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Expect broadcasters to report big growth this year as we emerge from the pandemic, but the context is everything.
Radio stations were among the hardest hit entertainment companies in 2020, but they re battling back to recapture some of their losses. This was reflected in the first quarter 2021 earnings reports issued last week by iHeartMedia, Audacy (formerly Entercom, pronounced like “odyssey”) and Cumulus, the three largest radio companies in the U.S.
For all the gains in digital radio and podcasts, the recovery of radio companies comes down to broadcast advertising, still the backbone of these increasingly diversified businesses. Unfortunately, broadcast radio isn’t close to full health. iHeartMedia’s broadcast radio revenue, which accounted for 50.7% of total revenue, was 47% greater than 2020 s second quarter, the pandemic’s low point, but still 22.3% below Q1 2020. Audacy s local and national broadcast advertising was down 24.2% year
Audacy Extends Contract with CFO Richard Schmaeling. The company and chief financial officer
Richard Schmaeling sign a new contract set to begin on May 1 that keeps Schmaeling in his CFO role and adds the position of executive vice president, strategic initiatives to his duties. The new contract runs through April 30 of 2025 and pays Schmaeling an annual base salary of $800,000 that will be increased by not less than three percent annually beginning in May of 2022. Other aspects of the contract include: a target annual cash performance bonus at 90% of his annual base salary, to be earned based on
Audacy’s performance; a grant of 60,000 restricted stock units as soon as practicable following May 1, 2021 which will vest 50% on May 1, 2023; 25% on May 1, 2024; and 25% on May 1, 2025; and restricted stock unit grants of 50,000 in 2021; 40,000 in 2022; 30,000 in 2023; and 20,000 in 2024, with vesting 50% on the second anniversary of the grant date and 25% on each of the third and