House Energy and Commerce Committee Chair Cathy McMorris Rodgers (R-WA) delivered opening remarks during the Oversight and Investigations Subcommittee hearing titled “Examining Accusations of Ideological Bias at NPR, a Taxpayer Funded News Entity”1. Here are the key points she raised:

First Amendment and Freedom of the Press: Chair Rodgers emphasized her support for the First Amendment and the freedom of the press. She quoted Thomas Jefferson, stating that our liberty depends on the freedom of the press. Every news outlet should be free to express viewpoints, even those she may disagree with.

Public Funding and Viewpoint Censorship: Rodgers expressed concern about NPR, a taxpayer-funded news organization, allegedly censoring viewpoints. She highlighted accusations from within NPR’s DC bureau regarding viewpoint discrimination.

Why should American tax dollars go to an institution like NPR that has consistently failed to be fair and engages in viewpoint discrimination? pic.twitter.com/SmQ4Wo0pkm

— CathyMcMorrisRodgers (@cathymcmorris) May 8, 2024

Despite receiving public funding, NPR reportedly mocked, ridiculed, and attacked taxpayers who fund the organization.

Uri Berliner’s Op-Ed: Uri Berliner, a 25-year veteran of NPR’s national news desk, wrote an op-ed describing a troubling culture within NPR. Berliner stated that an open-minded spirit no longer exists at NPR, leading to an audience that doesn’t reflect America. He criticized NPR for not admitting its reporting errors, particularly regarding the debunked Russia collusion story.

Avoiding Stories That Could Help President Trump: Berliner revealed that NPR did not want to report stories that could benefit President Trump’s chances in the 2020 Presidential Election. Even if these stories were true and important, NPR allegedly avoided them.

Radio History: May 9

➦In 1914...Clarence Eugene "Hank" Snow was born (Died at age 85 from heart failure – December 20, 1999). In a career that spanned more than 50 years, he recorded 140 albums and charted more than 85 singles on the Billboard country charts from 1950 until 1980. His number-one hits include the self-penned songs "I'm Moving On", "The Golden Rocket" and The Rhumba Boogie and famous versions of "I Don't Hurt Anymore", "Let Me Go, Lover!", "I've Been Everywhere", "Hello Love", as well as other top 10 hits.

Snow was an accomplished songwriter whose clear, baritone voice expressed a wide range of emotions including the joys of freedom and travel as well as the anguish of tortured love. His music was rooted in his beginnings in small-town Nova Scotia where, as a frail, 80-pound youngster, he endured extreme poverty, beatings and psychological abuse as well as physically punishing labour during the Great Depression. Through it all, his musically talented mother provided the emotional support he needed to pursue his dream of becoming a famous entertainer like his idol, the country star, Jimmie Rodgers.

Hank Snow

As a performer of traditional country music, Snow won numerous awards and is a member of the Country Music Hall of Fame, the Canadian Country Music Hall of Fame and the Canadian Music Hall of Fame.

In March 1933, Snow wrote to Halifax radio station CHNS asking for an audition. The rejection letter he received only made him more determined and later that year he visited the station, was given an audition and hired to do a Saturday evening show that was advertised as "Clarence Snow and his Guitar."  Snow's audition with the Canadian division of RCA Victor in Montreal, Quebec, on October 29, 1936 led to the release of his first record with "The Prisoned Cowboy" coupled with "Lonesome Blue Yodel".[2] He signed with RCA Victor, recording for the label until 1981. A weekly CBC radio show brought him national recognition and, he began touring Canada until the late 1940s when American country music stations began playing his records.

Snow moved to Nashville, Tennessee, in 1949, and "Hank Snow, the Singing Ranger" (modified from his earlier nickname, the Yodeling Ranger), began recording for RCA Victor in the United States in 1949.

A regular at the Grand Ole Opry, in 1954 Snow persuaded the directors to allow a young Elvis Presley to appear on stage. Snow used Presley as his opening act and introduced him to Colonel Tom Parker. In August 1955, Snow and Parker formed the management team, Hank Snow Attractions. This partnership signed a management contract with Presley but before long, Snow was out and Parker had full control over the rock singer's career. Forty years after leaving Parker, Snow stated, "I have worked with several managers over the years and have had respect for them all except one. Tom Parker was the most egotistical, obnoxious human being I've ever had dealings with."

Alan Freed

➦In 1929...WJW-AM, Cleveland, Ohio signed-on.

The station was a staple of the Cleveland airwaves for more than 40 years under its original call letters of WJW.

The station was started in Mansfield, OH as WLBV sin 1926 under the ownership of John Weimer.  The call letters became WJW in 1928, reflecting his initials. He sold it in 1931 to Mansfield Broadcasting Association.

WJW moved to Akron in 1932.  William O’Neill purchased the station in 1943 and moved it to Cleveland.  The station moved from 1210 kHz to 850 kHz and increased its power to 5,000 watts.

During its history, WJW aired Alan Freed's "Moondog" rock'n'roll show.

O'Neil sold WJW on 17 Nov. 1954 to Storer Broadcasting, which teamed it with its local television operation, WXEL.  Storer dropped the ABC radio affiliation in 1957 to become independent, although the station later had a brief affiliation with NBC before becoming independent again.

During the 1960s the "Ed Fisher Show" was immensely popular during a 10-year run, as was the station's adult contemporary format of news, talk, and jazz. Sold to Erie Broadcasting in the fall of 1976, WJW began to highlight talk shows and adult popular music. It had begun separate FM programming in 1965 on a station that eventually passed into separate ownership as WGCL.

WJW was sold 1986 to Booth American Broadcasting, at which time it exchanged its long-familiar call letters for WRMR. In 1990 Booth sold the station to Independent Group Ltd., a local group that owned WDOK.

Today, the station's call sign is WKNR 850 AM and airs sportstalk. The station now has 50Kw-Day, 5Kw-Night.

➦In 1932...WFLA/WSUN, Clearwater, FL, tested first directional AM antenna.

Despite Revenue Decline During 3Q, Fox Shows Profit

 

Fox Corporation managed to swing to a profit in its fiscal third quarter, even though it faced challenges due to a slump in advertising revenue. The owner of Fox News Channel and the Fox broadcasting network said overall revenue fell to about $3.45 billion, compared to approximately $4.08 billion in the year-earlier period.

Here are the key points:

Revenue Comparison: Overall revenue fell to approximately $3.45 billion, compared to around $4.08 billion in the same period last year. The decline was partly due to the absence of last year’s Super Bowl broadcast.

Legal Setback and Boost in Affiliate Fees: Fox benefited from the lack of charges associated with a massive legal setback tied to Fox News Channel. Additionally, affiliate fees provided a boost.

Dominion Voting Systems Settlement:  In the previous quarter, Fox faced a significant loss of over $50 million due to a settlement of more than $787 million with Dominion Voting Systems. This settlement wiped out profit but did not recur in the current quarter.

Profit and Adjusted Earnings: Fox swung to a profit of $704 million in the most recent quarter. Adjusted earnings per share came to $1.09.

Advertising Revenue Decline: Ad revenue fell year over year due to the absence of the Super Bowl. Advertising revenues slipped to $939 million, compared with $1.56 billion reported in the year-earlier period.