Broadcast Music, Inc.

Beasley Broadcast Group Reports First Quarter Revenue of $54.4 Million

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星期三, 五月 8, 2024

Sale, Net income, Broadcast Music, Inc., Software, Webcast, Total revenue, Digital, Adjustment, Advertising, Growth, Music

Beasley reported an operating loss of $1.1 million in the first quarter of 2024 compared to operating income of $0.4 million in the first quarter of 2023, largely reflecting the year-over-year decrease in net revenue.

Key Points:

Beasley reported an operating loss of $1.1 million in the first quarter of 2024 compared to operating income of $0.4 million in the first quarter of 2023, largely reflecting the year-over-year decrease in net revenue.
The year-over-year improvement was primarily due to the $6.0 million gain on sale of an investment in Broadcast Music, Inc. holdings and lower interest expense.
Adjusted EBITDA (a non-GAAP financial measure) was $0.7 million in the first quarter of 2024 compared to $2.6 million in the first quarter of 2023.
Commenting on the financial results, Caroline Beasley, Chief Executive Officer, said, “Beasley continues to advance our core initiatives, which are focused on driving revenue and cash flow, including our digital transformation, revenue diversification and expense management initiatives.

TEGNA Inc. Reports First Quarter 2024 Results and Provides Second Quarter Guidance

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星期三, 五月 8, 2024

TEGNA Inc. (NYSE: TGNA) today announced financial results for the first quarter ended March 31, 2024.

Key Points:

TEGNA Inc. (NYSE: TGNA) today announced financial results for the first quarter ended March 31, 2024.
Advertising and Marketing Services (“AMS”) revenue was $299 million in the first quarter, down three percent year-over-year.
In the quarter, we deployed a new, regional go-to-market strategy for digital advertising sales that reduces costs while better positioning TEGNA to capture and fulfill digital campaigns.
TEGNA is reaffirming its guidance metrics for the full year of 2024, except for amortization, which is updated to include Octillion Media.

Nexstar Media Group Reports Record First Quarter Net Revenue of $1.28 Billion

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星期四, 五月 9, 2024

Net Income margin is Net Income as a percentage of Net Revenue.

Key Points:

Net Income margin is Net Income as a percentage of Net Revenue.
Adjusted EBITDA margin is Adjusted EBITDA as a percentage of Net Revenue.
Record first quarter net revenue of $1.28 billion, increased by $27 million, or 2.1%, reflecting growth in distribution revenue, partially offset by a slight decline in advertising and other revenue.
Approximately 59% of Nexstar’s first quarter revenue was derived from distribution revenue.

Cumulus Media Reports Operating Results for 2023

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星期二, 二月 27, 2024

Senior, FCC, Sale, Radio, Adjustment, Advertising, Cumulus Media, Broadcast Music, Inc., CMLS, Music

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

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星期四, 二月 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

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星期四, 二月 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

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星期五, 二月 16, 2024

Broadcast Music, Inc., Sale

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

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星期二, 一月 30, 2024

Investment, Sale, Hand, Broadcast Music, Inc., BMI, Calendar, Security (finance)

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.

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星期一, 十一月 27, 2023

Online, Media, Entertainment, Mobile Entertainment, Podcast, Technology, TV and Radio, Music, Audio, Video, Advertising, Communications, Licensing (Entertainment), Acquisition, BMI, IHeartMedia, Broadcast Music, Inc., Security (finance)

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

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星期三, 十月 4, 2023

Music, Faking Love, Wild Angels, Calendar, Songwriter, Nashville Songwriters Hall of Fame, XXX, Crown Royal, Strawberry Wine, Broadcast Music, Inc., XXX's and OOO's (An American Girl), BMI, Country song, OOO, Country

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.