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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.
ABOARD THE BARCHETTA – In a prelude to history, the Tall Ships are assembling in Boston Harbor as The Eagle leads today’s flotilla to meet Old Ironsides.
It’s a day the city won’t soon forget with small boats darting in toward the majestic U.S. Coast Guard ship to snap a watery selfie.
A cool breeze is carrying the ships toward Castle Island for the parade. We’re tailing them all. I’m with Herald staff photographer Stuart Cahill as we follow the pride of nations to the docks.
A flyover is imminent as you witness the choreography planned years ahead come to life.
To our aft is the Mayflower II as it approaches Castle Island. A city tug boats nudged it into place and peeled away to shower the parade in a stream of water from its cannon.
Our past and future is forever tied to this Harbor and it is a fitting tribute today to that economic lifeline. We’re now passing Castle Island!
Two fighter jets just blasted over with the USS Constitution firing off its guns. Amazing!
Full coverage in the Herald! Today, tomorrow and forever Boston!
Reporting via Starlink on the Barchetta (which stands for “small boat,” I had to ask.)
Boston Red Sox
Sonny Gray once again led the way on the bump for Boston.
Are the Boston Red Sox back?
They’re certainly on the right track.
Boston won its seventh consecutive game Friday night, 6-2, in its series opener against the New York Mets. The victory improved its record to 44-48, which moved the club even closer to .500 on the year.
On top of that, the win was the Red Sox’ 12th in their last 14 games.
Immediately after the final out was recorded, Boston found itself 1.5 games back of the American League’s third wild-card spot.
The win was even sweeter considering the team’s severe issues they experienced in attempting to reach Citi Field.
After they were supposed to have departed Chicago at 9:45 p.m. Eastern Time on Thursday night following their series sweep of the White Sox, the Red Sox’ team plane was grounded until 3 p.m. ET on Friday. Weather delays on Thursday kept them at their gate, and then mechanical problems on Friday prolonged their stay on the tarmac well into the afternoon.
Friday’s game with the Mets was originally scheduled to begin at 7:15 p.m., but was pushed back until 7:50 due to Boston not landing at LaGuardia Airport until shortly after 4:30 p.m.
Starting pitcher Sonny Gray did not travel to New York ahead of time, which some starters do to get settled before their outing.
Nevertheless, the Red Sox de facto ace continued his stretch of utterly dominant pitching.
Gray tossed six innings of one-run ball, struck out three, and walked one on 91 pitches (53 strikes). He added an 11th win to his personal record in what has been an excellent season for the veteran right-hander.
Boston’s bullpen was nails, too — Tyron Guerrero, Garrett Whitlock, and Greg Weissert finished the game off in the final three innings after Gray exited. Weissert allowed New York’s second and final run in the ninth on a solo home run, but that was all she wrote in the runs column.
Offensively, the Red Sox’ bats stayed hot in what has been an unprecedented turnaround by the entire team at the plate.
Masataka Yoshida got things going in the first inning with a two-run double, but Boston was quiet until the seventh when Anthony Seigler broke things open. He hit a two-run homer to extend the lead, his second of the year, and was fired up as he rounded the bases.
After the game, Apple TV’s Heidi Watney asked Seigler how he had so much energy following the travel issues the team encountered earlier in the day. He said the club simply knew they would have to persevere, and they did just that on the diamond.
“I think that’s just how we are. It’s this whole team. It doesn’t just start with one person. I think it’s just everybody in the locker room,” Seigler said. “We were dealt some adversity today, obviously. But it doesn’t matter. We knew we were gonna come out here and handle our business, and we did.”
He even said he felt like he could suit up for another game immediately after the win.
“I mean, I feel like we could go another nine (innings) if we needed to, honestly, with how we’re going,” Seigler said with a smile.
Seigler, who came to Boston in the Caleb Durbin trade in February, has been a total, albeit unlikely, spark plug since joining the team last month. Through 20 games, he’s slashing .292/.378/.477 with an .855 OPS, and has hit at the top of the order.
Wilyer Abreu joined in on the fun with a two-run shot of his own in the ninth to cap the Red Sox’ scoring. He finally got a hold of one after coming within feet of hitting a homer in the fifth inning.
Boston’s offensive surge couldn’t have come at a better time. The front office has yet to decide whether they will be buyers or sellers at next month’s trade deadline; the team’s hot streak could prevent chief baseball officer Craig Breslow from blowing the roster up entering the second half.
The Red Sox are still four games below .500, but capping off the first half of what was a tumultuous start to the season with a win streak and multiple series sweeps could be just what the doctor ordered with the dog days of summer looming.
“We’re just putting great at-bats together, the whole lineup from top to bottom,” Seigler said of what’s gone right lately. “Our starter, Sonny, all of them, they just speak for themselves. And then our bullpen does a great job coming in behind them.
“It’s just fun to be around everybody. We believe in each other. Everything’s contagious. We’re all bringing high energy every day.”
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