Reductions in force (RIFs) are nothing new to the radio business. There was a great deal of consternation over the firing of Greg Papa from Cumulus’ KNBR in San Francisco, considering that he’s dealing with a serious cancer fight. Jason Barrett wrote a long piece on it, and he’s not the only one. Plenty of recent Cumulus employees are now former employees as well, and hopefully they’re in better health than Greg Papa.
Regardless of how the economy and the stock market are doing, radio is in a recession. In the second quarter of 2026, every publicly traded radio company’s revenue was down, except in one case where the radio division was down while overall revenue was up slightly. Cumulus and Beasley were both down nearly 10% in Q2 revenue versus 2026. Urban One and Saga were both down year over year.
Now that Audacy is private, we don’t know how the number two radio company performed, nor do we know about Connoisseur Media, which is also privately held.
Radio Can’t Cut Its Way to Prosperity
Times are tough for our business. As it’s often said, you can’t cut your way to prosperity. Sometimes reducing the headcount is needed, but this has been consistent in radio for a long time and, based on the results, doesn’t seem to be the answer.
Here’s an idea: how about if we prove that radio works beyond the data? Pierre Bouvard and his Audio Active Group at Westwood One have turned out wonderful pieces. The RAB does as well. Yet the revenue keeps dropping.
Why not pick a mid-sized market and have one operator go all out? Personalities on all day, live and local. Even in the evenings. Budgets for promotion and research. Lots of local liaison — in other words, the way radio used to be when it was successful. Maybe the companies contribute a few stations to a consortium, get top-notch folks to run it, and see what happens. I don’t know if it will work, but if cutting, great data, and stories aren’t improving the situation, why not try what lots of radio people already believe?
Next, it may not be publicized, and if I’m wrong, so be it, but I haven’t heard many top folks at publicly held radio companies say, “Our companies aren’t doing well. I’ve made a lot of money, so I’m going to work for a greatly reduced salary and benefit package until we can turn this around. That might save some jobs in my company.”
Executive Tenure and Leadership Change
Perhaps it’s even time for changes at the top. According to Russell Reynolds, which tracks such things, the average tenure of a departing CEO in the first half of 2026 was 9.0 years, up from 7.1 years for all of 2025. Let’s consider the radio industry.
Audacy replaced David Field with Kelli Turner as the post-bankruptcy CEO early last year. Field had been CEO of Audacy (previously Entercom) since 2002 — a span of over 22 years.
Mary Berner is wrapping up her 11th year as CEO of Cumulus. One could blame the first bankruptcy on the Dickeys, but the second one is on her and her management team.
Last week, I celebrated my 72nd birthday. I’m not feeling that old, and I don’t think I look 72, although those of you who know me might argue otherwise (the picture used with the column is 13 years old, so don’t go by that). But even at 72, I’m a few months younger than Bob Pittman, assuming his Wikipedia page is correct. Bob has had a fantastic career, both in and out of media. But he has been at the helm of iHeart for almost 15 years. Notice a trend here?
AM Radio and Nielsen’s Diminishing Role
Every week, we see trade press blurbs about companies turning in AM licenses. That’s why we need AM in every car, because these stations aren’t worth enough to the licensees to keep them on the air. Don’t blame the NAB for pushing this initiative on Capitol Hill. The organization does what its board, mostly elected by broadcaster members, tells it to do. If the priorities of the NAB Board change, the NAB’s priorities will change as well.
Then there’s Nielsen. It seems that the company has let go as many people on the audio side as any group owner. In the meantime, Nielsen and Cumulus keep battling in court. Does this help our industry at all? Can’t something be worked out to the benefit of both sides, rather than to the benefit of their respective high-end law firms?
For that matter, when was the last time you heard about Nielsen doing anything for the radio/audio business? A press release here and there?
You may have read that the RAB, along with NuVoodoo Research, is doing a study of audio account executives. Why isn’t Nielsen involved? We did a similar study at Arbitron back around 2001, on the company’s dime. Go back and look at studies conducted by Edison, Coleman, Jacobs Media, and others, all paid for by Arbitron. Remember the Consultant Fly-Ins? Arbitron paid for it if you could get yourself to Maryland. Perhaps that was a different era, but it showed the concern for making the industry stronger.
I’m not sure any of these ideas will solve radio’s long-term issues, and you may have other good ideas. What I think we can agree on is that the status quo isn’t working.
Let’s meet again next week.
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