iHeartMedia, Inc. has reported financial results for the quarter ended June 30, 2022.
Financial Highlights:
Q2 2022 Consolidated Results
Q2 Revenue of $954 million, up 11% YoY; in line with guidance of up approximately 10%-14%
GAAP Operating income of $83 million vs. $28 million in Q2 2021Consolidated Adjusted EBITDA of $237 million increased 29% YoY; in line with guidance of $225 million to $245 million
Consolidated Adjusted EBITDA margin of 24.9%, up 345 bps from 21.4% in Q2 2021
Cash Flows from operating activities of $156 million
Free Cash Flow of $106 million; Free Cash Flow including $20 million of net proceeds from real estate sales was $127 million
Q2 2022 Digital Audio
Group Continues Strong Growth and Profit TrajectoryDigital Audio Group Revenue of $253 million up 28% YoYPodcast Revenue of $86 million up 60% YoY
Digital Revenue excluding Podcast of $167 million up 15% YoY
Segment Adjusted EBITDA of $79 million increased 45% YoYDigital Audio Group Adjusted EBITDA margin of 31.2%, up 380 bps from 27.4% in Q2 2021
Q2 2022 Multiplatform
Group Momentum ContinuesMultiplatform Group Revenue of $633 million up 5% YoYSegment Adjusted EBITDA of $195 million increased 7% YoYMultiplatform Group Adjusted EBITDA margin of 30.7%, up 77 bps from 29.9% in Q2 2021
Strong Free Cash Flow Generation, Proactive Capital Structure Improvement and Debt PaydownFree Cash Flow of $106 million; including $20 million of net proceeds from real estate sales, Free Cash Flow including net proceeds from real estate sales was $127 millionCapital Expenditures of $50 million vs. $23 million in Q1 2022, driven primarily by accelerated real estate consolidation
Cash balance and total available liquidity1 of $295 million and $715 million, respectively, as of June 30, 2022
Bob Pittman
“We’re pleased to report another quarter of solid results for iHeart in terms of consumer usage, revenue and earnings growth and, most importantly, strong Free Cash Flow generation. The Digital Audio Group continues to deliver industry-leading growth, and our Multiplatform Group continues to demonstrate that it is a growth engine for the company as well,” said Bob Pittman, Chairman and CEO of iHeartMedia, Inc.
“As the #1 audio company in America across broadcast radio, digital radio and podcasting – and the largest consumer reach audio company in the U.S. by far, we remain committed to building our businesses for future growth and continuing to deliver both trusted companionship to our listeners and significant and unique value to our advertising partners.”
"Bob and I are pleased that the company performed well this quarter, with Adjusted EBITDA of $237 million, and consolidated revenues up 11% year-over year – in line with the revenue guidance range we provided – despite the uncertain economic environment,” said Rich Bressler, President, Chief Operating Officer and Chief Financial Officer of iHeartMedia, Inc. “We remain focused on the generation of Free Cash Flow, continuing Adjusted EBITDA margin expansion, and making significant progress toward reducing our net leverage to 4x.”
Cumulus Media announces that it has appointed on-air personality Laura Daniels as On-Air Host, Mornings, on Buffalo’s Classic Hits 104.1/WHTT-FM. Daniels will be heard weekday mornings from 6:00am to 10:00am, beginning Friday, August 19, 2022.
A native Western New Yorker, Daniels was Morning Host for WMSX-FM in Buffalo from 2012-2017. Prior to that, she was a popular voice on Albany radio stations for 15 years, with on-air and Morning Host positions on stations including WZMR, WDVT, WFLY, and WYJB. Daniels is also an accomplished voiceover talent and copywriter. She holds a B.S. degree in Interpersonal Communications from SUNY Fredonia.
Jim Riley, Vice President/Market Manager, Cumulus Buffalo, said “We’re lucky to have found a talent like Laura to move into mornings on WHTT. She’s fun, she’s entertaining, and she’s Buffalo through and through. I think Classic Hits listeners will love her on the ride to work!”
Joe Siragusa, Operations Manager, Cumulus Buffalo, commented: “We’re thrilled to bring Laura’s energy and enthusiasm for Buffalo to Classic Hits 104.1! She’s a great talent that will help us write the next chapter of this great station.”
Laura Daniels remarked: “I'm so excited to return to my passion in an industry I spent more than half my life in! Radio personalities are the original "content creators" and radio is the last remaining free medium. Buffalo is my home, and I can't wait to share real life, real stories and my own brand of fun ridiculousness with Western New York again.”
Warner Bros. Discovery Inc. is exploring launching a free, ad-supported streaming service, its chief executive said, the latest effort by a streaming giant to reach a broader audience as the competition for users intensifies.
The Wall Street Journal reports the new company, the result of Discovery’s merger with AT&T Inc.’s WarnerMedia earlier this year, will first focus on a previously announced plan to combine its two main streaming services, HBO Max and Discovery+, executives said during a call with investors. The combined subscription platform will be rolled out starting in the U.S. next summer, said JB Perrette, the company’s CEO of global streaming.
Once that service has been launched, the company sees potential for a free, ad-supported offering, Chief Executive David Zaslav said. The free service would cater to cost-conscious consumers and serve “as an entry point to our premium service,” he said.
David Zaslav
The announcement came as Warner Bros. Discovery reported its first quarterly earnings as a combined entity, swinging to a loss due to merger-related charges and warning investors that an advertising slowdown had led it to cut its outlook for this year and next.
As the number of streaming options has exploded in the past three years, many companies are looking to offer lower-cost versions to their services in an effort to boost their user base. The industry’s two biggest players, Netflix Inc. and Walt Disney Co.’s Disney+, are both working on launching lower-priced, ad-supported versions of their platforms.
Zaslav has acted swiftly since taking over in April. That included pulling the plug on CNN+ days into the job—and just weeks after the streaming service’s launch—as well as canceling movies and shows that had been approved by previous leadership. The company earlier this week decided not to release the superhero movie “Batgirl” despite the fact that it had already been filmed.
Zaslav said the company’s new approach was to put more emphasis on content quality. “It’s not about how much,” he said. “It’s about how good.”
Warner Bros. Discovery—whose properties include the Warner Bros. movie studio and the cable channels TNT, Food Network and HGTV in addition to HBO and CNN—swung to a $3.42 billion loss in the second quarter, which it said was partly due to charges related to the merger. Revenue came in at roughly $9.83 billion.
Warner Bros. Discovery said it had 92.1 million subscribers across its streaming platforms, up about 1.7 million from the first quarter. That compares with 220.7 million for Netflix and 205.6 million for Disney, whose services include Disney+, Hulu and ESPN+, according to the companies’ most recently released figures.
Chips, Joanna Gaines
Meanwhile, Chip and Joanna Gaines have made a deal with HBO Max and soon will have content available on the streaming giant.
The former HGTV star couple, known for their home improvement shows and their growing Magnolia Network, are expanding into the streaming universe with HBO Max, Variety reported on Thursday.
Last year, the Gaineses launched their Magnolia streaming channel in partnership with Discovery.
After that launch, the Magnolia Network became one of the top 25 basic cable networks. The network also received five Emmy nominations.
Then, Discovery merged with WarnerMedia. So the new decision to put some of the Gaines content on HBO Max is an early attempt to join WarnerMedia and Discovery content.
Flood Communications has announced it has acquired Kimball radio station KIMB-FM.
“We are excited to become a closer part of the Kimball community and be a resource to listeners and businesses in the panhandle,” Flood Communications CEO Andy Ruback said. “Kimball hasn’t had a dedicated radio station for some time, so it’s exciting to bring back local news coverage to this region of Nebraska.”
Flood Communications has seen significant success and popularity through its focus on serving rural areas and Hispanic communities. Providing local, trusted news to these audiences is essential in an era of misinformation, Ruback noted.
“We’ve always treasured the listenership and support from the Kimball area, and what better way to say ‘thank you’ than investing in a new radio station dedicated to Kimball, Pine Bluffs and Harrisburg,” Station Manager of Flood Communications – Western Nebraska, Hunter Arterburn said. “Adding the new KIMB-FM radio station allows us to expand our mission of promoting small-town communities across the area and across Nebraska with hyper-local news, sports and weather content.”
In addition to KIMB-FM, Flood Communications’ other recent acquisitions point to the media organization’s robust growth. In 2021, the company acquired five radio stations in the Grand Island-Hastings-Kearney area. Panhandle radio stations, KSID-FM and KSID-AM, and a western Nebraska news bureau, were added in Sidney in 2019. These moves and expansion of business in existing areas helped Flood Communications secure a place on the Inc. 5000 List of Fastest-Growing companies in America – the only broadcast company in the entire country to do so.
“We’re proud of our growth, but we’re even more proud to be a meaningful part of these Nebraska communities,” Ruback said. “Nebraska is a special place to be in this business – in fact, News Channel Nebraska is the only in-state, independent television network of its kind in America. This type of investment in hyper-local news, weather and live coverage of high school sports and other community events doesn’t happen everywhere.”
Following this acquisition, Flood Communications has a total of 23 broadcast stations, 16 radio stations and 7 television stations delivering content from border-to-border in Nebraska, according to Tri-State Livestock News.
The Country Radio Broadcasters (CBR) have completed their elections for the organization's 2022-2023 board of directors. Returning to CRB Officer positions are Kurt Johnson (Townsquare Media) as President, John Shomby as Vice President and Beverlee Brannigan as Secretary.
Elected and appointed members that will serve on this year's Board of Directors are Beverlee Brannigan, Becky Brenner (Albright & O'Malley & Brenner), Michelle Kammerer (Amazon Music), RJ Meacham (Curb Records), Brent Michaels (KUZZ), Charlie Morgan (Apple Music), Kurt Johnson (Townsquare Media), Judy Lakin (PickleJar), Joel Raab (Joel Raab Country Radio & Media), Kelly Rich (Red Street Records), Royce Risser (UMG Nashville), Brittany Schaffer (Spotify), John Shomby (Country's Radio Coach), and Matt Sunshine (The Center for Sales Strategy). Michelle Kammerer, Brent Michaels, and Kelly Rich (Red Street Records) are newly added members.
Continuing their terms on this year's board include Chuck Aly (Country Aircheck), Johnny Chiang (Pandora), George Couri (Triple 8 Management/Triple Tigers), Mike Dungan (UMG Nashville), Gator Harrison (WSIX), Deb Herman (Apple Music), Steve Hodges (Sony Music Nashville), Clay Hunnicutt (BMLG), Jon Loba (BMG/Nashville), Mike McVay, Rod Phillips (iHeartMedia), Bob Richards (Cumulus), Tim Roberts (Audacy), Kristen Williams (WMN), Lesly Simon (Pearl Records). Charlie Monk continues as a Board Member Emeritus.
CRB/CRS President Kurt Johnson commented, "I couldn't be more thrilled to welcome these new board members and thank our returning members. Because of their generous commitment, the industry's main event, Country Radio Seminar, and recognition of our genre's finest broadcasters at the Country Radio Hall of Fame dinner will continue to grow stronger."
Salem Media Group, Inc. released its results for the three and six months ended June 30, 2022.
For the quarter ended June 30, 2022 compared to the quarter ended June 30, 2021:
ConsolidatedTotal revenue increased 7.7% to $68.7 million from $63.8 million;
Total operating expenses increased 5.5% to $61.4 million from $58.1 million;
Operating expenses, excluding gains or losses on the disposition of assets, stock-based compensation expense, debt modification costs, impairments, depreciation expense and amortization expense (1) increased 10.7% to $60.9 million from $55.0 million;
The company’s operating income increased 29.9% to $7.3 million from $5.6 million;
The company recognized $3.9 million in film distribution income from an unconsolidated equity investment;
The company’s net income increased 303.9% to $9.1 million, or $0.33 net income per diluted share from $2.3 million, or $0.08 net income per diluted share;
EBITDA (1) increased 60.9% to $14.5 million from $9.0 million; and
Adjusted EBITDA (1) increased 33.6% to $11.7 million from $8.7 million.
BroadcastNet broadcast revenue increased 12.1% to $52.5 million from $46.8 million; Station Operating Income (“SOI”) (1) decreased 6.2% to $10.0 million from $10.6 million; Same Station (1) net broadcast revenue increased 12.2% to $52.4 million from $46.7 million; and Same Station SOI (1) decreased 5.9% to $10.0 million from $10.6 million.
Digital MediaDigital media revenue increased 4.5% to $10.8 million from $10.3 million; and Digital Media Operating Income (1) increased 26.5% to $2.5 million from $2.0 million.
PublishingPublishing revenue decreased 18.5% to $5.4 million from $6.7 million; and Publishing Operating Loss (1) was $6,000 as compared to publishing operating income of $0.2 million.
For the six months ended June 30, 2022 compared to the six months ended June 30, 2021:
ConsolidatedTotal revenue increased 6.6% to $131.3 million from $123.1 million;
Total operating expenses increased 5.2% to $119.0 million from $113.1 million;
Operating expenses, excluding gains or losses on the disposition of assets, stock-based compensation expense, debt modification costs, changes in the estimated fair value of contingent earn-out consideration, impairments, depreciation expense and amortization expense (1) increased 9.6% to $116.7 million from $106.5 million;
The company’s operating income increased 23.1% to $12.3 million from $10.0 million;
The company recognized $3.9 million in film distribution income from an unconsolidated equity investment;
The company’s net income increased 320.8% to $10.9 million, or $0.39 net income per diluted share from $2.6 million, or $0.10 net income per diluted share;
EBITDA (1) increased 37.0% to $22.7 million from $16.5 million; and
Adjusted EBITDA (1) increased 11.2% to $18.5 million from $16.7 million.
BroadcastNet broadcast revenue increased 11.1% to $100.9 million from $90.8 million. Digital mediaDigital media revenue increased 5.7% to $21.1 million from $20.0 million; and Digital media operating income (1) increased 47.9% to $4.4 million from $2.9 million.
➦In 1914...Parley Edward Baer born (Died from a stroke at age 88 – November 22, 2002). He was an actor in radio and later in television and film.
Parley Baer
Born in Salt Lake City, Utah, Baer in the 1930s served on radio as director of special events for KSL. His first network show was The Whistler, which was soon followed by appearances on Escape (notably narrating "Wild Jack Rhett" and as the title patriot in an adaptation of Stephen Vincent Benet's "A Tooth for Paul Revere"), Suspense, Tales of the Texas Rangers (as various local sheriffs), Dragnet, The CBS Radio Workshop, Lux Radio Theater, The Six Shooter, and Yours Truly, Johnny Dollar, to name a few.
In 1952, he began playing Chester, the trusty jailhouse assistant to Marshal Matt Dillon on Gunsmoke, eventually ad-libbing the character's full name, "Chester Wesley Proudfoot" (later changed to "Chester Goode" in the televised version of the series, which featured Dennis Weaver in the role of Chester). Baer's portrayal of Chester was generally considered his finest and most memorable role, and as he often said, the one he found most fulfilling. Baer also worked as a voice actor on several other radio shows produced by Norman MacDonnell, performing as Pete the Marshal on the situation comedy The Harold Peary Show, as Doc Clemens on Rogers of the Gazette, and as additional characters on Fort Laramie and The Adventures of Philip Marlowe.
Other recurring roles included Eb the farm hand on Granby's Green Acres (the radio predecessor to television's Green Acres), Gramps on The Truitts, and Rene the manservant on the radio version of The Count of Monte Cristo. His later radio work included playing Reginald Duffield and Uncle Joe Finneman on the Focus on the Family series Adventures in Odyssey in the 1980s and 1990s
Harold Arlin
➦In 1921...The first baseball game ever broadcast on radio aired on KDKA Pittsburgh, between Pittsburgh Pirates versus Philadelphia Phillies game and took place at Forbes Field. The Pirates defeated the Phillies 8-5. It was broadcast by KDKA staff announcer Harold Arlin. That year, KDKA and WJZ of Newark broadcast the first World Series on the radio, between the New York Giants and the New York Yankees, with Grantland Rice and Tommy Cowan calling the games for KDKA and WJZ, respectively.
➦In 1935...The radio soap opera 'Backstage Wife' first aired. The show highlighted travails of Mary Noble, a girl from a small town in Iowa who came to New York seeking her future. Vivian Fridell had the title role from 1935 until the early 1940s. It was then taken over by Claire Niesen, who played Mary Noble for 14 years, until the end of the series. Mary's husband, Larry Noble, was portrayed by Ken Griffin, then James Meighan and finally, Guy Sorel. The daily radio drama first aired — on the Mutual Broadcasting System. The show, produced by prolific soap opera creators Frank & Anne Hummert, continued in the usual quarter-hour format on NBC and finally CBS Radio, until January 2, 1959.
➦In 1957..."American Bandstand" debuted nationally on ABC-TV, hosted by Dick Clark.
AB premiered locally in late March 1950 as Bandstand on Philadelphia television station WFIL-TV Channel 6 (now WPVI-TV), as a replacement for a weekday movie that had shown predominantly British films. Hosted by Bob Horn as a television adjunct to his radio show of the same name on WFIL radio, Bandstand mainly featured short musical films produced by Snader Telescriptions and Official Films, with occasional studio guests. This incarnation was an early predecessor of sorts of the music video shows that became popular in the 1980s, featuring films that are themselves the ancestors of music videos.
Horn, however, was disenchanted with the program, so he wanted to have the show changed to a dance program, with teenagers dancing along on camera as the records played, based on an idea that came from a radio show on WPEN, The 950 Club, hosted by Joe Grady and Ed Hurst. This more-familiar version of Bandstand debuted on October 7, 1952 in "Studio 'B'," which was located in their just-completed addition to the original 1947 building in West Philadelphia, and was hosted by Horn, with Lee Stewart as co-host until 1955. Stewart was the owner of a TV/Radio business in Philadelphia and even though he was an older gentleman, his advertising account was a large one for WFIL-TV at the time and was put on the program to appease the account.
Dick Clark
On July 9, 1956, Horn was fired after a drunk-driving arrest, as WFIL and dual owner Walter Annenberg's The Philadelphia Inquirer at the time were doing a series on drunken driving. He was also reportedly involved in a prostitution ring and brought up on morals charges. Horn was temporarily replaced by producer Tony Mammarella before the job went to Dick Clark permanently.
In late spring of 1956, the ABC television network asked their O&O's and affiliates for programming suggestions to fill their 3:30 p.m. (ET) time slot (WFIL had been pre-empting the ABC programming with Bandstand). Clark decided to pitch the show to ABC president Thomas W. Moore, and after some badgering the show was picked up nationally, becoming American Bandstand on August 5, 1957.
➦In 1966...Beatles manager Brian Epstein flew into New York to convey John Lennon’s concern over the furor caused by his statements that the Beatles are more popular than Jesus Christ.
In a news conference, Epstein said that Lennon’s statements, which appeared in a U.S.teen-age magazine, were taken out of context. Says Epstein: “What Lennon said and meant was that he was astonished that, in the last 50-years, the Church of England, and therefore Christ, has suffered a decline in interest. He did not mean to boast about the Beatles’ fame. He meant to point out that the Beatles’ effect appeared to be a more immediate one upon certainly the younger generation.” “It was not anticipated that the article would be displayed out of context and in such a manner as it did in the magazine."
Some of the nation’s biggest top-40 stations didn't ban Beatles records. Top-rated WMCA-New York said it has no intention of pulling their current hit “Paperback Writer” or any Beatle cut in the station’s “Good Guy Goldie” library. WCFL Chicago says the Beatles will stay. In Los Angeles, KFWB, KHJ and KRLA continued airing Beatles recordings. Other stations sticking with the Fab-Four: WIXY-Cleveland, KRUX/KRIZ - Phoenix,WMEX-Boston, WDRC/WPOP - Hartford, WQAM-Miami, KYA-San Francisco,WPGC-Washington D.C, WPTR/WTRY - Albany, NY.
➦In 1997..."The Real Don Steele" who made a name for himself on 93KHJ in Los Angeles died of cancer. He was 61.
Born Don Steel Revert in Hollywood, CA, he graduated from Hollywood High School, served in the United States Air Force and then studied at a local radio school, the Don Martin School of Broadcasting, where he also taught for a short time.
Steele began his radio career working outside of L.A. at a small station, KBUC in Corona, CA then moving on to KEPR Kennewick, KIMA Yakima and KXLY Spokane, all in Washington; KOIL Omaha, Nebraska; KISN Portland, Oregon, and KEWB San Francisco before returning to Los Angeles to help kick off what would become one of the most influential radio stations in the country, 93/KHJ, Boss Radio, in April 1965.
Steele became nationally-known as a DJ on radio station KHJ in Los Angeles, where he helped to promote the "ultra-hip" top-40 Boss Radio format which began at 3pm on April 27, 1965. When the popularity of AM radio gave way to FM stereo in the 1970s, Steele continued to remain a popular personality at the station.
Following the years at 93/KHJ, Steele continued to be heard on Los Angeles radio stations, including KIQQ (K-100), KRLA, KCBS-FM and KRTH-FM (K-Earth 101).
➦In 1994...KPWR L-A, new morning stars “The Baka Boys” were making waves with what some call, distasteful billboards – where they are pictured sitting on a toilet, pants down.
Since beginning in February, climbed to the #5 morning show in Los Angeles – at a 4.5 overall share. Previous morning man Jay Thomas left with a 3.8 share. A similar billboard-toilet campaign helped boast the ratings of Dr. Dre and Ed Lover ant New York’s Hot 97 (WQHT).
➦In 1997...WDBZ 105.1 FM NYC changed call letters back to WNSR. Today the station airs an Urban format using the calls WWPR and is owned by iHeartMedia.
➦In 2002...Francis Dayle "Chick" Hearn died (Born - November 27, 1916) . He was a sportscaster, known primarily as the play-by-play announcer for the Los Angeles Lakers of the National Basketball Association.
Hearn was remembered for his rapid fire, staccato broadcasting style, associated with colorful phrases such as slam dunk, air ball, and no harm, no foul that have become common basketball vernacular, and for broadcasting 3,338 consecutive Lakers games starting on November 21, 1965. Additionally, Hearn started the now common tradition of estimating the distance of shots taken.Of note is that most of Hearn's games in the television era were simulcast on both radio and television, even after most teams chose to use different announcers for the different media.
➦In 2008...Last Mike and Mad Dog Show aired on WFAN 660 AM NYC. The show hosted by Mike Francesa and Christopher "Mad Dog" Russo, originally aired in afternoons on WFAN in New York City from September 1989 to August 2008. The show featured Francesa and Russo talking about sports and taking phone calls from listeners.
Before Francesa and Russo were paired, Russo was an overnight/weekend and fill-in host. He caught the attention of Don Imus, who was impressed with his vibrant personality and brought Russo onto the Imus in the Morning show as its sports reporter. Meanwhile, Francesa was a midday and weekend host at WFAN, and was known to be knowledgeable but somewhat dry on-air.
In August 1989, WFAN (which was owned at the time by Emmis Communications) was looking for hosts to replace the controversial Pete Franklin in the afternoon drive time period. Mark Mason, then the program director, floated the idea of teaming Francesa with Russo.
At first, the station management thought the idea was crazy because they were no-names at that time. However, because of Francesa and Russo's popularity on the weekends and on Imus in the Morning individually, the station management decided to pair the two together. The show was dubbed Mike and the Mad Dog and debuted on September 5, 1989. However, the decision to pair them on an afternoon show was a surprise to the two men, and a risk. Things were rocky at first.
Both Francesa and Russo credited Imus for making the pairing possible. Russo said, "Imus was very, very, very, very important to the development of FAN... He solved a lot of problems for the company." Francesa said, "Without Imus, there's no Mike and the Mad Dog, there's no FAN, and I'm telling you, there's no format... Dog and I came through the toughest school there is: the Imus school of radio."
On June 22, 2008, sports columnist Neil Best of Newsday reported that Francesa and Russo were considering ending their radio show. The reports stated that the relationship between the radio duo had soured during Spring 2008, and was the likely cause of the split.
Maureen McCormick is 66
🎂HAPPY BIRTHDAYS:
Actor Loni Anderson is 77.
Actor Erica Slezak (“One Life to Live”) is 76.
Singer Rick Derringer is 75.
Actor Holly Palance (“Under Fire,” “The Omen”) is 72.
Singer Samantha Sang is 71.
Loni Anderson is 77
Guitarist Eddie Ojeda of Twisted Sister is 67.
Actor Maureen McCormick (“The Brady Bunch”) is 66.
Guitarist Pat Smear of Foo Fighters is 63.
Country fiddler Mark O’Connor is 61.
Actor Mark Strong (“The Imitation Game”) is 59.
Director James Gunn (“Guardians of the Galaxy”) is 56.
Actor Jonathan Silverman (“The Single Guy”) is 56.
Country singer Terri Clark is 54.
Actor Stephanie Szostak (“A Million Little Things”) is 51.
Cellist Eicca Toppinen of Apocalyptica is 47.
Drummer Whit Sellers of Old Dominion is 44.
Actor Jesse Williams (“Grey’s Anatomy”) is 42.
Actor Albert Tsai (“Dr. Ken”) is 18.
Actor Devin Trey Campbell (“Single Parents”) is 14.
Paramount Global, which changed its name from ViacomCBS in February, reported a surge in revenue in the second quarter, boosted by the box-office megahit Top Gun: Maverick and continued growth in streaming subscribers. Both revenue and earnings per share were higher than expected, while income and free cash flow tumbled from the year-earlier period as expenses rose faster than revenue. Signs of slowing spending on advertising in a shakier economy were another negative reports Barron's
In today’s market, that’s not what investors are looking for—even from a stock as ultracheap as Paramount’s—and shares have lost a third of their value over the past year. Paramount stock was up slightly on Thursday morning following the earnings release.
Paramount said it brought in $7.8 billion in revenue in the second quarter, up 19% from the same period a year ago, and ahead of Wall Street analysts’ average estimate of $7.6 billion. Earnings per share were 53 cents, down from $1.50 a year ago, while after adjustments, the profit was 64 cents, down 34% year over year and ahead of the 61-cent consensus estimate.
Paramount’s preferred profit measure is adjusted operating income before depreciation and amortization—or Oibda. That came in at $963 million, down by 22% from the year-earlier quarter and better than analysts’ $901 million average forecast. Free cash flow was $81 million, matching Wall Street’s estimate.
Media investors have become increasingly focused on the bottom line this year as rising interest rates rate reduce the current value of earnings that will flow in years from now. Speculative shares are less in favor, and streaming-subscriber growth at any cost is no longer enough to satisfy.
While Paramount’s streaming services continued to grow in the second quarter, although at a slower pace than before, profits remain years away, by management’s own admission. The company ended the second quarter with 64 million streaming subscribers across the globe, up by 1.3 million during the quarter after removing 3.9 million subscribers in Russia. Otherwise, global subscribers would have been up by 5.2 million in the period. Paramount added 6.3 million during the first quarter.
The company’s flagship Paramount+ service added a net 3.7 million subscribers, to end the second quarter with 43.3 million. That is more than double the year-ago total. The service made its debut in several foreign markets during the quarter, including the U.K. and South Korea.
Pluto TV, Paramount’s free, advertising-supported streaming service, had nearly 70 million monthly active users in the second quarter, up by about two million. That compares with growth of more than three million in the first quarter.
The subscriber growth pushed streaming revenue higher, but profits from the segment remain far off. Paramount is in streaming-investment mode, spending billions of dollars a year on new content, advertising, and foreign market launches to fuel subscriber growth.
Paramount management’s long-term target is for the streaming segment to have $9 billion in annual revenue and $6 billion in content cost by the end of 2024. Peak losses from the segment are expected in 2023.
Entravision Communications Corporation today announced financial results for the three- and six-month periods ended June 30, 2022
➤Second Quarter 2022 Highlights
Record second quarter revenue
Net revenue up 24% over the prior-year quarter
Net income attributable to common stockholders up 8% over the prior-year quarter
Consolidated adjusted EBITDA up 26% over the prior-year quarter
Operating cash flow down 54% over the prior-year quarter
Free cash flow up 15% over the prior-year quarter
Quarterly cash dividend of $0.025 per share
Repurchased $4.1 million in shares during the second quarter
Walter Ulloa
“The second quarter marked yet another impressive performance for Entravision, with net revenues totaling $221.7 million, up 24% versus the prior year quarter. On a year to date basis, revenues increased even more significantly and were up 28% as compared to the first half of 2021,” said Walter Ulloa, Chairman and Chief Executive Officer.
“Strength during the quarter was largely driven by the growth of our digital segment, where revenues improved 34% year-over-year. Our audio segment also contributed to the quarterly revenue increase. Of particular note, political ad spend was very strong during the second quarter, positioning us well in political advertising revenue for the remainder of the year, and further highlights the growing importance of the Hispanic voter in both local and national elections.”
Ulloa continued, “Entravision is well positioned for continued growth. Our strong balance sheet and exceptional global team of industry-leading digital media and sales professionals provide us with the key components to succeed. At the same time, our continued focus on expense management will help drive our EBITDA, free cash flow and ability to provide consistent returns to shareholders.”
Podcasts continue to grow their prominence in the audio ecosystem, with annual podcast reach in the U.S growing +13% YoY. And, with more exposure comes more insight - particularly when it comes to learning about how podcast consumers view advertisements, reports Luminate.
Over two-thirds of podcast consumers feel ads are acceptable, but only as long as the content is free. When it comes to advertisement Recall & Favorability though, there are several fascinating scenarios. Podcast listeners say they are most likely to remember advertisements from the middle of an episode / show, but also say they are the least favorable. If you’ve ever listened to a True Crime podcast, for example, your ears might have perked up when it went from describing a grizzly murder to trying to sell you on a high-end shampoo. Unlike ads in the middle of a show, ads that are comedic or musical have higher favorability among listeners, but those listeners also say they're less likely to recall the advertisements.
Still, opportunities from all types of advertisements exist. Over one-third (35%) of podcast consumers intend to buy a service or product that they hear about on a podcast in the near future, which is especially true for Music Podcast Fans who are 32% more likely to do so than the average podcast consumer in the U.S. Additionally, about half would be glad to see an advertisement for a local business on their favorite podcast.
To learn more about what makes podcast consumers tick and how to further connect with your audience, take a look at the sneak preview of our 2022 U.S. Podcast 360 report here.
Infowars host Alex Jones acknowledged in court yesterday that he now realizes the Sandy Hook Elementary School massacre was “100 percent real.” The Texas court is considering penalties Jones must pay to the parents of children killed in the 2012 mass shooting. They have faced death threats and harassment from people who believed Jones’ false claims that the massacre was faked. Jones has declared bankruptcy to avoid paying damages, although documents inadvertently leaked to the parents' lawyers indicates that his company grossed $800,000 worth of sales in one day.
NEW: Lawyers for Alex Jones appeared to have accidentally sent over the entire contents of the Infowars founder’s phone to the lawyers for the plaintiffs in his defamation trial, according to court proceedings. https://t.co/jA9BJYR0FW
➤INDIANA REPRESENTATIVE AND THREE OTHERS KILLED IN CRASH: U.S. Representative Jackie Walorski, an Indiana Republican, died yesterday in a head-on collision in Elkhart County. Two of her staff members and the driver of the other vehicle also were killed in the collision. Elected in 2013, Representative Walorski was the leading Republican on the House Ethics Committee. She was 58.
➤3 TRUMP-BACKED CANDIDATES WIN IN ARIZONA: Arizona Republicans have handed victories to three candidates endorsed by former President Donald Trump in Tuesday’s primaries, according to election projections by CNN. Blake Masters is expected to win the party’s nomination for U.S. senator from Arizona. Mark Finchem is the projected winner of the primary for Arizona secretary of state. And, Abraham Hamadeh was expected to win as the candidate for attorney general. All three have denied the validity of President Joe Biden’s 2020 election victory.Meanwhile, Rusty Bowers, the speaker of the Arizona House, lost his bid for a state senate nomination to David Farnsworth. Bowers testified to the U.S. House January 6th committee about the pressure placed on him by the former president and his allies to overturn the 2020 election results in his state. Farnsworth got the Trump endorsement.
➤KIDNAPPED GIRL ESCAPES PREDATOR: A 12-year-old Alabama girl escaped her captor and led police to the house where she had been held and the decomposed bodies of two other yet-unidentified victims. U.S. marshals and local police quickly arrested a suspect in the case 25 miles away, in Auburn, Alabama. According to Tallapoosa County police, the child chewed through her restraints to escape.
Earth is spinning faster than usual and had its shortest day ever, and if it continues, we may have to institute what's called a "negative leap second." Some engineers say that would wreak havoc on IT systems. https://t.co/9jPcw2lZYZ
🥫STUDY: PROCESSED FOODS CAN LEAD TO COGNITIVE DECLINE: A study presented at the Alzheimer's International Conference described how processed foods can lead to cognitive decline. The study examined the diets of 10,000 middle-aged and older adults. Those receiving 20% or more of their calories from processed foods saw faster mental decline in six to 10 years compared with those who did not eat processed foods. Processed foods are linked to inflammation, which can impact brain neurotransmitters.
🏈NFL WANTS HARSHER PENALTY FOR WATSON: The NFL is demanding a harsher penalty for Cleveland Browns quarterback Deshaun Watson than the six-game suspension handed down by a disciplinary officer. The league filed an appeal yesterday afternoon. Watson was accused of sexual assault and other misconduct in civil lawsuits filed by 25 women. The alleged incidents occurred in 2020 and 2021 when he was with the Houston Texans.
Trevor Bauer got a 324 game MLB suspension — two years — for non-criminal sexual assault allegations. Deshaun Watson, so far, got six NFL games for 30 women’s non-criminal allegations. Bauer’s suspension will cost him over $60 million, Watson’s suspension will cost him $300k.
🏀UCONN HOOPS STAR BUECKERS OUT FOR THE SEASON: Paige Bueckers, star player of the University of Connecticut Huskies, will miss the entire 2022-2023 basketball season due to an injury received in a pickup game. She suffered a torn ACL (anterior cruciate ligament) in her left knee. Last year, Bueckers became the first freshman to win consensus national player of the year honors.
🏈‘HOLLYWOOD’ BROWN ARRESTED FOR SPEEDING: Arizona Cardinals wide receiver Marquise Brown, known as “Hollywood” Brown, was arrested yesterday morning on speeding charges, according to a report in ArizonaSports.com. He has been sidelined from practice this week by a hamstring injury.
🏈ANTHONY BARR STICKS WITH THE COWBOYS: Veteran linebacker Anthony Barr is staying with the Dallas Cowboys. He reached a one-year agreement with the team, worth $2 million to $3 million.
🏈JUST CALM DOWN, KID: New Orleans Saint rookie player Trevor Penning was kicked out of training camp practice yesterday after getting into a fight with a teammate. It was his third post-whistle scuffle in three days. “We don’t have time for that,” said head coach Dennis Allen. The Saints drafted Penning out of Northern Iowa as the number 19 pick in the 2022 NFL draft.
⚾REMEMBERING VIN SCULLY: The Los Angeles Dodgers plan to honor long-time broadcaster Vin Scully on Friday night, when they get back to town. Scully, who called games for the Dodgers in Brooklyn and Los Angeles for a total of 67 years, died Tuesday at age 94. Team members will wear a commemorative black patch decorated with a microphone and the name “Vin."
GIMME SHELTER: Footage from inside a car shows passengers ducking for cover as chunks of hail smashed the vehicle’s windows in Alberta, Canada.
🌞EXTREME HEAT IS DEADLIEST THREAT: Extreme heat caused more fatalities in the U.S. in 2021 than any other weather event, including floods, hurricanes, tornadoes, and rip currents, according to the National Weather Service. Heat killed 190 people in 2021, while the second most-fatal weather event, floods, killed 146.
Welcome to the golden era of pay-for-play podcasting, when guests pay handsomely to be interviewed for an entire episode. In exchange, the host gets some revenue, fills out the programming calendar, and might bag a future advertiser, reports Bloomberg.
Determining exactly how widespread the practice is can be tricky. Disclosures, if included at all, might last only a few fleeting seconds in an hourlong interview, and various hosts use different language to describe the nature of such relationships. What percentage of shows accepts payment in exchange for airtime is also difficult to say. According to nearly a dozen interviews with industry sources, it appears the practice is particularly popular among podcasts in the wellness, cryptocurrency, and business arenas, according to Bloomberg.
In an age when social media influencers routinely get paid for mentioning a brand in an Instagram post or YouTube video, this marriage of convenience shouldn’t come as a complete shock. Still, not everyone thinks it’s a good idea. “As someone who’s making money for that type of advertorial content, it should be disclosed,” says Craig Delsack, a New York-based media lawyer. “It’s just good practice and builds trust with the podcaster. It can’t be the Wild West.”
US regulators also agree that consumers might be misled when they don’t know a media mention only occurred in exchange for compensation. A Federal Trade Commission spokesperson says the agency cannot comment on specific situations for this story. “But this is our general guidance: Regardless of the medium in which an advertising or promotional message is disseminated, deception occurs when consumers acting reasonably under the circumstances are misled about its nature or source, and such misleading impression is likely to affect their decisions or conduct regarding the advertised product or the advertising,” says the FTC spokesperson.
Even so, the phenomenon appears to be thriving in podcasting. Online platform Guestio has raised more than $1 million to build a marketplace devoted entirely to brokering paid guest appearances. Travis Chappell, Guestio’s founder and chief executive officer, points out that people often pay public-relations firms to pitch them to podcasts as potential guests. He believes their money is better spent going directly to the podcaster.
Dave Asprey, host of The Human Upgrade, charges guests an average of $50,000 to appear on his biohacking podcast
Since 2020, according to Chappell, Guestio has paid out more than $300,000 to podcasters and guests. In just the past six months, four podcasters on the platform have made more than $20,000 from appearance fees, including one who took in $50,000. Although Chappell hasn’t set a standard price, he suggests podcasters charge $100 to $150 per thousand listeners of their program.
The top-earning show is Entrepreneurs on Fire, a daily program that highlights various businesses. John Lee Dumas, its host and creator, says he mostly receives guest inquiries through his website and currently charges $3,500 for an appearance. Payment serves as a kind of filtering tool.
He includes disclosures regarding sponsor payments at the end of each episode, saying: “Today’s value bomb content was brought to you by …” He doesn’t always charge a fee. For some guests, such as business coach Tony Robbins, Dumas instead takes a commission off any product sold through his affiliate link. In June, according to Dumas’s public monthly income report, he raked in $146,418 in sponsorship revenue; he estimates 20% to 30% came from guest fees.
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