Boston, MA
After Beasley Media layoffs at Boston radio stations, company reports 6% drop in revenue
Following a round of layoffs across Beasley Media Group radio stations, the company has reported a 6% drop in revenue amid a decline in audio advertising.
A day after the parent company of 98.5 The Sports Hub and other Boston stations cut 7% of its workforce, the radio conglomerate released its first quarter financial report.
Beasley’s net revenue during the first three months of the year was $54.4 million — a 5.9% decrease from the previous year’s first quarter revenue of $57.8 million.
Beasley reported an operating loss of $1.1 million in the first quarter, compared to operating income of $0.4 million in the first quarter last year.
The Florida-based company cited a “decline in audio advertising and other revenue due to Beasley’s Wilmington station and esports divestitures as well as ongoing softness in the commercial advertising business, partially offset by growth in digital and political advertising revenue.”
On Tuesday, longtime local DJs were let go by Beasley amid the rash of company layoffs. Those employees who were laid off include Country 102.5 DJ Jackson Blue and 105.7 WROR’s Jaybeau Jones.
Beasley in the first quarter also reported net income of about $8,000, or $0.00 per diluted share — compared to last year’s net loss of $3.5 million, or $0.12 per diluted share. The year-over-year improvement was primarily due to the $6 million gain on the sale of an investment in Broadcast Music, Inc. holdings and lower interest expense.
“In summary, Beasley’s underlying fundamentals — mainly, our local audio and digital platforms and audience engagement — remain strong,” CEO Caroline Beasley said in a statement.
“We are proud of our teams’ steadfast commitment to delivering exceptional content and services to our listeners, advertisers, online users and sports fans, and remain confident that the actions we are taking to transform our company and strengthen our balance sheet, are laying the foundation for future growth and success,” the CEO added.
Other first quarter stats that the company highlighted include:
- Revenue from new customers grew 53% year over year.
- Generated $548,000 in political revenue.
- Local revenue, including digital packages sold locally, accounted for 69% of total revenue.
- Digital revenue grew 10% year-over-year, or 20% year-over-year on a same station basis, to $11 million.
- Digital revenue accounted for 20% of total company revenue.
- 38% of its total audience listens via the company’s digital platforms.
Boston, MA
Boston man who spent COVID relief money at casino, Saks, and Six Flags sentenced to 5 months in prison for fraud – The Boston Globe
A Boston man received a five-month prison term Friday for obtaining nearly $50,000 in fraudulent COVID-19 pandemic relief aid for his purported businesses, funds he instead spent at a casino and a Saks Fifth Avenue store, according to Acting US Attorney Joshua S. Levy’s office.
Antawn Davis, 40, learned his fate in US District Court in Boston, where he had pleaded guilty in June to wire fraud and making false statements, federal prosecutors said. Davis was also sentenced to two years of supervised release and ordered to pay $49,999 in restitution and forfeiture.
In April and May of 2021, Davis submitted bogus loan applications for the Paycheck Protection Program, meant to help businesses hurt by the pandemic, prosecutors said in a statement.
“The applications contained multiple false statements, including the purported business’ total gross income in 2020, and the purpose of the loan,” prosecutors said. “Davis also submitted false tax records in support of his loan applications.”
Davis received nearly $50,000 in public funds, money that he promptly spent “on non-business-related expenses, including transactions at a casino and at Saks Fifth Avenue.”
Within weeks of getting the taxpayer funds, Davis “spent nearly the entirety of the proceeds on non-business-related expenses through a series of transactions, including for example, at Champs Sports, a casino, a zoo, Six Flags, and Saks Fifth Avenue,” prosecutors said.
“The defendant spent the funds on shopping and recreational excursions,” they said. “No portion of the loan proceeds went toward keeping a business running or employees paid.”
In a recent sentencing memo, Davis’s lawyer, John H. Cunha Jr., asked that his client be spared prison time.
“He is a 40-year-old man, motivated by his personal and professional responsibilities as a father of four and a chef, who has worked to turn his life around,” Cunha wrote. “He requests a sentence of 36 months’ probation, which is ‘sufficient, but not greater than necessary’ to achieve the purposes of sentencing set forth” in federal law.
“The seriousness of Mr. Davis’ offense is mitigated by his remorse and desire to pay restitution,” he said. “There is no need to incarcerate Mr. Davis to prevent recidivism.”
Davis had thought about buying a food truck with the money but “determined there was a three-year waiting period” for a city permit, his lawyer said.
“He then spent some of the money paying bills, including a car payment, but also frittered some of it away, including by gambling, a regular pursuit, although he does not believe his gambling is problematic,” Cunha wrote.
Travis Andersen can be reached at travis.andersen@globe.com.
Boston, MA
Boston College Men’s Hockey Gears Up for Another Top 10 Matchup, The Rundown: November 19, 2024
The third-ranked Boston College men’s hockey team traveled to Storrs, Connecticut to face the UConn Huskies on Friday evening. After a sweep of fifth-ranked Maine, and with a matchup with the tenth-ranked Providence Friars awaiting, this matchup with the 5-5-1 Huskies was supposed to be a schedule break for the Eagles.
It proved to be anything but that.
After taking a 1-0 lead into the second period, the Huskies went on to score three unanswered goals in the last five minutes of the second frame to make the score 3-1 going into the final period.
Despite a three-goal effort from the Eagles, UConn was able to hold onto its lead and prevent BC’s comeback effort. The men move to 7-2 after the upset loss.
The road does not get easier this week, as Boston College now travel to Providence, Rhode Island to take on another top 10 opponent in the Providence Friars, its fourth top 10 opponent of the season.
The Eagles will be without their sophomore goalkeeper, Jacob Fowler, after being ejected and later suspended for throwing a punch after giving up the third goal of the second period to the Huskies.
Another sophomore, Jan Korec, will get the call after finishing the last 32-minutes against the Huskies. He performed well in the near-comeback effort, only surrendering two goals, but it will be a tall task in his first start of the season, on the road against an elite opponent.
Fortunately for fans, Tuesday night’s match against Providence will be the first nationally televised appearance of the season for the Eagles.
How to Watch: Boston College @ Providence; Tuesday, November 19th: 7 p.m. EST; ESPNU | Watch | Live Stats
No games scheduled on Monday, November 18th
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Boston, MA
Condominium sells in Boston for $4.2 million
A condominium located at 1 Dalton Street in Boston has a new owner. The 1,403-square-foot property, built in 2015, was sold on Oct. 21, 2024, for $4,200,000, or $2,994 per square foot. The layout of this condo includes two bedrooms and three baths. The home’s outer structure has a flat roof frame. The property is equipped with forced air heating and a cooling system. In addition, the home is equipped with a one-car garage, allowing for convenient vehicle storage and protection.
These nearby units have also recently changed hands:
- In July 2024, a 1,693-square-foot unit on Belvidere Street in Boston sold for $2,850,000, a price per square foot of $1,683. The unit has 2 bedrooms and 3 bathrooms.
- On Belvidere Street, Boston, in October 2023, a 972-square-foot unit was sold for $1,400,000, a price per square foot of $1,440. The unit has 1 bedroom and 2 bathrooms.
- A 837-square-foot unit at 100 Belvidere Street in Boston sold in April 2023, for $1,150,000, a price per square foot of $1,374. The unit has 1 bedroom 1 bathroom.
Real Estate Newswire is a service provided by United Robots, which uses machine learning to generate analysis of data from Propmix, an aggregator of national real-estate data. See more Real Estate News
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