Wall Street didn’t exactly fire up the welcome wagon for the first radio company to go public in more than a decade. Townsquare Media shares began trading yesterday at $11, after the company earlier pegged its debut price at $14 to $16 per share. But the stock actually fell 7% by yesterday’s close.
Lower billings at its Philadelphia, Wilmington and Greenville-New Bern-Jacksonville clusters caused Beasley Broadcast Group revenues to slide 3.6% in the second quarter, compared to the same period one year earlier. Business was slower across the company in general and revenue declined in seven of its 11 markets. The bright spot for Beasley was a 24% gain in digital revenue. MORE
Nearly three months after dropping the syndicated “Bert Show,” Cumulus Media has finalized a new live and local morning show for CHR WRQX, Washington (107.3). Launching July 30, “The Sarah, Ty, and Mel Show” pulls together three hosts with DC radio experience, including two who worked in mornings at the station’s chief rival. DETAILS
Cable network NESN will end its simulcast of the first three hours of Entercom-Boston sports talker WEEI’s “Dennis and Callahan” morning drive show this fall. VP/market manager Phil Zachary says the regional cable sports network’s decision is based on a desire to capture a larger share of morning TV ad dollars and was under discussion long before the recent controversy surrounding disparaging remarks made by morning show member Kirk Minihane about Fox Sports reporter Erin Andrews. MORE
Not many broadcasters are featured as part of a museum exhibit, but that’s the honor the Newseum in Washington, DC will give Radio One founder and chair Cathy Hughes. She’ll be part of the exhibit, “One Nation With News for All,” showcasing how minorities and immigrants have used the media to fight for their rights. Hughes bought WOL, Washington (1450) in 1980 and changed the programming to a Black-targeted talk format. Today Radio One reaches 82% of African Americans in the U.S.
With historic ratings highs in PPM markets, it’s an understatement to say country radio is white-hot. Programmers invariably point to the quality of hits emanating from Nashville as the primary reason for the extended ratings momentum. New research shows no signs of country music’s mass appeal waning any time soon. MORE
One week after Kirk Minihane made headlines from Boston to Australia for calling a Fox sideline reporter a “gutless bitch,” the Entercom sports WEEI-FM (93.7) host continues to feed the grist mill at Erin Andrews’ expense. Even its cross-town rival is getting into the act. MORE
The number of active Pandora listeners fell 1.5% to 76.4 million between May and June while listening hours also fell 7%. Those user metrics, combined with a bigger than expected loss, were enough to spook investors. Pandora’s stock fell 12% in after-hours trading yesterday. MORE
Just as in life, turnabout is fair play in the courtroom. So it’s probably not surprising that a patent licensing firm is asking a federal court to throw out a request by the radio industry to have their lawsuit tossed. MORE
It has been seven years since Inside Radio reported Able Radio had won a construction permit for a new FM licensed to Aguila, AZ during FM Auction 70. At 107.3, the Class C2 would be a rimshotter into the Phoenix market. It’s now may be a step closer to being built. MORE
The FCC has once again rejected an effort by a group of Illinois anti-indecency activists that are pushing for Emmis Communications’ radio licenses to be yanked. The Media Bureau is pretty familiar with the allegation raised by David Smith and the Illinois Family Institute and Illinois Chapter of the Concerned Women for America. MORE
Veteran Spanish radio personality Luis Jimenez is still contemplating his next move after his exit this month from Univision Radio, where he hosted mornings for stations in New York and Chicago. In the meantime, Jimenez and his radio crew will keep their comedic skills sharp by doing standup at New York’s famed Caroline’s comedy club. An announcement says it’s to celebrate the 20th anniversary of his radio show. While his next move may not be clear, a rep says “he will be heard again pretty soon.”