Core Points - Salem Media, Inc. has announced a two-year extension of Joe Piscopo's talent agreement, ensuring his role as the morning-drive anchor on AM 970 The Answer through the end of 2028 [1][2] - Joe Piscopo has been a prominent figure in New York's news-talk radio since joining AM 970 The Answer in 2014, where he has cultivated a loyal audience with his unique programming style [3][4] Company Commitment - Salem Media reaffirms its commitment to Joe Piscopo, highlighting his dynamic presence and connection with listeners as key reasons for the extension [4] - The Joe Piscopo Show airs live on weekdays from 6–10 AM, featuring a team that includes Joe Sibilia, Al Gattullo, Debbie DuHaime, and Stephen Parr [4][5] Company Overview - Salem Media is recognized as America's leading multimedia company specializing in Christian and conservative content, reaching millions daily through its national radio network and digital platforms [6]

Core Viewpoint - Salem Media, Inc. is expanding its Salem Radio Network (SRN) lineup by introducing Alex Marlow and Scott Jennings into the historic 12–3 p.m. ET time slot starting January 5, 2026, continuing the legacy of influential conservative voices [1][2]. Company Expansion - Alex Marlow, Editor-in-Chief of Breitbart News, will host the 12–1 p.m. ET hour, while Scott Jennings will extend his current program to two hours from 1–3 p.m. ET [2][4]. - Jennings' program will grow its reach from over 173 stations to more than 200 stations nationwide, continuing to be distributed via the Salem Podcast Network (SPN) and live-streamed on the Salem News Channel (SNC) [4]. Legacy and Influence - The new lineup succeeds The Charlie Kirk Show, which will continue as a podcast on SPN, honoring the legacy of Charlie Kirk, who had a significant impact on the conservative movement [7][9]. - Both Marlow and Jennings are recognized figures within the Salem audience, having previously engaged with listeners through the Salem Podcast Network [3]. Leadership and Trust - Phil Boyce, Senior Vice President of Content for Salem Media, emphasized the importance of maintaining trust with conservative audiences and highlighted the unique engagement skills of Marlow and Jennings [3]. - Scott Jennings expressed gratitude for the opportunity to step into the legacy of influential talk radio hours, aiming to deliver serious analysis and thoughtful conversations [5]. Continued Partnerships - The partnership with Turning Point USA will remain strong, with Andrew Kolvet continuing as co-host of The Charlie Kirk Show podcast, ensuring the ongoing representation and support from Salem Media [9][10].

Core Insights - Cumulus Media's Westwood One has launched a new morning show hosted by Drake C. Toll, airing Monday to Friday from 6:00 AM to 9:00 AM, aiming to capture a dynamic audience in the sports media landscape [1][4] Company Overview - Cumulus Media is an audio-first media company that reaches a quarter billion people monthly through 395 radio stations across 84 markets, offering a variety of programming including sports, news, and entertainment [5] - The company operates Westwood One, the largest audio network in America, providing nationally-syndicated content and engaging listeners through the Cumulus Podcast Network [5] Host Background - Drake C. Toll has a diverse media background, starting with EagleVision in Arkansas, and has been recognized for his work with major outlets like ESPN and Sports Illustrated [3] - Toll's previous experience includes hosting successful podcasts and providing play-by-play commentary for the Savannah Bananas, showcasing his ability to engage audiences [2][3] Show Concept - The new show is designed to offer sharp insights and fearless opinions, utilizing various platforms to create an interactive sports experience [2][4] - Toll emphasizes a commitment to authenticity and connection with listeners, promising to deliver engaging content that resonates with a wide audience [4] Industry Position - Westwood One Sports is a leading provider of sports broadcasts, including exclusive partnerships with the NFL and coverage of major NCAA events, enhancing its reputation in the audio sports broadcasting sector [6]

Core Insights - Cumulus Media's Westwood One has launched a new morning sports radio show hosted by Drake C. Toll, airing Monday to Friday from 6:00 AM to 9:00 AM, marking a significant development in sports audio broadcasting [1] Company Overview - Cumulus Media is an audio-first media company that reaches a quarter billion people monthly through 395 radio stations across 84 markets, offering high-quality local programming and nationally-syndicated content [5] - The company operates Westwood One, the largest audio network in America, providing a range of programming including sports, news, and entertainment [5] Host Background - Drake C. Toll has a diverse media background, starting with founding EagleVision in Arkansas, and has worked with major outlets like ESPN and Sports Illustrated [3] - Toll is known for his engaging broadcasting style and has previously hosted successful podcasts, including America's No. 1 Big 12 podcast [3] Show Concept - The new show aims to provide sharp insights and fearless opinions, utilizing multiple platforms to engage listeners and create an interactive sports experience [2][4] - Toll emphasizes a commitment to authenticity and connection, promising to deliver compelling content for a wide audience [4] Industry Positioning - Westwood One Sports is recognized for its extensive sports broadcasting, including exclusive partnerships with the NFL and coverage of major NCAA events [6] - The launch of Toll's show is part of a broader strategy to innovate and enhance the sports talk radio landscape, moving away from traditional formats [4]

Core Points - Stingray, a leader in music and video content distribution, announced the acquisition of CHUP-FM (C97.7) in Calgary from Rawlco Radio, pending CRTC approval [1][3] - The acquisition aims to enhance Stingray Radio's presence in Calgary, complementing its existing portfolio of 33 radio licenses in Alberta and 96 stations across Canada [2][4] Company Overview - Stingray operates in various sectors including TV broadcasting, streaming, radio, business services, and advertising, reaching 540 million consumers in 160 countries [4] - The company provides a wide range of services such as audio and video channels, subscription video-on-demand content, and digital signage solutions [4]

Core Insights - Cumulus Media's Westwood One has appointed McGraw Milhaven as the new host of the nationally syndicated program America at Night, starting December 1st [1][2][4] Group 1: Show Details - America at Night will be broadcast live weeknights from 9:00 pm to midnight ET, featuring Milhaven's engaging interviews, sharp commentary, and dynamic listener interaction [2][3] - The show will cover a wide range of topics including politics, current events, sports, and entertainment, aiming to deliver news analysis and interactive discussions [3] Group 2: Host Background - McGraw Milhaven has over two decades of broadcasting experience and has been recognized nationally, including a spot on Talkers Magazine's Top 100 Talk Hosts in America [5] - Milhaven has a background in history and political science and is known for his resilience and humor, shaped by his upbringing as one of six children [6] Group 3: Company Overview - Cumulus Media is an audio-first media company that reaches a quarter billion people monthly through 399 radio stations across 84 markets and a large audio network [7] - The company provides a variety of programming including sports, news, talk, and entertainment, and offers integrated digital marketing services and live event experiences [7]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported an operating income of $6,000 without the music licensing settlement, compared to $1,600,000 for the same period last year [4] - Station operating income for the quarter was $3,500,000, which would have been $5,600,000 without the settlement, down from $6,000,000 last year [4] - Net revenue for the nine-month period ended September 30, 2025, decreased by $3,100,000 or 3.7% to $80,600,000 compared to $83,700,000 last year [5] - Total interactive revenue increased by 32.6% for the quarter and 17.1% for the nine-month period, with a profit margin of 54% [7] Business Line Data and Key Metrics Changes - Gross broadcast revenue, including nontraditional revenue (NTR), decreased by $1,800,000 or 6.8%, while gross interactive revenue increased by $1,100,000 or 32.6% [4] - Political revenue for the quarter was $73,000, down from $677,000 last year [4] - The increase in interactive revenue offset almost the entire decrease in broadcast revenue when adjusted for political [5][26] Market Data and Key Metrics Changes - The company is currently pacing down approximately 11% for the fourth quarter, including political revenue, and 4.7% when excluding political [7] - Local pacing remains consistent, while digital pacing is up 32% for the quarter [31] Company Strategy and Development Direction - The company is focused on a blended digital strategy aiming to double gross revenue, primarily through digital channels, within 18 to 24 months [14] - Strategic investments in R&D and resources are being made to support this digital transformation [14] - The company plans to utilize proceeds from the sale of telecommunications towers for stock buybacks and to maintain a robust quarterly dividend strategy [9][15] Management's Comments on Operating Environment and Future Outlook - Management noted that the local advertising market is overdue for disruption, with businesses increasingly investing in digital advertising [22] - The company believes that its digital transformation is gaining momentum, with measurable returns already being observed [24][26] - Management acknowledged the challenges of the digital transformation but expressed confidence in the team's commitment and capabilities [27] Other Important Information - The company paid a quarterly dividend of $0.25 per share, totaling approximately $1,600,000 [8] - As of November 3, 2025, the company had $26,300,000 in cash and short-term investments [10] - The company expects capital expenditures between $3,250,000 and $3,750,000 for 2025 [11] Q&A Session Summary Question: Can you provide insights on market tone and pacing into the upcoming quarter? - Management indicated that national advertising is weak, impacting forward pacing, while local pacing is consistent and digital pacing is up 32% [30][31] Question: Why is there no concrete plan for a buyback post-tower sale? - Management explained that complexities related to the tower sale and real estate transfer issues delayed clarity on final sale proceeds, which are necessary for buyback planning [35][36]

Financial Data and Key Metrics Changes - Consolidated net revenue was approximately $92.7 million, down 16% year over year [9] - Adjusted EBITDA for the third quarter was $14.2 million, a decrease of 44.1% [15] - Net loss was approximately $2.8 million or $0.06 per share, compared to a net loss of $31.8 million or $0.68 per share for the previous year [16] Business Line Data and Key Metrics Changes - Revenue for the Radio Broadcasting segment was $34.7 million, a decrease of 12.6% year over year [9] - Net revenue for the Reach Media segment was $6.1 million, down 40% from the prior year [10] - Net revenues for the Digital segment were down 30.6% at $12.7 million [11] - Cable Television segment revenue was approximately $39.8 million, a decrease of 7% [12] Market Data and Key Metrics Changes - Local ad sales were down 6.5% against a market that was down 10.1%, indicating outperformance [9] - National ad sales were down 29.1% against a market that was down 21.5%, indicating underperformance [10] - Cable subscribers to TV One decreased to 34.1 million from 34.3 million at the end of Q2 [12] Company Strategy and Development Direction - The company is adjusting its guidance for the year, lowering the EBITDA forecast from $60 million to a range of $56 million to $58 million [7] - A second reduction in force was completed in October as part of ongoing cost reduction efforts [14] - The company is exploring potential M&A opportunities in light of anticipated deregulation in the industry [28][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, citing changes in operating strategy and a focus on improving performance in key markets [21][25] - The company is preparing for a political year, which is expected to drive demand [21] - Management acknowledged challenges faced in the current year but believes they are better positioned for future growth [25] Other Important Information - Operating expenses decreased to approximately $83.7 million for the quarter, a decrease of 4.2% from the prior year [12] - Interest expense decreased to approximately $9.4 million in Q3, down from $11.6 million last year [16] - The company repurchased $4.5 million of its 2028 notes at an average price of 52% [16] Q&A Session Summary Question: What is the outlook for 2026 and demand? - Management feels good about 2026 due to changes in operating strategy and the upcoming political year [21][25] Question: Are there plans for M&A activity? - Management is exploring M&A opportunities but currently has no transformative deals in progress [28][30] Question: Will the company continue debt buyback activity? - Management confirmed plans to continue executing on debt buybacks while maintaining liquidity [33]

Core Insights - Cumulus Media's Westwood One has appointed Armen Williams as Executive Director of Westwood One Sports 24/7 Programming, effective November 3, 2025, to lead the development of new sports content [1][2] - Williams brings over 20 years of audio programming experience and has previously held leadership roles at Audacy, Bonneville, and Townsquare [3] - The new role will involve overseeing sports talk content, technical operations, social media strategy, and brand management, with a focus on creating engaging on-air programming [2][4] Company Overview - Cumulus Media is an audio-first media company reaching a quarter billion people monthly through 395 radio stations across 84 markets and the largest audio network in America, Westwood One [5] - The company provides a variety of programming, including sports, news, talk, and entertainment, and offers advertisers a range of services including digital marketing and live event experiences [5] Westwood One Sports - Westwood One Sports is the exclusive network radio partner to the NFL since 1987 and covers major sports events including NCAA Basketball, U.S. Soccer, and The Masters [6] - The network aims to enhance its sports programming under Williams' leadership, focusing on delivering high-quality content to listeners [4][6]

Summary of Saga Communications Conference Call (October 08, 2025) Company Overview - **Company**: Saga Communications (NasdaqGM: SGA) - **Industry**: Broadcasting and Media - **Rating**: Outperform with a price target of $18 Key Points and Arguments Digital Strategy Transformation - Saga's digital strategy is described as a transformational change rather than a traditional strategy, focusing on a cultural shift within the company [2][3] - The company operates in 27 markets, with 21 being below Market 100, presenting opportunities for local advertising disruption [2][3] - Local advertising is seen as overdue for disruption, with businesses increasingly investing in digital but struggling to navigate the complexities [3][4] Advertising Market Insights - In 2024, U.S. advertising spend was $421 billion, with 73% ($309 billion) allocated to digital; projections for 2025 estimate $456 billion total, with 80% ($365 billion) in digital [7] - Radio currently captures only 5% ($21 billion) of total ad spend, and a mere 0.6% of digital ad spend [8] - Local direct advertisers not pitched the blended product risk losing 29% of existing radio business, while those who adopt it see a 9% increase in radio spend [9] Blended Advertising Strategy - Saga's blended strategy combines radio with digital search and display, aiming to double annual gross revenue by capturing just 5% of available digital dollars in 16 of its markets [6][16] - The company aims for digital revenue to grow to 65-67% of total revenue in the future [18] Market Position and Community Engagement - Saga focuses on small to medium-sized markets with strong community ties, enhancing its influence and trust among local advertisers [12][13] - The company emphasizes direct business relationships, which are crucial for the success of its blended strategy [13][14] Growth Initiatives - E-commerce has shown significant growth, increasing from $400,000 to nearly $3 million in revenue over 18 months [27] - Streaming revenue is also growing, with some stations reporting 30% of terrestrial delivery coming from streaming [27] Financial Health and Acquisition Strategy - Saga maintains a pristine balance sheet, avoiding excessive debt and focusing on selective acquisitions [32] - The company plans to continue its dividend policy while also considering stock buybacks from asset sales [34][35] Future Outlook - The company believes local radio can continue to grow despite challenges in national and remnant advertising [31] - Saga aims to demonstrate the effectiveness of its blended strategy to attract investors and narrow the valuation gap with peers [39][40] Additional Important Insights - The company has invested significantly in training its media advisors to become digital experts, reducing reliance on third-party providers [22][23] - Saga's approach to community involvement and local advertising is seen as a competitive advantage in its markets [12][14] This summary encapsulates the key points discussed during the conference call, highlighting Saga Communications' strategic direction, market insights, and financial health.