Broadcast Music, Inc.

Cumulus Media Reports Operating Results for 2023

Retrieved on: 
Tuesday, February 27, 2024

ATLANTA, Feb. 27, 2024 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” "Cumulus Media," “we,” “us,” or “our”) today announced operating results for the three months and year ended December 31, 2023.

Key Points: 
  • ATLANTA, Feb. 27, 2024 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” "Cumulus Media," “we,” “us,” or “our”) today announced operating results for the three months and year ended December 31, 2023.
  • Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, "While 2023 was a tough year across the media landscape, we were able to offset some of the effects of the weak national advertising climate through strong execution in our key focus areas.
  • Operating Summary (dollars in thousands, except percentages and per share data):
    For the three months ended December 31, 2023, the Company reported net revenue of $221.3 million, a decrease of 11.9% from the three months ended December 31, 2022, net loss of $98.1 million and Adjusted EBITDA of $22.8 million.
  • For the year ended December 31, 2023, the Company reported net revenue of $844.5 million, a decrease of 11.4% from the year ended December 31, 2022, net loss of $117.9 million and Adjusted EBITDA of $90.7 million.

TEGNA Inc. Reports Fourth Quarter and Full-Year 2023 Results and Provides Business Update

Retrieved on: 
Thursday, February 29, 2024

TEGNA Inc. (NYSE: TGNA) today announced financial results for the fourth quarter and full-year ended December 31, 2023.

Key Points: 
  • TEGNA Inc. (NYSE: TGNA) today announced financial results for the fourth quarter and full-year ended December 31, 2023.
  • Since our third quarter earnings release on November 7, 2023, TEGNA has renewed multiple comprehensive retransmission consent agreements representing approximately 30 percent of our traditional subscribers.
  • 1 In analyzing fourth quarter 2023 results, investors should be reminded that TEGNA’s odd-to-even year results are negatively impacted by the absence of even-year political revenues.
  • Fourth quarter Adjusted EBITDA was down 28 percent compared to the fourth quarter of 2021 reflecting lower high-margin AMS and political revenue and higher programming expenses.

THE LEGENDARY DORINDA CLARK-COLE OF THE CLARK SISTERS TO BE HONORED AS A TRAILBLAZER OF GOSPEL AT THE 2024 BMI TRAILBLAZERS OF GOSPEL MUSIC AWARDS

Retrieved on: 
Thursday, February 22, 2024

ATLANTA, Feb. 22, 2024 /PRNewswire/ -- BMI (Broadcast Music, Inc.) will pay tribute to the songwriters and publishers behind the best in Gospel at the 2024 BMI Trailblazers of Gospel Music Awards, held at Flourish Atlanta on Thursday, March 28th. Gospel legend and world-renowned evangelist Dorinda Clark-Cole will receive the evening's highest honor as a Trailblazer of Gospel in recognition of her illustrious career spanning over 50 years and incomparable influence on the genre and beyond. Jonathan McReynolds will receive the BMI Champion Award for his exceptional artistry and impact on Gospel music, marking the first time this accolade has been presented at this ceremony. The private event will be hosted by BMI President & CEO Mike O'Neill and BMI Vice President, Creative, Atlanta, Catherine Brewton.

Key Points: 
  • The private event will be hosted by BMI President & CEO Mike O'Neill and BMI Vice President, Creative, Atlanta, Catherine Brewton.
  • "We're thrilled to be recognizing our BMI family of songwriters and publishers for their contributions to Gospel music and the Gospel community," said Brewton.
  • The Clark Sisters are among the legends of Gospel, and Dorinda's distinctive jazzy sound lends a unique brilliance to the group.
  • Dorinda Clark-Cole, known as the "Rose of Gospel Music," is a multiple award-winning singer/songwriter, a talk show host, and world-renowned evangelist.

Gray Announces Closing and Upsizing of Revolving Credit Facility Refinancing and Announces Update on Term Loan and BMI Sale Proceeds

Retrieved on: 
Friday, February 16, 2024

In addition, Gray announced today that, on February 8, 2024, Gray received approximately $110 million in pre-tax cash proceeds from the closing of the previously announced sale of Broadcast Music, Inc. (“BMI”) to a shareholder group led by New Mountain Capital, LLC.

Key Points: 
  • In addition, Gray announced today that, on February 8, 2024, Gray received approximately $110 million in pre-tax cash proceeds from the closing of the previously announced sale of Broadcast Music, Inc. (“BMI”) to a shareholder group led by New Mountain Capital, LLC.
  • On January 30, 2024, Gray launched a process, subject to market and other conditions, to refinance a portion of its existing senior credit facilities.
  • Despite such developments, Gray’s banking group continued to support the company in amending and extending its $500 million revolving credit facility.
  • In fact, due to strong demand, Gray upsized its revolving credit facilities to $625 million, which includes a new $552.5 million revolving credit facility maturing on December 31, 2027 and $72.5 million facility maturing on December 1, 2026.

Gray Announces Proposed Refinancing of Senior Credit Facilities, Updates Guidance for Fourth Quarter 2023, and Announces Anticipated Proceeds from Sale of BMI

Retrieved on: 
Tuesday, January 30, 2024

We have not yet completed our normal financial closing and review process; therefore, these estimates are subject to change upon finalization.

Key Points: 
  • We have not yet completed our normal financial closing and review process; therefore, these estimates are subject to change upon finalization.
  • As a result, our actual results may be different and such differences could be material.
  • Gray’s equity ownership in BMI began decades ago and has increased through various acquisitions of other broadcast stations and companies over the years.
  • We intend to use the proceeds for general corporate purposes, which may include the repayment of debt.

iHeartMedia, Inc. Announces $100 Million In Proceeds Expected from New Mountain Capital’s Acquisition of Broadcast Music, Inc.

Retrieved on: 
Monday, November 27, 2023

iHeartMedia, Inc. (“iHeart”) announced today that in connection with the previously announced acquisition of Broadcast Music, Inc. (“BMI”) to a shareholder group led by New Mountain Capital, LLC, it expects to receive approximately $100M of proceeds related to its equity interest in BMI, subject to approval of the transaction by BMI shareholders and customary regulatory approvals.

Key Points: 
  • iHeartMedia, Inc. (“iHeart”) announced today that in connection with the previously announced acquisition of Broadcast Music, Inc. (“BMI”) to a shareholder group led by New Mountain Capital, LLC, it expects to receive approximately $100M of proceeds related to its equity interest in BMI, subject to approval of the transaction by BMI shareholders and customary regulatory approvals.
  • The Company plans to use the proceeds for general corporate purposes, which may include the repayment of debt.
  • The transaction is expected to close by the end of Q1 2024.

MATRACA BERG TO BE HONORED WITH BMI ICON AWARD AT THE 71st ANNUAL BMI COUNTRY AWARDS ON NOV. 7TH

Retrieved on: 
Wednesday, October 4, 2023

NASHVILLE, Tenn., Oct. 4, 2023 /PRNewswire/ -- BMI (Broadcast Music, Inc.) will recognize the unparalleled career of groundbreaking songwriter Matraca Berg by presenting her with the BMI Icon Award during the 71st annual BMI Country Awards to be held at BMI's Nashville office on Nov. 7th. BMI's President and CEO, Mike O' Neill will host the event with Nashville's VP of Creative, Clay Bradley.

Key Points: 
  • BMI's President and CEO, Mike O' Neill will host the event with Nashville's VP of Creative, Clay Bradley.
  • BMI will also reveal the Country Songwriter of the Year, Country Song of the Year and Country Publisher of the Year, while celebrating the top songwriters and music publishers behind this past year's 50 most-performed songs in Country music during their annual invitation-only event.
  • The BMI Icon Award is given to exceptional songwriters in recognition of their unique and indelible influence on music makers over many generations.
  • A special thank you to BMI's longtime partners Crown Royal and George Dickel as well as its new partner WP Global Private Equity Partners for supporting the 71st annual BMI Country Awards.

GARY KEMP TO BE HONOURED AS A BMI ICON AT THE 2023 BMI LONDON AWARDS

Retrieved on: 
Thursday, August 31, 2023

LONDON, Aug. 31, 2023 /PRNewswire/ -- BMI® (Broadcast Music, Inc.®)  today announced that Gary Kemp of Spandau Ballet will be named a BMI Icon at the 2023 BMI London Awards held 2nd October at The Savoy Hotel. The renowned singer/songwriter and accomplished actor will be honoured for his illustrious career and enduring musical contributions which have inspired legions of fans and music creators around the world. In addition, globally acclaimed producer Richard "P2J" Isong will receive the BMI Impact Award, a recognition given for ground-breaking artistry, creative vision and impact on the future of music. This marks the first time a producer has received this honour. The private event will be hosted by BMI President & CEO Mike O'Neill.

Key Points: 
  • "We're in for an exciting night celebrating our BMI family of UK and European songwriters, composers and music publishers," said O'Neill.
  • "We're thrilled to pay tribute to the legendary Gary Kemp in recognition of his incredible creative accomplishments.
  • We look forward to celebrating all the 2023 BMI London Award winners with a fantastic evening of music.
  • He's received multiple accolades, including GRAMMY, Soul Train and BMI awards, and his music has amassed over a billion streams.

LIL WAYNE TO BE NAMED A BMI ICON AT THE 2023 BMI R&B/HIP-HOP AWARDS

Retrieved on: 
Tuesday, June 27, 2023

NEW YORK, June 27, 2023 /PRNewswire/ -- BMI (Broadcast Music, Inc.) will present the 5x GRAMMY® award-winning superstar rapper, executive and philanthropist Lil Wayne with the BMI Icon Award at the 2023 R&B/Hip-Hop Awards on September 6. BMI's highest honor will recognize Wayne's illustrious career spanning over 20 years and his incomparable influence on the genre and beyond. The evening will also celebrate the 50th Anniversary of Hip-Hop, paying tribute to its legacy and continued influence on music creators and fans across multiple generations. Hosted by BMI President & CEO Mike O'Neill and BMI Vice President, Creative, Atlanta, Catherine Brewton, the private event will be held at LIV Nightclub in Miami Beach.

Key Points: 
  • "As a legend and superstar of Hip-Hop, Lil Wayne is synonymous with the genre.
  • Throughout his years with BMI, Wayne has received 52 BMI Awards as well as being named R&B/Hip Hop Songwriter of the Year in 2008, 2009, 2011 and 2013.
  • He also received College Song of the Year at the BMI London Awards in 2009 for his track "Down."
  • As the 2023 honoree, Lil Wayne joins an elite group of music creators who have received BMI's highest honor.

CHRISTOPHER LENNERTZ TO BE NAMED A BMI ICON AT THE 39TH ANNUAL BMI FILM, TV AND VISUAL MEDIA AWARDS

Retrieved on: 
Thursday, April 13, 2023

LOS ANGELES, April 13, 2023 /PRNewswire/ -- BMI (Broadcast Music, Inc.) is proud to name composer Christopher Lennertz a BMI Icon at the 39th Annual BMI Film, TV and Visual Media Awards on May 10th in Beverly Hills, CA. The GRAMMY award-winning and two-time Emmy nominated composer will be receiving BMI's highest honor for his significant contributions to the music community and exceptional body of work across film, television and gaming. In addition, the ceremony will celebrate the composers of the previous year's top-grossing films, top-rated primetime network television series and highest-ranking cable and streamed media programs. The evening will be hosted by BMI President and CEO Mike O'Neill and BMI Vice President, Creative, Film, TV & Visual Media, Tracy McKnight.

Key Points: 
  • The Ceremony Will Also Salute the Previous Year's Top Composers for Film, TV and Visual Media on May 10th in Beverly Hills
    LOS ANGELES, April 13, 2023 /PRNewswire/ -- BMI (Broadcast Music, Inc.) is proud to name composer Christopher Lennertz a BMI Icon at the 39th Annual BMI Film, TV and Visual Media Awards on May 10th in Beverly Hills, CA.
  • The evening will be hosted by BMI President and CEO Mike O'Neill and BMI Vice President, Creative, Film, TV & Visual Media, Tracy McKnight.
  • "We're thrilled to celebrate Christopher Lennertz and his tremendous musical accomplishments by presenting him the BMI Icon Award," said McKnight.
  • McKnight added, "We look forward to saluting all of our award-winning composers and celebrating the best of music in film, TV and visual media."