Beasley Broadcast Group Reports Q3 Net Revenue Up 5.6%; Caroline Beasley Named CEO. Today's third quarter financial report comes the day after Beasley Broadcast Group closed on its acquisition of Greater Media's stations. Beasley estimates that going forward, the acquisition will "more than double Beasley's revenue base." This quarterly report reflects the operation of the 52 stations owned as of September 30. Net revenue for the quarter was $27.7 million, an increase of 5.6% over the same period a year ago. At the same time as this report is being released, the company announces that, effective January 1, 2017, B. Caroline Beasley will begin serving the company as CEO, removing the interim from her title. Caroline Beasley takes over for her father, George Beasley, who's been on medical leave. He maintains his role as chairman of the board. Also, Marie Tedesco, who presently serves as the company's vice president of finance, will assume Caroline Beasley's chief financial officer position, effective January 1, 2017. Speaking about the Greater Media deal, Caroline Beasley says, "The transaction immediately and significantly broadens our local radio broadcasting and digital platform, geographic footprint and revenue base by adding leading stations and great brands that are complementary to our existing operating base, while presenting the opportunity for synergies with the company's existing station portfolio. Specifically, the transaction increases our broadcast portfolio by approximately 33% and more than doubles our audience reach as we enter four new markets with nine stations – Detroit; Middlesex, Monmouth, and Morristown, New Jersey – and adds nine other stations in Philadelphia and Boston where we already operate… Looking forward, we plan to apply our historical focus on strong core programming and targeted localism to the newly acquired stations as these strategies support strong ratings and market leadership. While we'll record initial contributions from the new stations in the fourth quarter, Beasley will realize the value of the transaction beginning in 2017 as we extract operating and cost synergies, enhance sales practices, and apply our proven operating disciplines."
Cumulus Puts Boldon in Charge of Programming 'Lite Rock 105' in Providence. Programming pro Emily Boldon is already serving the company as vice president, AC and Stratus music programming (since 2006), but now she'll adding programming adult contemporary WWLI, Providence "Lite Rock 105" to her responsibilities. Cumulus Media Providence VP/market manager Holly Paras says, "Emily has generously led programming for 'Lite Rock 105' since Brian Demay's move to Cincinnati earlier this year. During that time, she fell in love with Rhode Island…and in love with the folks here at Cumulus Providence and has agreed to take on the role as our full-time program director, continuing with her corporate responsibilities. We are lucky to have someone with such a depth of experience here in PVD and welcome her to the team!" Boldon comments, "Cumulus Providence is an amazing cluster and 'Lite Rock 105' is one of the best adult contemporary stations in the country. I am excited to move to this great city and take on a leadership role with this talented local team. Their passion is palpable; they are fiercely loyal to their market, with an insatiable desire to win."
PPM Analysis: Adult Hits.RadioInfo managing editor Mike Kinosian presents the first of three format analyses based on data from the October 2016 PPM survery from Nielsen Audio. This month, we'll take a look at gold-based formats, starting with adult hits. Stations getting a nice (6+) bump from September to October included: Hubbard Radio's WARH, St. Louis (5.4 to 6.3), iHeartMedia's WLKO, Charlotte (4.2 to 5.1), and Entercom's WSMW, Greensboro (8.7 to 9.3). There are eight adult hits-formatted stations that finished the October survey ranked in the top five (6+) in their respective markets that subscribe to Nielsen's PPM ratings, including Emmis Communications' KBPA, Austin at #2. For all the data, check it out here.
Rick Jakle Selling Three Signals to William Pollock. Broadcaster (and banker) Rick Jakle is selling his three radio stations to William Pollock for an undisclosed sum. The stations are: WRMN, Elgin, Illinois; WBIG, Aurora, Illinois; and KSHP, Las Vegas. The move marks Jakle's 50 years of serving the Elgin community. Jakle comments, "The greatest privilege in my professional life was coming to WRMN as a young 24-year-old broadcaster in 1966. I feel privileged to have had the opportunity to build and operate great local radio facilities and I am proud to have created and developed the Radio Shopping Show concept 34 years ago. None of what we have accomplished would have been possible without my team of dedicated broadcasters. If there's any secret to our success — simply stated, it's our remarkable people." William Pollack's companies own radio stations in Missouri as well as TV stations in California and Louisiana. He also owns movie theaters in various markets.