Wall Street didn’t exactly fire up the welcome wagon for radios newest public company. Townsquare Media shares began trading Thursday at $11, after the company earlier pegged its debut price at $14 to $16 per share. But the stock actually fell 7% on day one, but recocverd to a $10.50 close on Friday.
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
Fox Sports has informed Entercom that it is pulling all of its advertising from the company’s stations following a second set of disparaging on-air comments made Wednesday by sports WEEI-FM, Boston (93.7) morning show co-host Kirk Minihane about Fox Sports sideline reporter Erin Andrews. Entercom reacted Friday night by suspending Minihane for one week without pay, according to the Boston Globe. 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
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