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Warner Bros. Discovery Reports 11% Revenue Decline During 2026’s 2nd Quarter

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Warner Bros. Discovery reported mixed second-quarter results as it navigates a major corporate transition. The company continues preparing for its proposed combination with Paramount Skydance.

What We Know: Warner Bros. Discovery posted its second-quarter financial results while continuing efforts to complete its planned transaction with Paramount Skydance. The company saw revenue pressure from advertising declines, while distribution revenue remained steady during the period.

What the Numbers Show:

CategoryQ2 ResultsChange
Total Revenue$8.7 billion🔻 11%
Distribution$5 billion🔼 1%
Advertising$1.7 billion🔻 22%
Adjusted EBITDA$1.9 billion🔻 4%

What They Said: “(Warner Bros. Discovery) is performing at a very high level. We have every expectation that the transaction will close and that the company will be performing even better than the plan that we presented to (Paramount Skydance) when we did our deal.” -Warner Bros. Discovery CEO David Zaslav

What It Means: Warner Bros. Discovery enters the next phase of its corporate strategy with confidence from leadership. However, the company still faces advertising challenges as traditional media companies adjust to changing consumer habits. Additionally, the expected Paramount Skydance deal remains the key focus for investors and the broader media industry.

Barrett Media produces daily content on the music, news, and sports media industries. Sign up for our newsletters to stay updated and get the latest information right in your inbox.

Stephen A. Smith: Michael Wilbon “Was Right” in Comments About Not Being a Journalist

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Stephen A. Smith isn’t disputing Michael Wilbon’s “not a journalist” claim anymore. Instead, he’s redefining what it means.

What We Know: Smith addressed the Wilbon comments made yesterday to Awful Announcing on The Stephen A. Smith Show on SiriusXM Mad Dog Sports Radio. Rather than deny Wilbon’s point outright, Stephen A. Smith drew a line between daily duties and underlying identity. He cited his workload as evidence of his standing, pointing to 22 hours of live content weekly and over 900 hours a year. He also referenced his upcoming Broadcasting & Cable Hall of Fame induction as a defense against criticisms from those who didn’t serve as journalists.

What They Said: (All comments via The Stephen A. Smith Show – SiriusXM)

Stephen A. Smith says only journalists can say if he is or isn’t a journalist: “I wasn’t trying to imply that I’m a journalist. Meaning I’m in the locker room being accountable to the people I talk about every single story or every single angle that I take. I don’t have the time because I do 22 hours of live content per week, over 900 hours a year. I am universally recognized, if for nothing else, my hard work. But because I’m not a beat writer anymore in the locker room, folks want to say I’m not a journalist. You don’t get the right to say that. Michael Wilbon does because Michael Wilbon has done it.”

Stephen A. Smith says he’s still a journalist at heart: “Michael Wilbon’s right. I’m not a journalist anymore per se in terms of my daily responsibilities and duties. But I’m always a journalist at heart because what I was taught is what guides me through this terrain of news and beyond in the world of sports and beyond. The resume says so. The level of production says so and the achievements say so and then some.”

Stephen A. Smith says everything he does comes from a journalism background: “Responsibilities change, but the nature of who you are isn’t. I don’t just come on the air and blow out the mouth. I make phone calls and have resources. People educate me about what’s going on all the damn time. I’m just not in somebody’s face immediately upon talking about them because I don’t have the means to be able to do that. This is not I dream of genie back in the day. I can’t snap my damn fingers and be 3,000 miles away or even down a damn block. I gotta be in studio mic’d up. Different responsibilities. But the nature of what we do as pundits, as commentators, as radio host, etc. emanates in my case from years of journalism.”

Stephen A. Smith on Michael Wilbon the person: “Michael Wilbon is a dear friend. A great brother who ain’t never lie to y’all. The sway he talked is exactly what he tell me to my face. That’s why I love him so much. Same thing with Charles Barkley. These salacious headlines that serve to divide and conquer, it don’t work. Those are my brothers and I’m theirs.”

Stephen A. Smith stands by his achievements in journalism and media: “If you check the news, somebody’s about to be inducted into the broadcast hall of fame, which is the creme dela creme come September. His name is Stephen A. Smith. That didn’t happen because I talk s**t. It happened because I backed it up with my work.”

What Remains Unclear: Smith questioned the line of questioning that sparked Wilbon’s commentary. Whether or not this will evolve into more layers of conversation is unknown.

What It Means: Smith’s response reframes the debate instead of rejecting it outright. By separating duties from identity, he keeps his journalism credentials intact without contradicting Wilbon directly. Meanwhile, his Hall of Fame induction next month signals the industry has already rewarded his career, title debates aside. Ultimately, expect Smith to keep citing his resume whenever the “journalist” question resurfaces.

Barrett Media produces daily content on the music, news, and sports media industries. Sign up for our newsletters to stay updated and get the latest information right in your inbox.

Incoming MLS Commissioner Sees “Opportunities for Growth” With Media Rights Deals

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Larry Berg is set to become MLS’s third commissioner. He’s already framing media rights as one of his biggest growth opportunities.

What We Know: MLS and Apple signed a 10-year, $2.5 billion deal in 2022. The Season Pass paywall came down for the 2026 season, opening games to standard Apple TV subscribers. With the changes, the deal is now set to run through 2029. Apple agreed to waive its contractual right to opt-out after the 2027 season. Following the changes, unique viewers per match reportedly climbed to about 120,000, a nearly 50% year-over-year jump. Even so, NYCFC CEO Brad Sims recently called broadcast revenue the league’s “one gaping hole.” Berg spoke with Front Office Sports about what he sees for the future of the league’s media rights.

What They Said: Larry Berg (via Front Office Sports): “In my private equity business, if I buy or acquire a business that has a very popular revenue item that is low, that means a lot of upside. So just mathematically, we clearly have upside in media. We don’t have, in some cases, the same percentages as other sports leagues; that’s pretty obvious to us, but it also inspires us to correct that.”

Larry Berg: “I do think it’s [media rights] an opportunity for growth and something we certainly plan to improve over time.”

What Remains Unclear: It’s also unclear how Berg’s next deal will value distribution versus raw audience. Timing for formal negotiations remains unset too.

What It Means Berg is framing MLS’s below-market media revenue as opportunity rather than crisis. That’s just smart business. An approach that allows him room to negotiate privately better with the potential for a massive upside. With the league’s media rights deals out to compete with the NFL and MLB over the next couple of years, it will be interesting to see who is in the bidding for the MLS because of heightened costs of the other leagues.

Barrett Media produces daily content on the music, news, and sports media industries. Sign up for our newsletters to stay updated and get the latest information right in your inbox.

FOX Corp Lachlan Murdoch Puts Reworked Media Rights Deal With NFL On Hold Till After 2029-2030

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FOX Sports is staying put. The NFL will have to wait for a new media rights deal according to Fox Corp CEO Lachlan Murdoch.

What We Know: Murdoch delivered the news Thursday on the company’s earnings call. He says Fox won’t amend its NFL media rights deal before the 2029-30 opt-out. Murdoch credited direct talks with the league for the decision. However, the NFL had been open to renegotiating all its broadcast deals early this offseason, seeking a bigger payday.

What They Said: Lachlan Murdoch: “We don’t see any changes to our contractual terms until the 2030 season. Our relationship with the NFL is an incredibly positive one. We engage with them all the time.”

What Remains Unclear: Murdoch shared little about why Fox settled on this timing. Meanwhile, whether NBC, ESPN, and Prime Video will follow suit is unclear. CBS faces a different situation, tied to a change-of-control clause from Skydance’s Paramount purchase. The full scope of Fox’s talks with the NFL is unknown.

What It Means: Fox’s move will stall the NFL’s push for early deals. From a business standpoint, what the NFL could be looking for in terms of price today may be very different than in 2029-2030. Waiting may or may not be the best strategy, but it allows Fox to prepare and build systems to continue their relations with the league. Other partners may now wait rather than pay more sooner as a result. If so, this also allows a window of opportunity for the NFL to engage more streaming platforms who have become interested in live sports events.

Barrett Media produces daily content on the music, news, and sports media industries. Sign up for our newsletters to stay updated and get the latest information right in your inbox.

FOX Corp. Reports 28.1% Revenue Increase During 2026’s 2nd Quarter

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FOX Corp. delivered a strong second quarter as revenue growth accelerated across its portfolio. The company posted gains from advertising, distribution, and television operations.

What We Know: While the months of May, June, and July mark the second quarter of 2026, it makes up the fourth quarter of FOX’s fiscal year. FOX Corp. reported second-quarter financial results, highlighted by record revenue growth and improved profitability. The company saw strength across its core businesses, including cable programming, television, and digital operations. Additionally, FOX continued expanding its streaming strategy while benefiting from major programming events.

What the Numbers Show:

MetricResultChange
Total Revenue$4.2 billion↑ 28.1%
Distribution Revenue$2.0 billion↑ 4.8%
Advertising Revenue$1.9 billion↑ 77.7%
Cable Programming Revenue$1.7 billion↑ 9%
Television Revenue$2.5 billion↑ 45.4%
Adjusted EBITDA$1.2 billion↑ 27.3%

What They Said: “Fiscal 2026 was an exceptional year for FOX, capped by our broadcast of a remarkable FIFA Men’s World Cup. We
successfully launched our direct-to-consumer streaming service, FOX One, continued to keep America informed across a dynamic news cycle, enhanced Tubi’s position as a leading streaming service, and announced the acquisition of Roku, which will transform the scope and growth profile of our company. Financially, these milestones were underpinned by the delivery of record top-line revenue, which converted into record EBITDA. With strong momentum across our portfolio, we enter fiscal 2027 exceptionally well positioned to drive sustained growth and long-term shareholder value.” -FOX Corp. CEO Lachlan Murdoch

What It Means: FOX enters the next fiscal year with momentum across its business lines. Advertising growth provided a significant boost, while television revenue benefited from major events and programming strength. Meanwhile, the company’s streaming investments continue to shape its future strategy. As FOX expands FOX One and strengthens Tubi, executives believe the company has positioned itself for additional growth.

Barrett Media produces daily content on the music, news, and sports media industries. Sign up for our newsletters to stay updated and get the latest information right in your inbox.

Versant Reports 3.8% Revenue Decline During 2026’s 2nd Quarter

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Versant posted mixed second quarter financial results. The company reported lower revenue and earnings during the quarter.

What We Know: Versant generated $1.6 billion in second quarter revenue as distribution and advertising revenue both declined from a year ago. Meanwhile, adjusted EBITDA and net income also fell year-over-year. Even so, the company highlighted continued audience reach across its portfolio, recent long-term distribution renewals in the U.S. and Canada, and several strategic investments completed during or immediately after the quarter. Those moves included acquiring Full Swing, expanding its premium sports rights, growing Fandango’s consumer platform, and advancing direct-to-consumer offerings for CNBC and MS NOW.

What the Numbers Show:

Metric 2026 2nd Quarter Year-Over-Year Change
Total Revenue $1.6 billion 3.8%
Linear Distribution $954 million ▼ 6.3%
Advertising $423 million ▼ 0.6%
Net Income $211 million ▼ 30.1%
Adjusted EBITDA $624 million ▼ 8.9%

What They Said: “Versant’s brands once again demonstrated strength, durability and scale, reaching more than 120 million viewers each month during the quarter while reinforcing our leadership across news, sports and entertainment. That performance was reflected in the recent multi-year renewals with two large distribution partners, one in the U.S. and one in Canada. At the same time, we continued executing our strategy by investing in opportunities that will drive the next phase of our growth … Together, we believe these initiatives build on the foundation of our portfolio, deepen consumer engagement, and position Versant for long-term growth.” -Versant CEO Mark Lazarus

What It Means: Although Versant’s financial results softened, management continues to prioritize long-term growth over short-term performance. As traditional television distribution remains under pressure, the company is leaning into sports rights, consumer platforms, and direct-to-consumer products to diversify its business. Those investments could strengthen Versant’s competitive position, especially if they offset continued declines in its legacy television operations.

Barrett Media produces daily content on the music, news, and sports media industries. Sign up for our newsletters to stay updated and get the latest information right in your inbox.

Nexstar Media Group Reports 62% Revenue Increase During 2026’s 2nd Quarter

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Nexstar Media Group posted record second-quarter financial results. Revenue climbed as political advertising and acquisitions fueled growth.

What We Know: Nexstar Media Group reported record second quarter revenue of $2 billion, driven by its acquisition of TEGNA, robust political advertising, FIFA World Cup programming on its FOX affiliates, and continued digital growth. The company also highlighted momentum for NewsNation, which it said remained the fastest-growing ad-supported cable news network in both primetime and total day viewership. Meanwhile, Nexstar pointed to expanded distribution for The CW through new partnerships with ESPN and Roku as another key growth driver heading into the second half of the year.

What the Numbers Show:

Metric 2026 2nd Quarter Year-Over-Year Change
Distribution Revenue $1.1 Billion ▲ 52.3%
Advertising Revenue $862 Million ▲ 81.5%
Net Revenue $2 Billion ▲ 62.2%
Net Income $113 Million ▲ 24.0%
Adjusted EBITDA $633 Million ▲ 62.0%

What They Said: “In a record second quarter, Nexstar generated all-time high quarterly revenue driven by our acquisition of TEGNA Inc., strong political advertising revenue, incremental advertising revenue from highly rated FIFA World Cup events on our FOX-affiliated stations and continued streaming advertising revenue growth in Nexstar’s legacy local markets. During the quarter, NewsNation maintained its position as the fastest-growing ad-supported cable news network in prime time and total day viewership. At the same time, The CW accelerated its transformative evolution through distribution partnerships with ESPN and Roku, which will expand The CW’s reach to new streaming audiences … We remain confident that the case challenging our acquisition of TEGNA is without merit and we will continue to vigorously defend it.” – Nexstar Media Group Founder, Chairman, and CEO Perry Sook

What It Means: The quarter reinforces Nexstar’s strategy of combining broadcast television, cable news, and streaming distribution to diversify revenue. Furthermore, the TEGNA acquisition continues to reshape the company’s financial profile while political advertising provides a significant near-term lift. If NewsNation and The CW sustain their recent momentum, Nexstar could enter the back half of 2026 with multiple businesses contributing meaningful growth beyond its traditional local television operations.

Barrett Media produces daily content on the music, news, and sports media industries. Sign up for our newsletters to stay updated and get the latest information right in your inbox.

Former Big Machine President Kautz Starts Advisory Firm

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Andrew Kautz launched Kautz & Associates in Nashville. The bespoke consulting firm serves a small group of hand-selected private clients.

What We Know Kautz built a three-decade career at the music industry’s operational heart. He worked his way up from college intern to Chief Operating Officer at Emerald Sound Studios. Later, Scott Borchetta brought him on as Big Machine’s first hire in 2005. For the next 20 years, Kautz served as General Manager, Chief Operating Officer, and President of Label Operations. The pair scaled Big Machine into the world’s most successful independent record label. Most recently, he led Strategy & Operations at HYBE Label Service. His new firm advises labels, founders, investors, artists, and their management teams. He offers counsel on operations, publishing, distribution, royalties, catalog, rights, finance, M&A, and business development. Prospective clients can reach him at andrew@kautz.llc.

What’s at Stake The music industry faces unprecedented complexity alongside genuine opportunity. Technology now shapes the business as much as talent does. Industry leaders currently face critical decisions about their strategies and operations. Kautz’s deep operational expertise directly addresses these pressing challenges for executives.

What Remains Unclear The firm hasn’t disclosed its specific client roster publicly yet. Pricing models and engagement structures remain unannounced at launch. It’s unclear how his positioning compares to existing advisory practices in music.

What It Means Veteran executives increasingly build boutique consulting practices in music. This trend reflects how technology reshapes industry structures and demands. As the landscape shifts, specialized advisors help organizations navigate transitions effectively. Kautz’s “depth over volume” positioning represents a broader movement toward high-touch consulting in music.

Barrett Media produces daily content on the music, news, and sports media industries. Sign up for our newsletters to stay updated and get the latest information right in your inbox.

Strong Digital Performance Helps Townsquare Media Finish Q2 Nearly Flat

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Townsquare Media posted nearly flat second-quarter revenue despite continued broadcast advertising pressure. Digital businesses again fueled the company’s overall performance.

What We Know: Townsquare Media reported second-quarter net revenue of $115.4 million, a slight 0.1% decline from the same period last year. However, digital advertising continued to offset weakness in traditional broadcast operations. Meanwhile, the company generated $47.1 million in digital advertising revenue, marking another quarter of double-digit growth. Broadcast advertising revenue, however, fell as advertisers remained selective with spending. Broadcast advertising continued to face headwinds during the quarter. Even so, the business remained a meaningful contributor to overall cash flow while Townsquare Media continued expanding its digital portfolio.

What the Numbers Show:

Metric Result Year-Over-Year Change
Net Revenue $115.4 million ▼ 0.1%
Net Income -$41.8 million ▼ -2181%
Adjusted EBITDA $24.8 million ▼ 6.2%
Digital Advertising Net Revenue $47.1 million ▲ 11.0%
Broadcast Advertising Net Revenue $46.5 million ▼ 5.5%

What They Said: “Our Digital businesses represented 57% of Townsquare’s net revenue and 59% of Segment Profit in the first six months of the year. We believe the combination of multiple scalable, high-margin digital growth platforms and a durable Broadcast cash flow business creates a differentiated company with significant long-term opportunities to drive shareholder value through sustained net revenue, Adjusted EBITDA and cash flow growth, net leverage reduction, and future dividend payments.” -Townsquare Media CEO Bill Wilson

What It Means: Townsquare Media‘s latest results reinforce the company’s long-term digital transformation strategy. While broadcast advertising remains under pressure, expanding digital revenue continues to represent a larger share of the business. Consequently, investors will likely watch whether digital growth can further offset traditional media declines in the coming quarters while improving profitability.

Barrett Media produces daily content on the music, news, and sports media industries. Sign up for our newsletters to stay updated and get the latest information right in your inbox.

Cumulus, Audacy, iHeartMedia Share A Common Investment Problem for Radio’s Future

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Here we are again. Another round of layoffs from one of the top radio broadcast companies in the country. Didn’t we just go through this exercise literally a month ago with iHeartMedia? Also, didn’t this happen in April with Audacy? Yesterday, it was Cumulus Media’s turn at the wheel. The company is battling bankruptcy while working through a reorganization plan to stay alive in the broadcast radio business. Of course, all while engaged in a lawsuit with Nielsen over its ratings business.

As someone who’s sat in meetings making staffing decisions and has also been on the giving and receiving end of the news, I know these decisions aren’t easy. I don’t envy the people responsible for making the selections or delivering the news. At the end of the day, people are being cut from an industry built on people, passion, and connection. That’s not good for business or the future of radio.

Why?

Because the business of radio continues to be its own worst enemy. Cumulus is the country’s third-largest radio broadcast group with more than 400 stations in 82 markets. For the second time in six years, the company filed for Chapter 11 protection to restructure $600 million in corporate debt.

Everyone Follows, No One Leads

iHeartMedia did the same in 2018, and Audacy followed in 2024. Are they better off today? Some would argue business has rebounded slightly. But the industry isn’t reinforcing the very foundation that makes radio the most unique audio medium available. People.

Radio served as a trusted companion for generations. Today, it finds itself struggling to maintain the audience share it still has. Why? Because there are fewer people available to create the local connections that made radio indispensable.

Radio’s foundation was built on informing, entertaining, connecting, and supporting the communities it serves through its talent. Instead, here we are again. More people are losing their jobs, and radio continues chipping away at the very soul that made the medium special.

Does this seem all too common for the good of the industry?

I’ve worked for Barrett Media since February 2025. That’s 18 months. In that year and a half, iHeartMedia has conducted layoffs twice (October 2025 and June 2026). They’re not alone. Audacy had rounds of cuts in March 2025, August 2025, and April 2026. Cumulus now adds its latest roster reductions this week to those in November 2024 and late spring 2025.

All the names and stations affected. Is that a winning formula?

A Flawed Formula

Former KXnO program director Sean Roberts talked earlier this week about how his radio brand was gutted by the recent iHeartMedia layoffs last month. By no means is Des Moines, Iowa, a major market. But KXnO was still a vital piece of the daily ecosystem connecting sports fans to their local teams.

“For a sports format to work in Des Moines, you need local voices talking about the local teams,” said Roberts. “I don’t think you’ll get that support nationally because people aren’t hearing what they want to listen to.”

After 25 years of providing the people of Des Moines with live and local coverage, they now get national syndication. Turn on the syndicated feed and let the system run itself.

Is that a winning formula?

Earlier this week, we saw the complete gutting of legendary classic rock station KCAL in the Riverside/San Bernardino area. Talent with up to four decades of experience and deep connections to the local market disappeared without warning. Instead of personalities, listeners get music. All the time. Every day. A jukebox on repeat with zero local connection.

Is that a winning formula?

What executives too often forget is that the people matter most. It’s a forgotten metric in the abyss of numbers used to measure success. By cutting their own people, companies are losing the battle for their own future. You can’t expect talent and staff that remain to work harder, generate more revenue, and remain fully invested when there are so few examples that loyalty is rewarded.

Working at a radio station today has become a “look over your own shoulder” business. There are more fires to put out than sparks to ignite. If companies like Cumulus, Audacy, and iHeartMedia continue neglecting to invest in people, they have to ask themselves: Why should people continue investing their time in them?

Try Something Different

I can’t tell you how many times I’ve written about this, but it still rings true.

It’s long past time for major radio broadcasters to try something different and get back to investing in people. Technology will continue to evolve. Cars will become even more connected, and consumers will gain easier access to every audio option imaginable. Radio needs to get back to earning every listener instead of assuming they’ll stay at the party.

Radio executives spend countless hours asking how to win back listeners. The answer isn’t hidden in another spreadsheet, another restructuring plan, or another round of layoffs. It’s the same answer it’s always been: give audiences compelling local personalities, meaningful community connections, and reasons to choose your station over every other audio option available to them.

Every layoff may improve the balance sheet for a quarter, but it also chips away at the product listeners fell in love with. You want to make a guaranteed human campaign count? Invest in more humans than cut costs for new technology or another podcast to purchase for your platform.

At some point, the industry has to stop asking why audiences are leaving and start asking what it has done to give them a reason to stay.

Barrett Media produces daily content on the music, news, and sports media industries. Sign up for our newsletters to stay updated and get the latest information right in your inbox.