Netflix has altered the financial structure of its proposed acquisition of Warner Bros. in a move that reshapes an already complex bidding battle and raises the stakes for rival suitor Paramount.
The streaming giant announced Tuesday that it amended its winning bid to make the transaction an all-cash deal. The change removes the $4.50 per share in Netflix stock from the original offer. Under the revised terms, Netflix would pay $27.75 per share in cash for Warner Bros. Discovery Global would be spun off as a standalone public company.
The adjustment immediately intensifies pressure on Paramount and its CEO, David Ellison, who have argued that Paramount’s $30 per share all-cash bid for the combined Warner Bros. Discovery entity is clearly superior.
With Netflix now matching the all-cash structure, the debate has shifts squarely toward valuation, particularly the worth of Discovery as a separate company. Going forward, Discovery is expected to become the focal point of the bidding war.
In a proxy filing released Tuesday, Warner Bros. Discovery outlined how its board views the potential value of Discovery Global as a standalone entity. The filing presented several valuation scenarios, with Discovery shares ranging from a low of $1.33 to a high of $6.86 per share, depending on the analytical framework used.
According to the company, a selected public companies analysis suggested an implied equity value between $1.33 and $3.24 per share. The analysis was conducted on a whole-company basis. A sum-of-the-parts analysis pointed to a higher range. That range ran from $2.41 to $3.77 per share. The estimates were based on comparable companies, including Versant.
Warner Bros. Discovery also highlighted a transactions-based analysis, which reflected the potential for future acquisition interest and produced an implied range of $4.63 to $6.86 per share.
Paramount has strongly disputed those assumptions. In a filing earlier this month, the company argued that Discovery should effectively be valued at zero, or no more than $0.50 per share, when measured against Versant’s stock performance. Paramount continues to maintain that its $30 per share offer delivers greater certainty and a cleaner, faster regulatory path.
Warner Bros. Discovery acknowledged that earlier internal estimates had placed Discovery’s value between $0.42 and $2.09 per share at the time the Netflix deal was initially reached. The board said improved operating performance and more refined financial modeling led to the higher ranges disclosed this week.
The dispute has already moved into the courtroom. Ellison recently sued Warner Bros. Discovery seeking additional information about the proposed spin-off and its valuation methods, while also signaling a willingness to pursue a proxy fight. Tuesday’s filing confirmed that the company plans to hold a special shareholder meeting focused on the transaction, though a date has not been set.
If Paramount proceeds with a proxy battle, it will need to persuade shareholders to reject the Netflix-backed deal at that meeting. Meanwhile, executives at Netflix and Warner Bros. Discovery insist the revised all-cash structure positions their agreement for a faster close, citing stronger-than-expected performance at Discovery as a key factor behind the changes.
Below are statements provided by David Zaslav, President and CEO of Warner Bros. Discovery as well as Ted Sarandos, co-CEO of Netflix, Greg Peters, co-CEO of Netflix, and Samuel A. Di Piazza, Jr., Chair of the Warner Bros. Discovery Board of Directors.
“Today’s revised merger agreement brings us even closer to combining two of the greatest storytelling companies in the world and with it even more people enjoying the entertainment they love to watch the most,” said David Zaslav, President and CEO of Warner Bros. Discovery. “By coming together with Netflix, we will combine the stories Warner Bros. has told that have captured the world’s attention for more than a century and ensure audiences continue to enjoy them for generations to come.”
“The WBD Board continues to support and unanimously recommend our transaction, and we are confident that it will deliver the best outcome for stockholders, consumers, creators and the broader entertainment community,” said Ted Sarandos, co-CEO of Netflix. “Our revised all-cash agreement will enable an expedited timeline to a stockholder vote and provide greater financial certainty at $27.75 per share in cash, plus the value from the planned separation of Discovery Global. Together, Netflix and Warner Bros. will deliver broader choice and greater value to audiences worldwide, enhancing access to world-class television and film both at home and in theaters. The acquisition will also significantly expand U.S. production capacity and investment in original programming, driving job creation and long-term industry growth.”
“Over the last decade, when much of the entertainment industry has contracted, Netflix has grown and invested tremendously in the business of film and television in the U.S. and abroad. This transaction will further fuel that growth and investment,” said Greg Peters, co-CEO of Netflix. “By amending our agreement today, we are underscoring what we have believed all along: not only does our transaction provide superior stockholder value, it is also fundamentally pro-consumer, pro-innovation, pro-creator and pro-growth. Our revised all-cash agreement demonstrates our commitment to the transaction with Warner Bros. and provides WBD stockholders with an accelerated process and the financial certainty of cash consideration, while maintaining our commitment to a healthy balance sheet and our solid investment grade ratings. We will continue to work closely with WBD to successfully complete the transaction as we remain focused on our mission to entertain the world and, together, define the next century of storytelling.”
“Our amended agreement with Netflix is a testament to the Board’s unrelenting focus on representing and advancing our stockholders’ interests,” said Samuel A. Di Piazza, Jr., Chair of the Warner Bros. Discovery Board of Directors. “By transitioning to all-cash consideration, we can now deliver the incredible value of our combination with Netflix at even greater levels of certainty, while providing our stockholders the opportunity to participate in management’s strategic plans to realize the value of Discovery Global’s iconic brands and global reach. We look forward to continuing to engage with our investors about the compelling benefits of the transaction as we progress toward our stockholder vote on an accelerated timeline.”
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Warner Bros. Discovery is breaking out the internal financial projections for CNN for the first time, and the news shows a slight dip in a robust revenue figure.
The network is forecasted to feature $1.8 billion in 2026 revenue, according to a filing related to Warner Bros. Discovery’s planned spinoff of Discovery Global.
Documents from a lawsuit filed last year reveal that CNN had revenue of $2.2 billion in 2021, which dropped to $1.8 billion in 2023.
The forecast released projections through 2030, with CNN’s revenue expected to rise to as high as $2.1 billion in 2029, while hovering between the $1.8 and $2 billion levels through that five-year stretch.
The projections highlight how important CNN would be to Discovery Global, should it be spun away from Warner Bros. Discovery. While CNN is projected to bring in $1.8 billion in 2026 revenue, the other cable entities from the company — which include the likes of TNT, TBS, HGTV, Food Network, and Discovery, among others — are slated to see a combined $9.9 billion in overall revenue during the year. That figure is forecasted to fall to as low as $7.9 billion by 2029.
Warner Bros. Discovery noted that the figures were “not prepared with a view to public disclosure.” However, it said it was providing the information because it had been presented to the Board of Directors and was an important piece of information to share.
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ESPN is expanding its long-form documentary slate with a deep dive into one of the most influential figures in sports history. The network has partnered with Words + Pictures on Saban, a multi-part docuseries now in production that will chronicle the life, career, and far-reaching impact of legendary college football coach Nick Saban.
At the center of the project is Saban’s 17-season run at Alabama. He won six national championships and restored the Crimson Tide to college football’s most powerful position. However, the series stretches well beyond Tuscaloosa. It traces Saban’s journey through earlier stops at LSU and Michigan State. The series also examines his time in the NFL with the Miami Dolphins. That context shows how his ideas, methods, and intensity evolved over time.
Directed by Russell Dinallo, the series is produced by Connor Schell, Libby Geist, Aaron Cohen, and Alexa Conway for Words + Pictures, alongside veteran ESPN storyteller Tom Rinaldi. Gabe Honig will serve as co-executive producer and showrunner. Together, the group is tasked with telling the full story of a coach whose dominance reshaped college football and whose leadership philosophy influenced generations of players and coaches.
Unlike previous profiles, Saban promises unprecedented access. The series draws from hundreds of hours of never-before-seen footage captured in locker rooms, practice fields, and internal program settings. Saban tightly controlled those environments throughout his career. Those scenes are paired with present-day interviews, including extensive conversations with Saban and his wife, Terry Saban. Her influence and leadership within Alabama’s program became legendary in their own right.
“With my coaching days behind me, Ms. Terry and I have been doing a lot of reflection and realized we were ready to tell our story,” Saban said in a statement. He added that the project allowed him to revisit every stage of his career while examining the process that drove his success, not just the results.
The docuseries also explores “The Process,” Saban’s disciplined, detail-oriented approach to leadership. That philosophy produced seven national championships, four Heisman Trophy winners, and a pipeline of NFL talent. It also changed how elite programs operate. Former players, assistant coaches, rivals, family members, and observers contribute more than 80 interviews. They offer perspective on both the public legend and the private man.
“There will never be another Nick Saban,” said Words + Pictures CEO Connor Schell. “He’s a football genius, a singular leader, and a true icon. He has shaped the modern game in ways that extend far beyond wins and losses.”
Featuring more than 30 hours of interviews with Saban himself, Saban positions ESPN to deliver one of its most comprehensive sports biographies to date. Premiere timing and episode rollout details will be announced at a later date.
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Tuesday marks the first anniversary of President Donald Trump’s second inauguration. NewsNation’s Katie Pavlich will sit down with him to discuss the milestone.
The interview will air at 10 PM ET during Katie Pavlich Tonight. The discussion with President Trump comes one day after the program debuted in the primetime window for NewsNation. Pavlich joined the NewsNation lineup in the timeslot previously occupied by Ashleigh Banfield, who departed the program to launch a true crime vertical for the network.
Pavlich will conduct the interview from the White House. It marks the second sit-down interview NewsNation has had with President Trump.
In her debut show, Pavilich — who joined NewsNation after previously working at Fox News — spoke glowingly of the first year of the second Trump administration.
“Tuesday marks the one-year anniversary of President Trump’s second term, and Katie Pavlich Tonight is headed to the White House tomorrow to interview the commander in chief as he reflects on the milestone,” said Pavlich. “Our exclusive sit-down will air this time tomorrow night right here on NewsNation. On paper, his accomplishments have been undeniable since being sworn in last January.”
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Thank you for checking out ‘The Industry According To’. This series runs each Tuesday, and features radio and record industry executives, managers, programmers, talent, artists, and professionals from all areas of the business world. To be considered as a future guest, email me at keithblackboxgroup@gmail.com.
Today we hear from a quiet legend whom all in the industry should know but some don’t. That’s because over a 25-year career of doing mornings on a big brand in the nation’s capital — he’s chosen to simply let his content and presence do the talking instead of chasing headlines and sound bites. He’s Elliot Segal, member of the Radio Hall of Fame and host of Elliot in the Morning on DC101 in Washington, DC and WRXL/Richmond.
So, let’s dive in.
The Long Game
Keith: You’ve built a rare career by staying in one city, on one flagship brand, with various owners, for a very long time — while most air talent are chasing call letters by their mid ‘30s. What do the chasers misunderstand about the benefits of staying put and building something for the long term?
Elliot: When I left Z100 in 1999 (a good move for both me and Z100) and came to DC/101, my whole mindset was, “I have 2 years to make this work. I’m going to do this my way to make it work. If I fail – I fail. But I don’t want to blame anyone else if it doesn’t work out.” And I’ve had that mindset ever since.
So, while there have been other opportunities that have presented themselves over the years, in very appealing markets, they all came with restrictions that I thought would be detrimental to what I believe in. By no means am I saying that I wouldn’t modify the show for specific opportunities, but I wouldn’t make wholesale changes “just to get a cool job.” And while the idea of moving to a new city is always alluring, I never discount how much I love my current situation and how great DC is. The freedom to do “my show” in DC and Richmond is greater than wanting to move. Now, if I get fired and have to start over, I would have to find a new starting point with new parameters, but my mindset would remain the same.
I look at syndication the same way. When I was syndicating the show into ALT in New York and WNNX in Atlanta, I modified the show, but would not make wholesale changes. Jeff Sottolano and Mike Kaplan in New York, as well as the programming team at Cumulus, were on board. Unfortunately, within a year, both stations changed their formats and direction, and EITM was cut.
My point is, I believe my show has been successful for very specific reasons, and I am not going to “just change it” in hopes of chasing syndication. I own my own syndication. I charge for it. And I won’t make the drastic changes that I have had presented to me in order to grow the show: do it for barter, pre-record segments and send them down the line, create multiple clocks so each station can format the show, pre-record local sounding breaks to give yourself a more local sound… and on and on. Not for me.
I have had been told “Why would I pay you? I can call Premiere, get Show X for free, and give up a couple of spots, which really aren’t worth much right now anyway.” I’ve been told, “You need to send breaks so that XXXX can play 6 songs an hour. Or 4 songs an hour.” I just don’t believe that is what makes EITM successful in both DC and Richmond. We do one show for one audience, no matter where they live.
Like I said, I will modify the show. We did for Richmond when they started 20+ years ago. We did for New York, and we did it for Atlanta. We’ve included content from both markets and aired callers non-stop from both markets, mixed in with callers from DC and Richmond. We still do with listeners that have remained from New York and Atlanta. It was one big audience all experiencing, interacting, and being part of the same show. That to me is live syndication. But that is my mindset, others see it differently and do it differently, and that may work for them.
The Washington Effect
Keith: DC is a unique city — power, politics, diverse audiences, a global stage of sorts, and a large quotient of high IQ listeners. How do you think hosting a show in DC is different from most places in the country?
Elliot: Washington DC is definitely a unique city. So is Richmond and every city. I feel like, if you do your homework, study each and every market, you find out not only what makes it unique, but you find that is what makes it special. Sure, you have a lifestyle in DC that doesn’t exist anywhere else, but that is what allows for a unique experience.
My show is, and always has been, very interactive and very phone heavy. Having people in those unique positions – working at The Pentagon, The State Department, The White House, staffers, contractors, interns — allows voices from those sectors to be heard. It adds a great element to the show. I love diversity, it is what makes people unique. I want everyone to be a part of EITM. If you listen to the show, I am definitely not the smartest one in the room, but I am very curious by nature. I want to talk to everyone.
Avoiding Fame
Keith: You’ve never chased industry press or awards, which is rare for talent. Has that been intentional, and what are the benefits of staying out of the spotlight for you?
Elliot: I don’t think it’s intentional and I don’t know if there are benefits. There are a lot of things our industry does that I really don’t agree with or like, so I don’t think I’m sought out for comment. I don’t seek it out because I’m not really looking to get fired, so maybe that’s the benefit.
As for chasing press or awards, I really care about one thing: radio. I love radio. I’m so happy to get to be a part of radio. I respect radio. So, I want EITM to perform at its best. That is what I chase.
I will say though, getting into the Hall Of Fame was huge, but mostly as a way of honoring people. That moment, to me, was about honoring the people who have been huge influences and instrumental in my success. To stand on that stage and be able to thank John Lander and Scott Shannon, program directors like Brian Philips and Steve Kingston, and people who have been supporters and mentors like Sam Milkman and Thea Mitchem. To be able to thank my show: Diane Stupar, Tyler Molnar and Krysten Warnes for their work and effort every single day was a privilege. Finally, to be able to thank my wife and kids for their support every single day is what really made that day special. I also got to meet Jonathan Brandmeier, which was amazing.
I would have never accepted going into the Hall on an “audience vote”. I’m not knocking anyone who has gotten in that way. I just don’t have it in myself to ask a listener to vote for me. There are some that gave away t-shirts for votes. I can’t do that. Maybe that’s why I don’t chase anything.
Relevance Without Reinvention
Keith: Many shows try to reinvent themselves every few years to stay fresh and relevant. Full facelifts or constant reinvention haven’t been at the top of your priority list, but how do you know when it’s time to shake the show up a bit?
Elliot: The show evolves naturally over time. Or it should. EITM is not the same as it was in 1999. Or in 2005, and on and on. And it is not the same show it will be 10 years from now. If you just went back and listened to a single show from 20 years ago, it would be “wow, they’ve changed.” But if you listened along the way, it has evolved. I think it has to evolve. If we are not evolving, we are not growing.
That is true of life, that is true of morning radio. Diane has been with me since Day 1. Tyler has been with the show for over 20 years. We have people who have listened since we started. And people who have joined along the way. I just think that shows don’t have to reinvent the show or change out members to keep it fresh. But, the work ethic and effort have to continue and the ability, and open-mindedness, to evolve has to exist.
Just Noise
Keith: You follow industry stories and news — what is the industry obsessing over today that matters far less than it’s made out to be?
Elliot: Before I answer this, let me stress, I am just a disc jockey. I’m not a CEO or the head of programming sitting in a meeting with the CEO. I am a disc jockey. That said, I think we, as an industry, focus more on the output more than the input. The output is important, and I’m not suggesting it is not. I understand the importance of being able to dive into research and see and track who is listening where. Where the heaviest listener or listeners may be. I understand that getting a meter on the app is more valuable than over the air. I look at the research and love seeing it. And, as an industry, we are obsessed with it. But I wish we focused more on the input. The day to day programming.
I talk with so many market programmers who are frustrated with talent that don’t put in the work. I know talent too that don’t put in the work. There are a lot of stations that essentially run on auto-pilot, and not just in very small markets – which I also think is inexcusable. I, personally, don’t care how anyone listens. I don’t care if they listen through an actual radio, the app, stream on a computer or smart device, I don’t care. Listen however you want.
I care about what they are listening to. Make the product good, and be thankful that someone is listening. That goes for the talent, production, stopsets, and the stream. Make the station a good listening experience. I stream stations on the app, and for how important we say it is and how we promote it, at times the listening experience is horrible. I would start with the input.
Tech & Ratings
Keith: With iHeart as a parent company, I know you’re well-versed on tech and new content distribution strategies — but what about ratings? As a veteran talent with your track record, do you watch ratings closely? Do they influence how you approach your show or are they just something you check after the fact?
Elliot: Let me start with the iHeart piece. They have done a great job being at the forefront of a lot on the technology side. The app is great in that it changed the way people can listen. The fact that they created a way for people to literally take us anywhere in the world and listen is a true credit.
As for ratings, of course I keep an eye on them. But, for me it starts with my gut and my ears. Constantly reviewing how I feel about the show. Does it sound right? Are we doing the right things promotionally? Are we keeping active enough? And so on. As for numbers, I do look. Even with all the warts, Nielsen is what we have. And, it can, and does, have an impact on us as talent. It is the scoreboard. It can determine someone’s employment, pay, and an entire station’s existence. I don’t live and die by weeklies, but I absolutely keep an eye on them, in both DC and Richmond — or wherever the show has been on. But, I will also stress, they do not have a big influence on how I approach the show on a short-term basis.
Distrust in Media
Keith: You’re a trusted voice in the nation’s capital at a time when distrust in mainstream media is high. From your perspective, what builds audience trust and how is it lost?
Elliot: This is a hard one, because I don’t really focus on it. I think I learned at an early age from both Lander and Shannon, that the goal is to build the biggest audience you can. My goal has always been to be inclusive to almost everyone. If you want to listen to a morning radio show, I want it to be EITM. I don’t care if you are a man or woman. Old or young. White, black, Asian, Hispanic, anything. I don’t care if you are blue collar or white collar or if you love or hate politics. I don’t care if you are straight, gay, or what your preference is. Everyone is welcome to listen and interact.
Some people hate me and hate my show — I know that. I remember a research company at one point selling themselves as being able to “find the needle in the haystack” – meaning they could find singular target listener in an area and then focus in on them and trying to get them to listen. I remember telling them, “why don’t we get the entire haystack.” I’m sure they went on to be part of the people who hate my show. But I do believe that gains trust. It sounds very rose-colored glasses, but EITM has an honesty about it — good and bad — which I hope comes across.
FCC Rules
Keith: It occurred to me that members of the FCC, maybe even the Chairman, can listen to your show live on their way to work in traffic. Having had your own FCC encounters, is it time for the FCC to relax some rules so FM broadcasters can be aligned and more competitive with other media? If so, what would you change?
Elliot: Yes, FCC members can, and do. And yes, I have definitely had my own “FCC encounters.” Michael Powell was definitely not a fan during his term. But, I don’t know what I would change. Would it be fun to say whatever words I want to say…. probably. And if the FCC said, “Here is a new list of words you can’t say,” we would find ways to say them in another way. But I have never felt that I am handcuffed because I can’t say “fuck.” Maybe context versus words would be different. I do think everyone should be able to talk about whatever they want.
I have never felt like there is anything that EITM can’t approach. But, some people will always complain. And, in my case, that person listening could very well be working at the FCC, or running it. Maybe I’m in the minority, but I don’t feel like being able to use foul language really changes the content. That still comes down to how good the talent is. But, I would also be lying if I said there aren’t some days where being able to just say the damn word would make the story better.
Your Best Advice
Keith: A young talent walks into your office and says they want to be the next Elliot Segal. What’s the best career advice you can give to a young and talented personality who wants to excel at morning radio for decades?
Elliot: I am lucky. When I was younger, I got to learn from Lander and Shannon. And I had some great PDs. I am also lucky in that both Lander and Shannon had some not-so-great great PDs and General Managers. From John and Scott, they worked hard. They had high expectations for themselves, for the show, and the stations they were on. They didn’t look for short cuts and they worked hard. The same was expected out of me. It became second nature. I never wanted to let them down, not out of fear, but out of respect. But, I also got to watch them deal with not great PDs and GMs and learn from that.
I remember Lander tell me something in Philly… “never do it for the money… be successful and the money will come.” I moved to Los Angeles to work at Pirate Radio for less than $20,000. That was not chasing money.
And that gets me back to something earlier… being told that if I completely changed the show, and did it in a way that I did not believe in, I could be syndicated and that comes with a paycheck. It’s just not for me.
Lastly, there are no days off. Being allowed to do morning radio is work. It takes effort. It can be a great living that comes with a lot of perks… but if you are not willing to put in the effort and do the work, every single day, don’t do it. Don’t take it away from someone else.
2050
Keith: What will morning radio look and sound like in 25 years — if it still exists? Will shows still be doing Florida News and War of the Roses? Will it be humans?
Elliot: Morning radio better exist in 2050. And I fully believe it will. There is no telling what morning radio shows will be doing then, but I hope shows that are doing “War Of The Roses” and “Second Date Update” are not still running the same ones they are airing now. I know plenty of shows that are running the same “scripted and recorded bits” from 5 years ago, but pretending they are still new. But, like I said earlier, evolving and growing are essential for any show, as well as any format to thrive. But whether it was 25 years ago or 25 years from now, talent and content will still be the most important part of radio.
Your Biggest Win
Keith: What’s the bigwin your most proud of?
Elliot: I’m not sure if I have a biggest “win”. I have plenty of things I am proud of dealing with EITM. I’m proud of how we’ve handled situations in DC like 9-11, the DC Snipers, and other serious stories. I’m proud of the work we have done with, and for, The National Center For Missing And Exploited Children, as well as my involvement in the annual Secret Service – FBI charity hockey game. But I am equally proud of our ability to go in every morning and put on what I believe is an appropriate show for the day. We put a lot of work and effort into the show, so I am proud that no one on the show mails it in or takes a day off.
Nickelback
Keith: For the record, I’ve never hated Nickelback and think they’re allergic to writing bad songs. But they became one of the most entertainingly polarizing bands in rock history. YOU are in their “Rockstar” video. Have anything to say about that?
Elliot: Of course you don’t hate Nickelback. No one does. They may be polarizing, but people still know the songs, and if and when, one comes on, everyone knows all the words. And I’m not just saying that because I’m a Montreal kid.
The Uncomfortable Truth
Keith: If there’s an uncomfortable truth about morning radio or the radio industry in general that everyone needs to hear, what is it?
Elliot: This is a very hard one for me to answer. I love radio and want to remain employed. In my opinion, there are several big uncomfortable truths, and I don’t think I’m alone in that belief. I believe radio is the greatest form of media. It can be immediate, emotional, and interactive. It can be funny, serious, educational, silly, ridiculous and a best friend. Radio can build a large community capable of helping one another. There is nothing it can’t do, if we let ourselves do it.
Radio needs to respect its listeners and respect itself. Everything I do, I try to put the listeners first. Is this good for listeners? Everything else falls in line behind that. EITM has great business partners and sponsors and advertisers that I really enjoy working with. But, nothing is more important, to me, than the audience. I don’t take listeners for granted and don’t try to take advantage of them. I just want them to listen and enjoy the show.
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It’s been a very busy few months for Audacy’s sports radio flagship WFAN in New York City. Craig Carton’s return to the legendary radio brand for a third run created truth to rumors that had lasted for months following his departure from Breakfast Ball on FS1. Amid the changes came an opportunity for Carton’s former producer, Chris McMonigle. A WFAN lifer who worked his way from an intern in 2007 to full-time overnight host in July of 2023.
Today, the dream he had from childhood continues on the grandest stage of them all: afternoon drive in New York City on the brand that defined the format.
“I haven’t even picked my head up yet to think about the pressure [of afternoon drive]. I’m trying to focus on getting things started and doing the best I can, but it’s obvious. There’s more pressure and eyes on us,” said McMonigle. “It’s an incredible experience so far, and I’m really excited about it.”
McMonigle spent the last two and a half years as the guiding voice for WFAN’s overnight programming, He sat sidecar for so many working the third shift keeping them entertained while connecting on a personal level. His efforts during that time were not ignored.
The Opportunity Presented
McMonigle says he was approached by Audacy Chief Business Officer and New York Market President Chris Oliviero in mid-November with an opportunity he did not see coming.
“I had some time with it before it was announced. It was an exciting surprise,” said McMonigle. “It’s been a lifelong dream. Just to be the overnight host I felt was a dream, and I felt I was just becoming accustomed to that role. It’s been a whirlwind, but it’s been a crazy but exciting couple of months.”
Following his initial conversations before the Thanksgiving holiday, McMonigle says station management kept him fully in the loop about the potential opportunity. His experience as Carton’s producer for over two years alongside Evan Roberts helped build strong camaraderie between them.
As a result, McMonigle felt that a reunion, albeit in a new setting as a co-host, would be a smooth and comfortable fit.
“Now it’s just speaking less. The idea of sharing the time and establishing that rhythm of the back-and-forth is different,” said McMonigle. “Craig opens the show, leads the calls and segments. Those are all things I’ve been doing exclusively for over two years. Sometimes when the music comes back, I’ve caught myself just turning on the mic to start. It’s just getting used to it.”
When Carton departed WFAN to take on a role with FOX Sports in 2023, McMonigle knew it wouldn’t be his last stop with the station. He noted Carton’s legacy with the brand, along with his ability to generate ratings and revenue success over two previous stints, wouldn’t keep him away from a third crack in the Big Apple.
A Future Unknown
During the time following Carton’s exit to FOX Sports, McMonigle says he wasn’t worried about Carton taking his overnight position at WFAN. He didn’t allow rumors of a return to affect his focus, noting that being an overnight host insulated him from much of the scuttlebutt surrounding the prime dayparts.
Now, with Carton back in afternoons and Evan Roberts and Tiki Barber in middays, McMonigle feels the WFAN weekday lineup has a “big feel” in every daypart. While excited to be trusted as a key part of that lineup, he admits he didn’t always believe the opportunity would come at WFAN.
“Along the way there were times where [WFAN] felt very stagnant. The guys from behind the glass weren’t getting a lot of opportunities,” explained McMonigle. “There were times when it became a challenge. You felt you had to leave if you want to get on air. There were absolutely times at the station where I felt I didn’t know where this is all going. I love the station; I want to be here. But is this the best place for me?”
Change is never easy, and WFAN navigated a very public transition over the past few months with Carton’s return. While McMonigle’s role was elevated, station management ultimately decided that Brandon Tierney and Sal Licata would depart. In the weeks following the official announcement, BT & Sal were given the opportunity to close out their program on their own terms.
McMonigle praised the way both Tierney and Licata handled a very public and difficult situation.
“In radio you don’t always get the last show. [Chris] Russo didn’t get that. We’ve always heard once it’s over, it’s over,” said McMonigle. “I know BT and Sal will be great with whatever’s next. They [Tierney, Licata] handled it incredibly well, and I thought the station did well too… It went as well as it probably could have went.”
The Next Generation
McMonigle’s career path has always been tied to WFAN. His story reflects hard work, dedication, and embracing opportunity when it presents itself. He jokes that hard work never goes out of style, but the sentiment rings true when applied to his journey.
Although his story now continues into afternoon drive, McMonigle is often asked for guidance by those trying to break into the industry. He recognizes that his path was shaped by the timing of his entry. He also acknowledges that the landscape for breaking through in sports radio is much different today.
“The difference is it might be easier than ever to get started. There are so many platforms and different things to find and be a part of, but maybe that makes it more difficult to cut through,” explained McMonigle. “There’s still a role to go somewhere and do whatever it takes to get somewhere and stay relevant in that company. But it is a different world. There are more ways now to do it than just one.”
With the first week of shows alongside Craig Carton officially complete, McMonigle is focused on what’s ahead. The comfort level of working with Carton is already there, and McMonigle says he knows he’s in good hands with one of the best to ever do it.
Each day comes without a set plan of attack. As McMonigle puts it, the vibe should always be two buddies talking about sports, with the rest taking care of itself.
“My wife would say I speak fluent sarcasm. Me and Craig are very similar in that way,” noted McMonigle. “I’m not even thinking of changing anything. I’m thinking about starting something. For me, Craig and I are starting something new. For him it may be his third crack at it, but it’s my first. This is something new, and I’m looking forward to it.”
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Jesse Watters, Jessica Tarlov, and The Five have been joined at the hip for years now. The dynamic is familiar, loud, and deliberately uncomfortable. It is also wildly successful. That context matters when parsing Watters’ recent comments about how he treats his liberal co-host.
Watters recently acknowledged what most viewers already know. “I do come off condescending, and I’m working on that,” he said. He also cited advice from Brit Hume, noting that he was told to interrupt Jessica Tarlov less because audiences need to hear the other side. Watters added that he has been trying to be more polite.
That all sounds reasonable on the surface. It is also completely unnecessary.
The entire appeal of The Five is rooted in tension. The show is not a polite seminar. It is a daily food fight with ideological guardrails. Every cast member has a role, and Tarlov’s role is clear. She is the resident liberal foil. There’s no doubt that she is the punching bag. She knows it, accepts it, and executes it well.
Importantly, that punching bag punches back. Often. Tarlov is sharp, prepared, and rarely intimidated. She needles Watters as much as he needles her. That back-and-forth is not a flaw in the show. It is the engine. Remove the edge, and you remove the electricity.
Viewers do not tune into The Five for balance in the traditional sense. They tune in for controlled chaos, sparks, and arguments that feel unscripted, even when they are predictable. Jesse Watters leaning into confrontation is not a bug. It is a feature.
There is also the matter of results. The Five is almost always the most-watched show in cable news. Night after night, it beats programs that try much harder to sound reasonable. Success at that level is not accidental. It is the product of chemistry, consistency, and characters staying in their lanes.
Messing with that formula is risky. Audiences are creatures of habit. They like knowing what they are going to get. Watters playing nicer might earn praise from critics, but it would cost the show its bite. Cable news history is littered with examples of executives fixing things that were not broken.
Whether Watters is a “bad person” is an entirely separate debate. That is a cultural conversation, not a programming one. Television is not a morality contest. It is a performance medium. Watters is performing a role that resonates with millions of viewers who know exactly why they are watching.
It is hard to imagine a meaningful portion of the audience saying, “I love The Five, but I stopped watching because they were too mean to that girl I completely disagree with.” That viewer does not exist in large numbers. If anything, the rough edges are the draw.
Watters does not need to change for the content’s sake. He needs to keep doing what helped make The Five dominant in the first place. The tension works. The roles work. The ratings confirm it. Polishing away the friction might make some people feel better, but it would make the show worse.
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The NFL is down to its final four. The NFC and AFC will crown their conference champions this Sunday. The season has delivered memorable moments, dramatic comebacks, and stunning performances few could have predicted. Along the way, the league has posted gains in viewership across networks and streaming platforms. Now, it’s preparing to celebrate the Super Bowl’s 60th anniversary in less than three weeks on NBC Sports.
The Super Bowl has served as a beacon of American pop culture for decades. Football’s pageantry blends seamlessly with advertising, spectacle, and pop culture, all capped by the annual halftime show. Different audiences tune in for different reasons. As a result, the Super Bowl has set viewership records in each of the past five years.
Yet every January, the same debate resurfaces. Sports pundits spend days speculating about which matchup the NFL wants. Would the league prefer the Denver Broncos or the New England Patriots? Does the NFL need the nation’s second-largest market in Los Angeles, or would a Seattle Seahawks appearance in Santa Clara be just as compelling? No matter the answer, the conclusion remains unchanged. The NFL does not experience meaningful viewership swings based on the teams involved. So why does the discussion even exist?
Among the four major professional sports, football stands alone. Matchups do not drive its championship viewership. There is no seven-game series and no international wrinkle to complicate interest. In the United States, football rules the sports landscape with an iron grip.
The teams involved do not matter.
That statement cannot be applied to the NBA, MLB, or NHL. The evidence lives in the numbers.
Last summer, the NBA Finals reignited the familiar debate about small-market matchups. The Oklahoma City Thunder’s seven-game series against the Indiana Pacers became the least-watched Finals since 2007, excluding the pandemic-affected seasons of 2020 and 2021. The quality of play did not save the ratings.
While the NFL’s final four this season do not come from small markets, no one would panic if Green Bay or Buffalo reached the Super Bowl. History says the audience would still show up.
The NHL faces a similar challenge. Last year’s Stanley Cup Final between Florida and Edmonton produced the lowest American viewership since Tampa Bay defeated Montreal in 2021. The series averaged 2.5 million viewers, a 40 percent decline from the previous year. That came despite a compelling narrative featuring the Panthers chasing consecutive titles and Connor McDavid, one of the greatest players of his generation.
Most NFL preseason games outperform the average Stanley Cup Final broadcast.
Baseball offered the lone bright spot. The World Series featuring the Dodgers and Blue Jays averaged 15.7 million viewers on FOX Sports. The numbers benefited from Nielsen’s Big Data + Panel, which boosted measurement across multiple sports. Even with that adjustment, one question remains unavoidable.
Would the audience have been that large without the Dodgers? Historical trends suggest otherwise. The World Series eclipsed an average of 12 million viewers only once in the four editions preceding 2024.
In the NBA, MLB, and NHL, markets matter. Teams matter. In the NFL, they do not.
That separation did not happen by accident. The NFL engineered it. Scarcity, urgency, national windows, and straightforward storytelling turned every game into an event rather than content. Football trained its audience to show up regardless of logos, stars, or geography.
The NBA, MLB, and NHL are not short on star power or narratives. Their problem is dilution. Overexposure and endless inventory have conditioned fans to believe they can tune in later. Football eliminated that mindset years ago.
Which raises the uncomfortable question. What can the NBA, MLB, and NHL do to make their championship series matter to the casual fan? Is there anything?
Until those leagues transform their finals into can’t-miss events rather than optional viewing, the teams involved will continue to drive interest. Markets will continue to influence outcomes.
Each league faces the same core issues. They lack urgency and struggle with presentation. They wrestle with identity when their biggest moments arrive.
Until those leagues stop hoping the right teams will rescue their championship stages and start designing those stages to be unmissable no matter who appears, the gap between football and everyone else will continue to widen.
The viewing experience must match the moment’s hype. That is where the NFL continues to excel. The event itself, not the participants, drives the machine.
Is there a matchup the NFL prefers among its final four? No. The question does not deserve airtime this week. Save the column inches, radio segments, and television debates. Do not flood timelines or chase engagement.
Until the NBA, MLB, and NHL stop searching for the “right” teams and start engineering championships that feel unavoidable, the conversation will never change.
Football will keep winning. The rest will keep wondering why.
Barrett Media produces daily content on the music, news, and sports media industries.Sign upfor our newsletters to stay updated and get the latest information right in your inbox.
Artificial intelligence is here—and here to stay. A.I. is on the verge of detonating radio’s traditional playbook and rebuilding it rapidly. A.I.-voiced personalities sound indistinguishable from legacy talent, while automated production tools write, voice, and in certain situations, mix a segment in seconds.
What once took a loaded studio and a full day of work can now be compiled with a single prompt, and that reality is forcing all audio to face the proverbial music. Adapt or become obsolete.
The speed at which artificial intelligence is plowing into our industry alarms even the most seasoned radio veterans. In the short time from the holidays to now, long-time audio creation professionals have turned to A.I. for innovative content creation.
The first to catch the eye and go “all in” was Contemporary Christian content creator David Sams. His background includes producing Hollywood-based television shows. His pivot lies in his audio-video portal, Keep The Faith Ministries, outside Nashville.
The Impact of Celeste Faith
A significant amount of content on the organization’s online portal is A.I.-generated. Sams experiments with the technology for several seasons. One piece of branding launched in late 2025 produced both praise and controversy for Sams—an entirely A.I.-designed Contemporary Christian artist named Celeste Faith.
Not only is the Celeste Faith model artificial-intelligence-generated—so is the song Joy. David Sams’s digital press describes Celeste as “the world’s first widely released biracial AI artist in contemporary Christian music,” while claiming she is far beyond being just “code.”
Sams positions Celeste Faith as both a “creative and spiritual presence,” suggesting she can minister to Christian audiences even though she is not human. Reactions to the new digital branding project have been mixed, ranging from Christian artists to Christian programmers.
Positive feedback reflects an affinity for the brand and awe of the technology. Several comments describe the song and video as “fun” and “ahead of the curve.” Others call it a “new frontier” and proclaim the use of the technology “brilliant.”
On the negative side, Christian industry voices have criticized the idea of A.I. musicians on spiritual grounds. They’ve expressed concerns that A.I. “has no Holy Spirit” and cannot genuinely minister through music. Christian radio veterans question why a talented content creator like David Sams would promote digitally developed artists. This while others applaud the industry’s negative reactions to the new brand.
Christian radio programmers have stated they will not air A.I.-generated music, arguing it undermines listener trust and authenticity. Despite social buzz, traditional platforms show little support for A.I. artists like Celeste Faith.
Glenn A.I.
Earlier this month, Glenn Beck rolled out his own version of A.I. content—“Glenn A.I., fully produced by Glenn Beck’s proprietary A.I.”
His initial digital podcast was not off-brand. Tt presents coverage of U.S. military interventions but generated by a custom A.I. model rather than Beck’s real voice.
Simultaneously, Beck unveiled his historical-based A.I., The Torch, tied to a new foundation he launched to preserve and teach American history using his vast archive of founding documents. The inaugural audio featured a digital conversation with George Washington.
Beck is one of the first high-profile personalities to use A.I. to generate a complete episode for his brand, moving beyond digital editing to actual content creation for his podcast.
What rubs conventional thinking about Beck’s brand is that he frequently warns about A.I. risks. Beck has said the technology is a threat to society, values, and perhaps freedom. He has described A.I. developments as a kind of “quiet detonation” that could change how humans live and think.
Beck’s dual stance on A.I.—critiquing it externally while embracing it internally—creates a clear dichotomy in how he justifies A.I.-generated content under the Blaze Media brand.
His Blaze fan base has applauded the move. They view it as innovative and educational when tied to his archive of American founding material rather than broad, generic A.I. Supporters appreciate the opportunity to access historical content in an interactive format.
Negative press, however, centers on mockery of the A.I. George Washington interview, calling it bizarre and lacking journalistic credibility with a gimmicky feel. Media analysts are questioning whether A.I.-generated commentary should be clearly labeled. No matter if it alters audience expectations for podcast hosts.
We felt it was important to include the voices of long-time, successful radio experts on the use of A.I. in their station clusters. Here are two of them.
A.I. Advancements With Jeff McCarthy
Jeff McCarthy is a more-than-40-year veteran of the industry and the long-time Vice President of Programming for Duke Wright’s Midwest Communications. From the company’s world-class headquarters in Green Bay, McCarthy oversees more than 80 stations across the Midwest and is a long-time radio friend.
Known for his collaborative culture, creativity-first mentality, and leadership development, McCarthy has been the rock guiding programming strategy and talent development. More than just a programming vice president, he would rather be in a studio creating new format imaging than wearing a suit poring over numbers.
It would be easy for Midwest Communications to scale A.I. for its brands.
*Editor’s Note: Answers have been edited for clarity and length.*
Kevin Robinson – What are your overall thoughts about AI usage in radio?
Jeff McCarthy – AI is an amazing tool and it is not going away. If used properly, it can be extremely useful in radio if we use it for the right reasons.
Kevin Robinson – Have you used any AI platform in your stations and if so—how?
Jeff McCarthy – We encourage our talents to experiment with the AI platforms. We’re not locked into any one service. We want to learn the similarities and differences. I read a quote stating, “You won’t be replaced by AI, you’ll be replaced by the talent who knows how to use AI.” Embrace the experimentation.
Our usage is primarily in social media, commercial audio, and overall writing. How we use AI continues to evolve as we learn.
Kevin Robinson – How do you ensure authenticity and audience trust when AI is part of the content-creation process?
Jeff McCarthy – We live in a world where it has become increasingly difficult to know the truth. Trust is a critical component with the consumer. Once you lose that trust, it is extremely difficult to regain it. We have used AI in collaboration with human creativity on commercials and some social media.
However, if AI-generated air talent becomes a reality, there should be full transparency. Don’t be surprised if regulations are put in place as the technology advances. This would require disclosure of any AI usage.
Kevin Robinson – Do you believe AI will ultimately strengthen or weaken legacy broadcasting skills?
Jeff McCarthy – It will do both. If used properly, it will most definitely strengthen brands. Those who allow human creativity to work alongside AI as a tool will have a tremendous advantage.
However, if the goal is to replace local human talent with computerized disc jockeys, it will take us down a dangerous road. The constant is human creativity and participation. Using AI while still serving the local community with personalities will ultimately make broadcasting stronger.
Kevin Robinson – What other adaptions have you seen utilizing A.I.?
Jeff McCarthy – I have seen countless technical advancements over the years. Change is constant. If you do not learn to embrace it and use it to your advantage, you will be left behind. Records became CDs, turntables disappeared, and digital audio replaced CDs, yet we survived.
Play with it, experiment with it, and learn how AI can help you—not replace you.
Adapting with A.I. by John Spencer
John Spencer is a longtime Illinois Valley broadcaster and somewhat of a unicorn in the industry. After leading programming for his three radio brands for over a decade, John and his partners purchased the cluster in 2019.
He now serves as president, owner, and general manager of Starved Rock Media. John owns and operates market-leading stations in LaSalle-Peru—WLPO (AM/FM), WAJK, and WLWF. He joined the group three decades ago as a morning show host and production expert, eventually working his way into programming leadership and the 2019 station purchase from La Salle County Broadcasting.
Under his leadership, the group continues to super-serve listeners across north-central Illinois, and staff tenure spans decades. With limited resources in a small market, it would be easy for John to deploy A.I. across his cluster. We asked him the same questions.
Kevin Robinson – What are you overall thoughts about AI usage in radio?
John Spencer – AI is here, and it’s growing. If you’re not using it, you’re falling behind.
Kevin Robinson – Have you used any AI platform in your stations?
John Spencer – We’ve used ChatGPT and other AI platforms to write and strengthen ad copy and proposals. Also we’ve used it to create and refine graphics and images, plus research best practices and spark ideas.
Kevin Robinson – How do you ensure authenticity and audience trust when AI is part of the content-creation process?
John Spencer – Our people are using AI. Nothing is used on air or online without human intervention and verification. We are not using it to replace people. We are using it to be more efficient and better at everything we do.
Kevin Robinson – Do you believe AI will ultimately strengthen or weaken legacy broadcasting skills—and why?
John Spencer – Legacy broadcasting, at its best, is local storytelling and connection. Like so many tools we’ve adopted over time, AI is another powerful resource we should use responsibly to improve what we do.
David Sams, Glenn Beck, Jeff McCarthy, and John Spencer are all in the A.I. business. It will not be long until we all are.
iHeartRadio Chief Programming Officer and President Tom Poleman is on record positioning his nearly 900 stations as mostly A.I.-free in an October 2025 Barrett Media article.
However, artificial intelligence continues to pressure our business. How we use it responsibly and creatively remains the question. The future will be guided by algorithms, but it will also be driven by talent—programming, on-air, and creative professionals—who know how to merge innovation with personality.
Barrett Media produces daily content on the music, news, and sports media industries.Sign upfor our newsletters to stay updated and get the latest information right in your inbox.
There are three basic ingredients for a news/talk or sports talk radio host. Every topic must display these aspects to be successful.
The first is opinion: most people think that they are really opinionated. Perhaps they are, but rare is the human who will lay out that opinion in public discourse.
The second is the news story. Most hosts are buried in the details. The details support the opinion, but this information is the least important part of hosting a show.
The third is observation. The host’s personal connection, stories, and feelings are key to a great show.
If I were quizzed on how to order this three-legged stool of importance, the most important element is the host’s connection to the story. A strong, clear opinion is second, and the actual news story is the shortest munchkin.
Here is why observations are so important. They create a bond with the listener. If I hear one universal weakness on talk radio shows, it is the lack of connection explaining why a story matters to the host. I was listening to a nationally syndicated host who recently read an article written by someone else. This creates zero intimacy.
If you are in a romantic relationship with someone, you do not explain the details of your affection in a generic, fact-based presentation. You tell your beloved that moments of intimacy, from cleaning the kitchen together to sharing quiet time, fill your heart with a joy that no other person could provide. You bare your heart to that special person about how you feel in that romantic relationship.
Think of your connection with your audience. How do you feel about them? How can you share your passion with them? Your passion point is that observation, that feeling. Are you frightened to share these feelings? If you are unable or unwilling to share your feelings, you will never reach the intimacy that your audience craves and demands. The listeners are there for you. It really is that simple. If you are unable to share these personal details, you will never have complete dedication.
Talk radio is the theater of the mind. Are you creating word pictures? The more color you share on a subject, the more of a cosmic relationship you will inspire. Your job as a radio host is beyond ratings and revenue. The endgame is to become an indispensable part of your listeners’ lives. Your listeners are having tough days. They may have an angry spouse, a creepy kid, a crappy job, or just a bad day. You are their refuge. These amazing people chose you. There are thousands of other places they can go. It is not a limited number of radio stations.
I have a connected car. I can listen to anything I wish. There are no limits. Being memorable is key. Tell a story with vivid details. Mention the woman with the perfume that made everyone in the room choke. Remember that time you had a job interview with a man with the terrible toupee? I actually had an interview with a very nice man with a horrible toupee. I could not keep my eyes off it. And I so wanted to ask the man if he thought that astroturf on his skull was not noticeable. Sadly, I am a polite man and did not go there. Now, if this were a person I knew, I would troll him forever. That is the reason I do not have many friends.
When was the last time you talked about the scent of leather, cheap beer, weed, and sweat while recounting a story about attending that Motley Crue tribute band concert? Speaking of that subject, have you ever been to a club to see musicians copy a famous band? I haven’t, because I kind of think it is cheating. I have some friends who love doing that. Wouldn’t you rather see musicians who write and perform their own music? I find it more honest. Paying to see a tribute band is like watching nothing but remakes of the Ben Affleck and Jennifer Lopez classic, “Gigli.” Considering Hollywood’s addiction to remaking old movies, this is coming.
A news/talk or sports talk host without an opinion will fail. A host who does not know the details of a story will be exposed for not being prepared. These are essential parts of the process of a radio show.
I once had to move on from a talk radio host who had zero opinions on anything. He was moved over to the news/talk station that I ran and had been in the position for a few years. The ratings were terrible. He did not have an opinion on anything except Broadway plays and Debbie Gibson. I was very interested in the hybrid vehicle he was driving, so I asked him how he liked it. He could not explain anything about his car. He told me it was ok. I asked about gas mileage when it was cold. He replied that he did not know. I never asked him about his wife and children. He probably would have been noncommittal about them as well.
Your show is like an audiobook. You are creating the places, ideas, and fun that are necessary for your audience to care about what you are discussing.
When was the last time you read a book that only had details and no story around them? The TV show Law and Order proves the point. Why do they not arrest the murderer in the first five minutes?
Give reasons to keep listening. Storytelling is part of a listener-focused experience.
Barrett Media produces daily content on the music, news, and sports media industries.Sign upfor our newsletters to stay updated and get the latest information right in your inbox.
