Key Financial Data
- Total revenue: $51 million (-12.4% year-over)
- Net income: -$3.6 million (no change)
- Digital revenue: $13 million (+14.6%)
Beasley Media Group reported a sharp year-over decline in total revenue during its third financial quarter (Q3) of the year, as ongoing softness in the advertising market weighed on its ability to capitalize on its local radio stations.
In a prepared statement this week, Beasley Media CEO Caroline Beasley said the company is addressing the matter by executing on various cost-savings and efficiency strategies, including a plan to sell off its assets in Fort Myers, Florida. It also sold its Tamp Bay radio station WPBB (98.7 FM) for $8 million in September.
Stock Price
“Our cost-reduction initiatives are yielding tangible, lasting benefits,” Beasley said. “We’ve reduced total station operating and corporate expenses by $15 million year-to-date, while improving organizational efficiency and positioning Beasley to generate higher returns on every dollar of revenue.”
On the company’s earnings call, Beasley described the pace of revenue decline as “unacceptable,” signaling a stronger push to hold teams accountable and further “retool” the company’s sales organization to accelerate digital monetization. The CEO also emphasized that digital operations remain the primary growth engine for the broadcaster, which operates more than 60 radio stations across the United States.
Category performance continued to reflect broader ad-market weakness, with automotive ad revenue down 8 percent and retail ad revenue down 22 percent year-over-year. Beasley said advertisers in these sectors are continuing to divert budgets away from traditional broadcast toward digital and data-driven platforms.
There were signs that Q3 would be tough for Beasley: Last month, the company’s Chief Financial Officer Lauren Coleman announced her departure as the company was preparing its report. It also followed Beasley’s Q2 report, which showed ongoing revenue losses.
