Entercom Second Quarter Pro Forma Revenue Rises 5%. This second quarter report from
Entercom includes the impact of last year's acquisition of
Lincoln Financial Media stations and the swap with
Bonneville International. As such, net revenue for the second quarter of 2016 was up 20% on income of $120.5 million. On a pro forma basis, revenue was up 5%. President and CEO
David Field states, "Entercom continues to deliver strong and consistent
organic, top-line and bottom-line growth, driven by the great work of our talented programming and sales teams and our strategic investments in building powerful local brands and content and excellent customer marketing capabilities. Looking forward, we expect a strong second half of the year as we benefit from our excellent ratings performance, enhanced sales execution, multiple growth initiatives and election year political revenue."
SiriusXM Reports Q2 Revenue Up 10%. The satellite radio service is reporting 2016 second quarter revenue of $1.2 billion, up 10% from the same quarter in 2015. CEO and director
Jim Meyer notes that
SiriusXM added
580,000 net new subscribers during the quarter, bringing the satcaster's total subscriber base to 30.6 million. During yesterday's investor conference call, Meyer spoke about the company's efforts to continue advancing the service's technology. He says they are investing in the new SiriusXM17 "next-generation platform" 360 L, short for 360-degree listening. Meyer says, "360 L is proceeding ahead and gaining traction with OEMs. I'm very pleased at the progress we are making building and deploying this platform. 360 L breaks down the big barrier we live with today as a one-way broadcaster by integrating satellite radio with two-way cellular connectivity. It lets us offer non-linear content to our subscribers, such as customized music playlists, on-demand content and personalized recommendations based on the tastes of our individual subscribers." Meyer also outlined the company's continuing work expanding its connected vehicle services.
