Company Overview - Beasley Media Group's future will be driven by operational efficiency in its core business and expansion of its digital capabilities[12] - The company operates in 12 US markets[13] - Beasley campaigns deliver 30%+ higher intent to purchase when combining radio and digital[20] Revenue Performance - Audio revenue reached $38 million in Q3 2025[22] - Digital revenue reached $129 million in Q3 2025[23] - Digital revenue accounted for 25% of total net revenue in Q3 2025[24] - Same-station digital revenue grew by 285% year-over-year in Q3 2025[24] - Local advertisers make up 79% of the company's revenue[26] Financial Metrics - Total net revenue was $51 million in Q3 2025[48] - Capital expenditures (CAPEX) amounted to $22 million in Q3 2025[48] - Station Operating Income (SOI) was $49 million in Q3 2025[48] - Adjusted EBITDA was $39 million in Q3 2025[48] - Cash and cash equivalents totaled $143 million[48]

Financial Data and Key Metrics Changes - For Q3 2025, net revenue decreased by $528,000, or 1.8%, to $28.2 million compared to $28.7 million last year [2] - Station operating expense increased by $2 million to $24.7 million for the three-month period, primarily due to an industry-wide settlement with music licensing organizations [2][3] - The company reported an operating loss of $626,000 for the quarter, which would have been an operating income of $1.5 million without the settlement [3] - Gross broadcast revenue decreased by $1.8 million, or 6.8%, while gross interactive revenue increased by $1.1 million, or 32.6% [4] - For the nine-month period ended September 30, 2025, net revenue decreased by $3.1 million, or 3.7%, to $80.6 million compared to $83.7 million last year [5] Business Line Data and Key Metrics Changes - Station operating income for Q3 2025 was reported at $3.5 million, which would have been $5.6 million without the settlement [3][4] - Total interactive revenue increased by 32.6% for the quarter and 17.1% for the nine-month period, with a 54% profit margin [7] - Political revenue for Q3 2025 was $73,000, down from $677,000 in the same period last year [4] Market Data and Key Metrics Changes - Current pacing for the fourth quarter is down approximately 11%, including political revenue, and 4.7% when excluding political [7] - Local pacing remains consistent, while digital pacing is up 32% for the quarter [24] Company Strategy and Development Direction - The company is focused on a blended digital strategy aiming to double gross revenue, primarily from digital sources, within 18-24 months [12] - Strategic investments in R&D and resources are being made to support this digital transformation [12] - The company plans to utilize proceeds from the sale of telecommunications towers for stock buybacks and to maintain a robust quarterly dividend strategy [9][13] Management's Comments on Operating Environment and Future Outlook - Management indicated that the national advertising market is weak, impacting forward pacing, while local and digital markets show different trends [24] - The company believes the decline in spot radio is more related to macroeconomic factors rather than interest rate cuts [25] - Management expressed confidence in the digital transformation efforts, noting measurable returns from local direct advertisers [19][21] Other Important Information - The company paid a quarterly dividend of $0.25 per share, totaling approximately $1.6 million [8] - As of September 30, 2025, the balance sheet reflected $26.3 million in cash and short-term investments [10] Q&A Session Summary Question: Can you provide insights on market tone and pacing into the upcoming quarter? - Management noted that national advertising is weak, local pacing is consistent, and digital pacing is up 32% for the quarter [24] Question: Why is there a lack of concrete buyback plans post-tower sale? - Management explained complexities related to the tower sale and real estate transfer issues, which delayed clarity on final sale proceeds [27][29]

Core Insights - SiriusXM announced its operating and financial results for the third quarter of 2025, with the full earnings release available on its Investor Relations website [1]. Company Overview - SiriusXM is the leading audio entertainment company in North America, offering a portfolio that includes its flagship subscription service, ad-supported and premium music streaming services through Pandora, a podcast network, and various business and advertising solutions [2]. - The company reaches a combined monthly audience of approximately 170 million listeners, providing a diverse range of content across music, talk, news, and sports [2]. Financial Announcements - SiriusXM's Board of Directors declared a quarterly cash dividend of $0.27 per share of common stock [3].

Core Insights - MediaCo Holding Inc. announced that its flagship hip hop station, WQHT-FM (HOT 97), achieved its highest monthly audience levels in history among Adults 18-49 during radio prime in September 2025 [1] Audience Performance - The record audience levels were specifically noted for the time slot of Monday to Friday, 6am to 7pm [1] - The ratings reflect the energy, creativity, and authenticity that define HOT 97, according to the Assistant Program Director [1]

Core Insights - MediaCo Holding Inc. announced that its flagship hip hop station, WQHT-FM (HOT 97), achieved record audience levels among Adults 18-49 in September 2025, ranking 3 in total day ratings [1][2]. Audience Performance - HOT 97 delivered a record 17,300 Adult 18-49 listeners per quarter-hour, representing a +68% increase compared to September 2024, and improved its market rank from 9 to 4 among 27 reportable stations in New York [2]. - The station's performance was strong across all major weekday dayparts, with notable increases in weekend performance as well [3]. - During the morning drive (6a–10a), HOT 97 had 17,000 Adult 18-49 listeners per quarter-hour, a +55% year-over-year increase [6]. - The daytime (10a–3p) segment saw a +66% increase year-over-year, marking three consecutive months of strong midday audiences [6]. - In the afternoon drive (3p–7p), HOT 97 ranked 3 with 20,800 Adult 18-49 quarter-hour listeners, an increase of +82% from September 2024 [6]. Cultural Impact - The record-breaking performance of HOT 97 underscores its continued cultural influence and connection with audiences, as stated by company executives [4].

Core Viewpoint - The rebranding of Infinity Sports Network to Westwood One Sports marks a strategic partnership between Cumulus Media's Westwood One and Audacy, enhancing their leadership in national sports audio and expanding their programming offerings [1][2][5] Group 1: Partnership and Programming - Westwood One will take over programming and distribution for a majority of syndicated sports shows, including "The Jim Rome Show," which will occupy the 3 PM – 6 PM ET slot [2] - Audacy will continue to produce popular shows like "You Better You Bet" and "BetMGM Tonight," maintaining its role as a presenting partner and exclusive sportsbook partner for these programs [2][4] Group 2: Audience Engagement and Content Delivery - Westwood One Sports will provide 24/7 live coverage, expert commentary, and real-time sports programming, enhancing audience engagement through interactive and topical discussions [3][4] - The network will also maintain its extensive play-by-play coverage of major sports events, including the NFL, NCAA, and U.S. Soccer, ensuring comprehensive sports content for listeners [3][9] Group 3: Advertising and Affiliate Benefits - Advertisers will gain access to a larger scale and premium inventory, while affiliates will benefit from expanded content choices and enhanced brand recognition [4] - The partnership aims to ensure stronger audience engagement and revenue potential through integrated sponsorship opportunities and proven marketing resources [4] Group 4: Digital Strategy - Westwood One Sports will extend its reach beyond traditional radio through streaming on the Audacy app and digital platforms, providing on-demand access to shows and live commentary [5] - This digital-first approach is designed to create new monetization opportunities for advertisers and connect with listeners across various platforms [5]

When people talk about the market opportunity in AI, it's basically uncapped. It's the entire world. It's like all of business.And in the 1920s, people were saying stocks were going to go up because the entire world was buying into the US. >> I think that's very true. I would actually specifically point actually to a technology story back then, which was >> radio.>> Radio. The ticker symbol was radio. The company was RCA.They also, by the way, not only had the technology for radio, they had the patents for ...

Communication Skills in Radio Broadcasting - Radio jockeys (RJs) typically speak for a maximum of 6 minutes out of a 60-minute hour, emphasizing brevity in communication [1][2] - The radio industry values the art of being brief, requiring RJs to create an impact in approximately 90 seconds to retain listeners [2] - Listening is an active activity crucial for RJs to connect with listeners and provide a sense of companionship, which is key to radio's continued relevance [2] Personal and Professional Development - The speaker's radio journey significantly altered their personality and provided a sense of purpose, highlighting the transformative potential of the profession [1] - Being comfortable with silence and selective sharing of experiences can enhance an artist's originality and content creation [3][4][5] - The speaker emphasizes the importance of self-reflection and introspection, suggesting that personal experiences should be processed internally before being shared to maintain their authenticity [5] Overcoming Challenges - Transitioning from All India Radio, where longer speaking times were common (25-30 minutes per hour), to commercial radio required significant adjustment to a 6-8 minute limit [2] - The speaker initially struggled with the length of their links and being comfortable with their own voice, demonstrating common challenges faced by aspiring RJs [1][2] - The speaker overcame performance anxiety and self-doubt to embrace the excitement and confidence required for live radio broadcasting [1]

SNC Investment Highlights - SNC shares offer an attractive dividend yield of 6.3% (8.5% grossed up for franking)[15] - The SNC portfolio can be acquired at a 9.8% discount to its Net Tangible Assets (NTA)[11, 15] - As of July 31, 2025, the company possesses solid profits reserves and franking credits amounting to 42.7 cents per share[11] - SNC has paid and announced 65.8 cents per share in dividends and 24.9 cents per share in imputation credits since its inception[18] SNC Performance - SNC's gross performance to July 31, 2025, shows a 1-year return of 19.0%, a 3-year return of 13.8% per annum, and a since-inception annualized return of 9.9%[22] - SNC's investment selection and portfolio discipline are highlighted by a win/loss ratio of approximately 70%[24] - SNC's gross performance in rising markets averaged 2.9%, while in falling markets, it averaged -3.3% since inception[26] Portfolio Companies - Carbon Conscious Investments Ltd (CCIL) manages large-scale projects of approximately 17,000 hectares[28] - SNC received a fully franked dividend of $720,000 from CCIL in February 2025 and currently holds approximately $1.7 million in cash[30] - QPM Energy Ltd (QPM) has gas reserves exceeding 400PJ and an enterprise value of $143.8 million[31]

Financial Data and Key Metrics Changes - Total net revenue for Q2 declined by 11.1% year over year on a same station basis, primarily due to weakness in agency business [10][19] - Operating expenses decreased by $4,600,000 or 9.3% year over year, reflecting cost containment measures [21] - Station operating income for the quarter was $8,200,000, with an SOI margin of 15.6% [22] Business Line Data and Key Metrics Changes - Digital revenue grew by 1.3% or 8.1% on a same station basis, accounting for 25% of total revenue [5][20] - The digital segment operating margin improved by 900 basis points quarter over quarter, from 17.8% to 26.8% [6] - Agency-related revenue declined significantly, with national agency revenue down 12.1% and local agency revenue down 24.7% year over year [16] Market Data and Key Metrics Changes - Local direct revenue increased by 1.7% year over year, now representing the majority of local sales mix [20] - Digital growth accelerated at 8.1% year over year on a same station basis and 22.5% quarter over quarter [20] - Ratings for the company's stations rose by 14% year over year in the critical adult 25-54 demographic [28] Company Strategy and Development Direction - The company is focused on advancing its digital roadmap, reducing structural costs, and improving capital position [5][4] - A strategic pivot towards a digitally native, local-first approach is underway, aiming to convert traditional agency clients into digital-first buyers [11][12] - Upcoming product launches, including Display Plus and a self-serve advertising platform, are designed to enhance client outcomes and reduce dependence on traditional sales channels [25][30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the ongoing challenges in the agency business, emphasizing that the decline is structural rather than cyclical [15][16] - The company expects continued softness in national and local agency channels, with total revenue pacing down high single digits [26] - Confidence remains in the strategic direction, with early signs of traction in digital and direct revenue streams [20][24] Other Important Information - The company has implemented approximately $30,000,000 in annualized expense reductions over the past year [13][32] - Cash on hand at the end of Q2 was $13,700,000, with capital expenditures of $600,000 in the second quarter [23] Q&A Session Summary Question: Can you update us on where the cost savings plan stands? - The company has taken cost actions that will result in approximately $30,000,000 in annualized savings, with expectations for 2025 expenses to be in the low $20,000,000 range [32] Question: How are CPMs trending? - Digital CPMs are holding steady, while traditional over-the-air CPMs are trending down due to declines in agency business [34] Question: Did you see the opportunity for more asset sales? - The company remains open to asset sales or swaps if they make sense strategically [35]