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The Business of Radio

by Jeff McKay & Tom Gordon

 

June 18, 2018

 

An 86% increase in ad revenue sounds high, but the number for podcasting is still relatively small, but growing.  Revenue for podcasting jumped from $169 million in 2016 to $314 million in 2017, says the Internet Advertising Bureau & PwC.  Cumulus is getting back in the good graces of Wall Street, right now trading under the ticker symbol “CMIA” and will later rebrand to their former symbol “CMLS.”  Based on trading, the new market cap for Cumulus post-bankruptcy is in the range of $160 million.  Sinclair’s TV deal with Tribune, which includes Chicago’s WGN-AM remains in limbo but that could change – there are rumors that the FCC which has yet to rule on the proposed deal may consider raising the 39% national household cap.  Could there be a big sale brewing across the border – reports from Canada say Shaw Communications is looking to sell its 38% stake in Corus Entertainment.  Vin Scully held the honor prior to his retirement, and now Michael Kay becomes the highest-paid local baseball announcer – Kay, the afternoon host on sports WEPN-FM (98.7) in New York, is also the radio voice for the New York Yankees and pulls in a paycheck of more than $1 million annually, reports the New York Post.