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iHeartMedia Q2 Net Revenue Down 47% to $488 Million


iHeartMedia
iHeartMedia

iHeartMedia reported second quarter net revenue fell 47% to $488 million from $635.6 million in 2019, mainly due to the impact of the COVID-19 pandemic. Broadcast revenue declined by 56.5%, while Networks was more resilient declining 38.4%. Digital revenue grew 2.4%, led by continued growth in podcasting, which increased by 102.7% YoY. Operating loss was $159.1 million down from an operating income of $181.6 million. Adjusted EBITDA decreased to a minus $29.3 million from $262.9 million. The company posted a net loss of $197.3 million as compared to a net income of $38.7 million in the year-ago period.

"The challenges that we have faced due to COVID-19 were unprecedented and had a severe, negative impact on our revenue in the second quarter," said Chairman/CEO Bob Pittman. "Despite those financial challenges, we retained our strong relationship with the consumer as the #1 audio company in America and the #1 media company in America by reach. As the advertising marketplace is recovering, we are working hard to ensure that we have the products and services to fully capitalize on the opportunity while proactively taking steps to fortify our balance sheet and our liquidity. Finally, I want to thank our employees for their commitment and creativity under such difficult and challenging circumstances."

"In response to COVID-driven market weakness, we acted rapidly and decisively to further streamline our cost structure and capital-spending programs, while continuing to implement pre-COVID cost savings programs through our modernization initiatives," added President/COO and CFO Rich Bressler. "These actions played an important role in minimizing the negative impact on our free cash flow results against the backdrop of the significant revenue declines we saw in the second quarter. We believe that these actions, in combination with our proactive capital structure management provides the Company with sufficient liquidity to operate effectively even in an extended period of economic weakness."

As of June 30, 2020, iHeartMedia had $517.7 million of cash on its balance sheet. For the six months ended June 30, 2020, cash provided by operating activities from continuing operations was $102.9 million, cash used for investing activities by continuing operations was $50.7 million and cash provided by financing activities by continuing operations was $65.5 million.

On March 13, 2020, iHeartCommunications borrowed $350 million amount under its $450 million senior secured asset-based revolving credit facility (ABL) to preserve financial flexibility in light of the current uncertainty in the global economy resulting from the COVID-19 pandemic. During the three months ended June 30, 2020, iHM repaid $115 million drawn under its ABL credit facility.

On July 16, 2020, iHeartCommunications entered into an amendment to its credit agreement governing the $2.5 billion of senior secured term loans to issue $450 million of incremental term loan commitments, resulting in net proceeds of $425.8 million. A portion of the proceeds was used to repay the remaining balance outstanding on its ABL credit facility of $235 million, with the remaining $190.6 million of the proceeds available for general corporate purposes.

Schuster SVPP for iHM/Rochester, Syracuse & Binghamton


Tias Schuster
Tias Schuster

iHeartMedia appoints Tias Schuster as Senior VP/Programming for Rochester, Syracuse and Binghamton, effective immediately. He most recently served as the Senior VP/Programming for the company's cluster in Norfolk. Throughout his career, he also served as Program Director for co-owned WDVI-FM (Mix 100.5) and WKGS-FM (Kiss 106.7) in Rochester from 2015-16 and an Operations Manager and Program Director for Entercom in Greenville, SC.

"We are thrilled to welcome Tias back to Upstate, N.Y.," iHeartMedia West New York President Robert Morgan.. "He is an experienced leader that brings high energy and innovative thinking to our powerful brands."

"It is great to be back with my iHeartRadio family in Upstate New York," added Schuster. "I'm honored to work alongside the legendary personalities and management in these markets. I want to give a special thanks to iHeartMedia for the opportunity."

Cumulus Media Inks New Agreement with Suzanne Grimes


Suzanne Grimes
Suzanne Grimes

In an 8-k filing with the SEC, Cumulus Media said it entered into a new employment agreement with Executive Vice President of Corporate Marketing and Westwood One President Suzanne Grimes. The new deal, effective August 1, has an initial term through December 31, 2022 and contains a provision for automatic extensions for one-year periods. Her previously agreement expired on July 31.

The compensation structure is substantially similar to her previous employment agreement. It provides an annual base salary of $650,000. Grimes will also be eligible for an annual cash bonus based upon the achievement of performance criteria or goals set forth in an annual incentive plan proposed by the company's CEO and approved by the Compensation Committee. Grimes's target award opportunity is set at 80% of her base salary. Grimes will be governed by the bonus provisions in her employment agreement that was in effect immediately prior to January 1, 2016.

During her employment and for 12 months following her termination or exit, Grimes is subject to compliance with confidentiality and non-solicitation covenants in the Agreement. In addition, during her employment and for six months following her termination or exit, Grimes is subject to a non-compete covenant in the agreement.

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Emily Ward Named GSM for Entercom Chattanooga


Emily Ward
Emily Ward

Entercom has promoted Emily Ward to General Sales Manager for Entercom Chattanooga, effective immediately. In this role, Ward will oversee sales efforts for 103.7 Kiss FM (WKXJ-FM), 98.1 The Lake (WLND-FM), Rock 105 (WRXR-FM), U.S. 101 (WUSY-FM) and Real 961 (WUSY-HD2).

"Emily has done a tremendous job leading the sales function for our portfolio of stations and their digital assets and she is very deserving of this expanded role," said Nichole Hartman, Senior Vice President and Market Manager, Entercom Chattanooga. "I anticipate even more success for her as she grows as General Sales Manager and am excited to watch her talents help take our stations to new heights."

"I'm grateful for the opportunity to expand my sales career with our collection of top-rated radio stations," said Ward. "Serving as Local Sales Manager and Digital Sales Manager has allowed me to build important working relationships with clients and I look forward to continuing to find innovative sales solutions for our brands."

Ward joined Entercom in April 2018 as an Account Executive for Entercom Chattanooga. She was elevated to the market's Local Sales Manager in July 2019 and assumed the additional role of Digital Sales Manager in September 2019. Prior to joining the company, she served as an account executive for Cox Media Group in Jacksonville, FL. Ward was named to Radio Ink's "Radio's 30 Under 30" list in 2019 and was a finalist for the publication's 2018 Radio Wayne Award for Integrated/Digital Seller of the Year. She will report to Hartman.

FCC Report & Order Eliminates Radio Duplication Rule


Federal Communications Commission
Federal Communications Commission

The FCC has adopted a Report and Order eliminating the radio duplication rule for both the AM and FM services. The rule restricted the duplication of programming on commonly-owned broadcast radio stations operating in the same service and geographic area. The rule, initially adopted in 1964, has been updated several times over the years to reflect marketplace changes, most recently in 1992.

In the Order on Thursday, the Commission found that eliminating the radio duplication rule will help struggling stations stay on the air, affording broadcast radio licensees greater flexibility to address issues of local concern in a timely fashion, particularly in times of crisis. It should also assist with format changes, facilitate a potential voluntary digital transition in the AM service and ultimately allow stations to improve service to their communities.

The Commission also concludes that broadcasters have no incentive to limit their appeal and thus their revenues by simulcasting the same programming on multiple stations for long periods of time so the benefits of providing additional flexibility outweigh any costs.

Chairman Pai, Commissioners O'Rielly and Carr approving, while Commissioners Rosenworcel and Starks concurring in part and dissenting in part.

Starks said, "I have concerns that today's decision will undoubtedly make it easier and more cost-effective for large station groups to hoard local stations without any obligation to provide significant programming that meets local community needs. Moreover, I fear it will reward ownership consolidation and thus will likely exacerbate an already huge disparity in the number of media outlets owned and controlled by people of color and women, which often translates to a lack of locally relevant and diverse programming that addresses local needs and interests."

In statement, NAB Senior Vice President of Communications Ann Marie Cumming wrote, "We applaud the Commission for continuing to modernize its media rules. Given that there is no longer any rationale for imposing a ban on duplicating one's radio signal, we appreciate the FCC's decision to rescind the rule. We appreciate in particular the efforts of Commissioners O'Rielly and Carr, who understood that the rule outlived its usefulness and that regulations in and of themselves come with a cost."

Salem Media Q2 Total Revenue Down 18.3% to $52.9M


Salem Media Group
Salem Media Group

Salem Media Group reported second quarter total revenue decreased 18.3% to $52.9 million from $64.7 million in 2019. Total operating expenses declined 9% to $53.8 million from $59.1 million, while adjusted EBITDA was down 72.4% to $2.8 million from $10.2 million. Operating loss fell to $0.9 million from an operating income $5.6 million. The company posted a net loss of $2.5 million (9 cents per share) as compared to a net loss of $3.6 million (14 cents) in the year-ago period.

Net broadcast revenue decreased 19.6% to $39.5 million from $49.1 million, while same station net broadcast revenue declined 17.4% to $38.7 million from $46.9 million. Station Operating Income (SOI) was down 43.9% to $6.4 million from $11.4 million and same station SOI fell 43.9% to $6.5 million from $11.6 million.

Digital media revenue decreased 5.2% to $9.4 million from $10.0 million and Digital Media operating income fell 22.6% to $1.8 million from $2.3 million.

Chris Cruise Joins ''Throwback Nation Radio'' Franchise


Chris Cruise
Chris Cruise

Chris Cruise joins forces with the syndicated Classic Hits "Throwback Nation Radio" franchise, effective immediately. He'll handle fill-in work and future brand extension projects. Cruise's previous experience includes hosting mornings at WDZH-FM (98.7 AMP Radio) in Detroit, KSAS-FM (103.5 Kiss FM) in Boise ID, nights at KMPS-FM in Seattle, and several other on-air and digital brands. Cruise will begin filling in across the network in late August.

"Chris is one of the most creative, energetic, and engaging content creators in broadcasting today," said Throwback Nation Radio CEO and Founder Tony Lorino. "As we got to know each other over the last several months, Chris showed how much of a Rockstar he is. Our show extends beyond just what airs on our affiliates, and Chris gets that. He is going to help us find even more opportunities for our partners to grow their ratings, connect with their fans, and help make their brands the best they can be."

"When Tony reached out to me about joining the Throwback team, I'll fully admit, I was rude," added Cruise. "I cut him off mid-sentence and yelled 'Yes, I'm In.' This is an absolute dream come true for a retro junkie like me and I cannot wait to be a part of the Throwback Nation Family. This is heavy."

Bud and Broadway Syndicate Morning Show


Bud and Broadway
Bud and Broadway

Houston-based broadcast syndicators SuiteRadio, have signed an agreement to exclusively represent Bud Ford and Jerry Broadway for morning show syndication to radio stations everywhere.

"Now, managers can have the morning show they really want at a cost they can actually afford," said Pat Fant. "Our SuiteRadio Country Ambassador & First-Class Talent Wrangler Rowdy Yates was instrumental in helping bring this deal together."

The Bud and Broadway Show, winner of both CMA and ACM trophies, hits the air September 7 and is represented on a market exclusive basis by Colbert Media Group. For information contact June Colbert at june@colbertmediagroup.com

"I have known Bud and Jerry for years. These two will fit the RFC Media/SuiteRa­ dio culture perfectly and be another great addition to The Brand, our 24/7 Country format," said Rowdy Yates of RFC Media. "Bud and Broadway are without a doubt the funniest morning show in all of country radio - no Bones about it."

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Phantom Producer Launches in Classic Country Format


USRN
USRN

United Stations announces the launch of Phantom Producer's latest imaging service serving the Classic Country format. It now offers station imaging for stations playing Country music from the 70's, 80's and 90's. The newly-added service for Classic Country stations is already on the air via subscribing affiliates in nearly a dozen markets already. The expansion spreads the Phantom Producer service into its 13th radio format all of which utilize the company's online user interface and cloud-based technology.

Phantom Producer gives users the ability to work on their production from any location -- connecting local audio to a library of topical & music based imaging, as well as a full music library -- and integrating with the station's automation system. Services are also available for Hot and Mainstream Country, as well for AC, Hot AC, CHR, Urban, Urban AC, Classic Rock, Classic Hits, Rock, Alternative and Mornings.

Multi-format and multi-station Program Directors can switch between accounts without needing to establish new connections, while air personalities that use the service on the air can rapid-fire their produced pieces into their automation systems, even while a song is playing, from any device including smartphones.

Learn more at www.phantomproducer.com

7 Weeks to Fix 7 Deadly Sins of Radio Personalities


Tracy Johnson
Tracy Johnson

Radio personalities are in an awkward position. Many get little feedback or coaching. Most have been on their own for several months as broadcasters adjust schedules for social distancing. This summer, my most-asked question from air personalities is how to advance on their Personality Success Path with little or no direction. But every personality can improve by addressing the 7 Deadly Sins of Radio Personalities.

Some shows are guilty of all 7 of these common mistakes. Most commit several on a regular basis. Almost everyone has a problem with at least one or two. The good news is that these sins can be overcome by understanding the problem and focusing on creating new habits to overcome them. Isolate one problem at a time and even shows committing all 7 Deadly Sins can usually overcome them in just 7 weeks.

To proceed:

  1. Identify which areas need attention.
  2. Make a list from easiest to fix to most difficult.
  3. Start with the easiest. Overcome it. Hopefully, one week of intense focus will do the trick.
  4. Move on to the next item on the list.

Don't be frustrated if it takes longer than a week. That's okay. It's more important to fix it before moving on to another problem area.

7 Deadly Sins: Gluttony

The first deadly sin is gluttony. Even with pizza and sleep, too much of anything is not good for you. Seriously. Even pizza.

Gluttony is a problem when air personalities try to do too many things on-air.

Common examples:

  • Trying to cram too many topics on the air. A show identifies the right topics, but only mentions it once and then moves on. It is far better to focus on fewer topics, do them more often, and pour more time into preparing them to be effective.
  • Locked-in features. Some shows jump from one branded feature to the next. yet none of the features cut through because they are: a) Not very good, b) Poorly developed, c) Not on the air frequently enough to get traction, or d) All of the above. The best advice is to identify the most important, popular feature and specialize in it until it's famous!
  • Including too much information in a segment. Great stories come from colorful details the paint a picture, but many personalities fill a break with facts or data points and not enough show-biz!

Overcome this sin by conducting a full audit of the show using Zero-Based Programming. Prune the weak material and focus more attention on the hits. Strip it down. The result will be a much cleaner show that is easier to execute and more fun to perform.

Boredom

Being bored isn't a sin, but causing listeners to be bored is a deadly sin. And when do listeners become bored? Usually when radio personalities are bored. Boredom happens when mundane, everyday tasks make the job seem less like entertainment, and more like a factory job:

  • Repeating the same liner cards every day, every hour.
  • Playing the same songs by the same artists you've heard a million times.
  • Reading the same commercials day after day.

Over time, it affects energy, attitude, and enjoyment. But listeners don't care. They come for a show, and your job is to take them away from their boring routine.

Here's how to tell if being bored is a problem:

  • Every break starts to sound the same. You fall into patterns and routines.
  • Watching the clock to count down to the end of the show or counting how many breaks until it's over.
  • Content is generic and sounds like any other show could perform it.
  • Segments stall and stories don't move forward.

Take responsibility for having a great attitude. It's a choice. Find a technique that puts you in a good mood every day. Maybe it's music. Or meditation. Or exercise. Or simply to put aside distractions and problems and decide to be happy during the show. Sometimes overcoming boredom is hard work, but it's an important part of preventing listener boredom. To fix it, get out of your routine.

Vanity

Ego gone wild may be the most common of the 7 Deadly Sins. Great performers need a healthy self-confidence, a swagger. The best performers are a bit cocky. But when it turns into a show that is self-absorbed or condescending, there's a problem.

Vanity is a sneaky sin that almost every personality must fight. Here are signs that it may be a problem:

  • The hook starts with you, not with the listener.
  • Failing to Listen and Respond naturally to partners or callers because you're thinking about what you're going to say.
  • Talking about what happens in the studio.
  • Personalities talking on top of one another.

Balancing a healthy ego with humility is delicate. The remedy: Try to understand and master the concept of It's Not About You... it's All About You to start on the road to recovery. If it's really bad, work on performing without pronouns to overcome the IMEWEUS performance virus.

Deceit

This is a little more detailed and theoretical. If it's one of the problems in your show, it's probably best to save this for last. It takes a little longer to fix. The relationship with listeners is critical. 7 of 10 listeners say they consider a favorite personality to be "like me". Finding your voice, character, and perspective is a key step to success. It's one of the first things we do when working with new shows.

Integrity and authenticity are essential to air personalities. To create a brand that attracts and leads passionate fans, it's important to know what that character brand represents. That's why I recommend a detailed personality brand profile. With a profile in place, it's much easier to build a fan base. Performing inside the boundaries in the profile will free talent from the sin of deceit.

To build a character profile, watch my seminar on-demand here. Or if you're a member of Insiders Radio Network, step by step instruction videos are available here. Identify your personality brand, then build every piece of content to enhance it.

Isolation

Studies show a majority of Americans have interacted with radio personalities at some point during their lifetimes. If that is accurate, we are doing a lousy job converting opportunities into TSL, since average listening occasions continue to decline.

Most personalities are limited in public appearances for now, but that won't last forever. When possible, here's how to overcome this Deadly Sin:

  • Volunteer for station appearances that impact large audiences, even if there is no talent fee.
  • Interact with listeners. Don't hide in the van, tent, or back room.
  • Plan for listeners to have something to do at appearances.
  • Respond to listeners by social media, phone, and text.

In the meantime, work to make more personal contact with as many listeners as possible. Here's a simple way to reach a large number of listeners that most shows can do. Then, commit to a plan to connect with the audience in public and on multiple touchpoints as part of a daily and weekly routine.

Omission

This is a silent, hidden sin because it's not obvious. The sin of omission is not doing things that don't really need to be done but could. Missed opportunities are a major problem. Here's how to avoid the sin of omission:

  • Stay current. Maybe you aren't interested in the same things the audience is. Too bad. Stay current and understand them.
  • Grow new skills. Take a class in improv or get started on my Audience Magnet Course.
  • Learn by evaluation. If you aren't getting feedback aircheck yourself.

Fix this problem by identifying areas that could improve. Little things mean a lot. Fix those areas and take advantage of every opportunity.

Sloth (Laziness)

This is the greatest sin of all because it feeds the other sins. Lazy shows are sloppy shows, and sloppy shows never reach their potential. That should be really hard to live with. but many accept it. Today, most broadcasters have multiple responsibilities. Soon, they start cutting corners and compromising quality. We focus on things that must be done - and ignore important things that are crucial to being an effective communicator.

The result is a show that sounds okay but not special. It's good enough to get but listeners aren't excited. Every element on the air should have full, undivided attention. Stop answering personal emails, checking posts on social media, texting your wife, setting up a tee-time, watching a YouTube video, and ordering on Amazon during the show. Meanwhile, the phone rings on and on. And nobody is fully engaged in the show.

Don't be lazy. How can you invest energy to make the show sizzle? Maybe you could:

  • Commit to a defined Show Prep plan like this one.
  • Envision the show-and each break-by meeting 30 minutes before going on the air.
  • Never leave for the day without evaluating at least some aspect of that day's performance.

Conclusion

Even personalities guilty of all 7 Deadly Sins can fix the problems in 7 weeks. Focus attention on one sin per week. In seven weeks or less, you should be healed. Start with one or two sins that are easiest to overcome. Break it down into small, actionable steps, then go to work with a laser focus.

Then move on to the next thing.

This article is a special Radio Online contribution from Tracy Johnson, CEO, President of Tracy Johnson Media Group

Salem's Elder and Hewitt Possible Presidential Debate Moderators


Larry Elder and Hugh Hewitt
Larry Elder and Hugh Hewitt

Salem Radio Network nationally-syndicated hosts Larry Elder and Hugh Hewitt have been submitted as potential Presidential Debate moderators to the Commission on Presidential Debates. The submissions were made on behalf of the Trump-Pence 2020 campaign by former New York City mayor Rudolph Giuliani.

Giuliani-in urging the Commission to also add a fourth Presidential Debate to the current lineup slated to begin on September 29th-suggested Elder and Hewitt as potential moderators along with David Muir of ABC News and Norah O'Donnell of CBS News among other journalists the Trump-Pence 2020 campaign would find acceptable as moderators.

Phil Boyce, Salem Media Group Senior VP/Spoken Word Programming, says: "We are so proud to see Hugh Hewitt and Larry Elder mentioned as possible moderators of a presidential debate." Boyce added: "Frankly all of our SRN national hosts are capable of doing this, and these two especially are. We hope they get the nod."

Want Progress, Look to the Stars


Chuck Knight
Chuck Knight

Why is it that for years, we haven't been able to collectively and effectively take Radio's success story out to Wall Street, Madison Avenue, Motor City or Main Street? Yes, we've spoken passionately about Radio's huge platform from industry conventions, trade interviews and press releases. I used to think it was our industry's leading CEOs who would be best suited to do these unified road shows and presentations. But I've come to the realization we've been looking in the wrong place.

Let's stop and think for a minute. Who would America's big-industry advertising executives and their teams be motivated to welcome to their offices or go meet at a big time event? The answer goes to our biggest talking point for many years. It's our STARS! Ryan Seacrest, Steve Harvey, Bobby Bones, Sean Hannity, Colin Cowherd and Delilah. The people they know, trust and have a daily relationship with.

Our stars are the best spokespeople for Radio! For three weeks a year, let's pay our stars to get out of the studio and on the road speaking passionately in a common voice and theme about Radio's many positive attributes and successes. Teams of two or three visiting New York, LA, the Detroit car makers, P&G in Cincinnati, Silicon Valley. How our massive reach is unparalleled. How our one to one relationships with listeners allow us a unique, trusted friendship to help engage and move products and services for our advertising partners.

Our stars are the best people to make this "Oh-wow" presentation to help move the needle on radio's perception challenge with advertisers and deepen the understanding of who we truly are. They are the ones who can increase our share of the revenue pie with the big influential American brand leaders and their teams of assistants who control and allocate media planning, budgets and our future. Our stars are the ones people will talk about meeting, the ones marketers already know and trust and the ones who will leave a lasting impression. This will work on the local level too with our collective hometown stars across ownership clusters.

So let's go. Let's organize this Radio road show now, staring our stars so that once we get safely through this pandemic, we'll be able to help move our industry forward. Yes, it's our unique opportunity to seize. Let's make progress happen. p>This article is a special Radio Online contribution from veteran programmer Chuck Knight, CEO, President of Chuck Knight Media.

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Entercom CEO David Field Reveals Ten Corporate Promotions


Entercom
Entercom

Entercom CEO David Field has revealed a number of corporate promotions in an internal memo to the company's staff. Noteably, Jeff Sottolano is named Executive Vice President/Programming after serving as VP/Programming before rising to Senior VP/Radio and RADIO.COM programming. Rouse is also Entercom's Urban format captain and PD for WVEE (V103)/Atlanta. Also, Chris Ebbott is elevated to VP/Programming after serving as as PD of Classic Hits KRTH (K-Earth 101)/Los Angeles since 2014.

Additionally, the company adds Bill Smee as Vice President of News. He has served in production and executive roles at CNN, Discovery Times, Slate and NBC News. Field said, Smee "will spearhead our work to enhance and expand our news brands, building on their unparalleled position in our communities and adding new products and capabilities across our broadcast, digital, podcast, and smart speaker platforms."

Other promotions include:

  • Chad Fitzsimmons as Senior VP/Promotions & Experiences

  • Rose Isard as VP/Senior Counsel

  • John Kennedy as Senior Vice President/Engineering

  • Jennifer Morales as VP/Corporate Communications & PR

  • Nancy Muir-Gaire as VP/Facilities Management

  • Johnny Palumbo as VP/Senior Counsel

  • Reggie Rouse as VP/Programming

  • Stephanie Taylor as VP/Benefits, Compliance and Talent Acquisition

Field also said that the company's employees will not return to their offices until January, 2021. "Frankly, it is disheartening that we will not all be together for the next several months, but it is the right thing to do for the collective health of our teams and our families. It is a testament to the work ethic of our team that we have been able to remain highly productive and effective as we work remotely. We need to ensure that in the months ahead we continue to evolve our work practices to continue performing at our very best under these unusual circumstances," he wrote.

NAB President/CEO Gordon Smith Suffers a Stroke


Gordon Smith
Gordon Smith

The NAB tells RADIO ONLINE that NAB President and CEO Gordon Smith suffered a stroke last night and was admitted to the hospital. He is responding well to treatment, is stable and alert and is resting comfortably. His prognosis is good, and he is expected to make a full recovery.

Smith joined NAB in November 2009 and oversees the advocacy efforts of thousands of local radio and television stations across America. He is a former two-term United States Senator from Oregon (1996-2008) and was a successful entrepreneur before launching his career in politics.

During his tenure in the U.S. Senate, Smith's committee assignments included the Senate Commerce Committee, the panel that oversees broadcast-related legislation. He also served on the Senate Energy and Natural Resources Committee, the Senate Finance Committee, and the Senate Foreign Relations Committee. He was respected as a pragmatic lawmaker able to successfully reach across party lines. Smith's role on the Commerce Committee and as the Chairman of a Senate High Tech Task Force helped foster his interest in new media and new technology issues.

Update: Smith issued the following message on August 6:

To my friends,

I am so grateful for the outpouring of support from all of you. Your prayers and kind words have meant the world to me and my family. I am delighted to tell you that after a very extensive MRI last night it was discovered that I did have a blood clot, but thanks to the quick medical intervention I received, an actual stroke was averted. As a result, my prognosis is extremely positive and there is no permanent damage. I am so grateful to Sharon for immediately jumping into action and getting me the medical attention needed in order to have this outcome, for Sue Keenom and Karen Wright for all of their help getting information to my medical team, and to the doctors and nurses who took such great care of me.

I am indeed a man blessed for all the prayers that were said on my behalf and for the love that I have felt. Even though I am not often on social media I have been forwarded the many Tweets and postings that have sent well wishes my way and to say I am humbled is an understatement. I look forward to seeing you all soon - if only on Zoom.

Gratefully,
Gordon

Saga Communications Q2 Net Revs Down 47.3% to $16.9M


Saga Communications
Saga Communications

Saga Communications reported second quarter net revenue fell 47.3% to $16.9 million from 32.1 million in 2019. Station operating expense decreased 18.4% to to $18.6 from $22.8 million. Operating income fell to a loss of loss of $8.6 million, down 23.2% from an operating income of $6.6 million. The company reported a net loss of $4.9 million (82 cents per diluted share) as compared to a net income of $4.7 million (80 cents) in the year-ago period.

Results for the quarter include a non-cash impairment charge of $3.8 million. Without the non-cash impairment charge, the company would have had a net loss of $2.2 million (37 cents).

The company's balance sheet reflects $48.9 million in cash on hand as of June 30, 2020 and $47.5 million as of August 3. Total bank debt remained at $10 million as of the end of the quarter. Including the significant impact on its revenue, the company's trailing twelve-month leverage ratio is an extremely conservative 0.65, per its bank covenant calculation, and below zero when cash on hand is included in the calculation.

Seattle Broadcasting Legend Pat O'Day Dead at 85


Pat O'Day
Pat O'Day

Veteran Seattle air personality Pat O'Day has died at age 85. He passed away at his home in the San Juan Islands. O'Day was best known as the afternoon talent at Top 40 KJR-AM/Seattle in the 1960s, before becoming the station's Program Director and then General Manager. After leaving KJR in the late 1960s, he became a concert promoter, presenting tours for Jimi Hendrix, Elvis, Led Zeppelin, Chicago, The Beach Boys, The Eagles, Neil Diamond, Paul McCartney, Frank Sinatra and many others. During the 1970's and early 1980's he owned KYYX-FM/Seattle, now KJAQ-FM.

In a Facebook post, his son Jeff O'Day wrote, "The Pacific Northwest will always seem a little empty without the legendary Pat O'Day. All we can do is focus on the incredible role he had in making the Emerald City a better place to live, and the difference he made in people's lives."

His son continued, "As his son, I could have never imagined a better role model for me as a Father. I have never met a more faithful, loving husband to his wife Stephanie. He will be in my thoughts every day for the rest of my life."

102.3 KRMG New Home for Kansas City Chiefs Radio Network


102.3 KRMG will be the new official home of the Kansas City Chiefs Radio Network. The Cox Media Group (CMG) Tulsa station, best known for its news and talk programming, will be adding Kansas City Chiefs broadcasts to their lineup beginning this fall. The new market exclusive partnership is scheduled to kickoff September 10th.

"We know that Green Country football fans are eager for more ways to listen to their favorite teams and we are glad to add The Chiefs Radio Network to our programming," says Cathy Gunther, Market Vice President, Cox Media Group Tulsa. "This has been a while in the making and we are very proud of what is about to hit the airwaves at KRMG."

The newly inked deal ensures that KRMG will carry all 16-regular season games, Wild Card and Division Round Playoffs.

"We look forward to partnering with Cox Media Group to make 102.3 KRMG the new radio home in Tulsa of the defending world champion Kansas City Chiefs," says Dan Israel, Executive Producer Chiefs Radio Network.

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