Beasley Media Group cuts 7% of workforce
Beasley Media Group is undergoing a 7% staff reduction across the company. The cuts so far have affected stations in Boston, Philadelphia, and Ft. Myers.
“We are realigning our core business operations to reflect the current economic conditions in order to best serve the needs of our valued audiences, advertisers, and shareholders into the future,” a company statement read.
Caught up in the workforce reduction is veteran programmer Tom Calococci, who oversaw soft AC “Sunny 106.3” WJPT-FM and “ESPN Southwest Florida” WBCN (770) in Fort Myers.
“Radio is tough business lately, with many friends and colleagues getting laid off. Well, that train has finally stopped at my house, I am now officially unemployed,” Calococci wrote on Facebook. “Had a great run with Beasley in Fort Myers, but I’m ready for my next challenge!”
It was Calococci’s third stint with Beasley. Before transferring to Ft. Myers, he had a six-month stint as the Program Director of the company’s R&B oldies “Jammin105.7” KOAS Las Vegas (April-September 2021). Calococci previously worked for the company as PD of rhythmic CHR “Power 96” WPOW Miami, which is now under Audacy ownership.
In Philadelphia, veteran production pros Kevin Gunn and Rhonda Hibbler have officially retired.
Also in other Beasley news, 6% Q1 revenue decline, the company is now focusing on cash flow.
One day after enacting a 7% workforce reduction, Beasley Media Group reported its first quarter revenue declined 5.9% to $54.4 million from $57.8 million one year ago. The company attributed the downturn to softer ad sales and to the loss of revenue from its $5 million sale of hot AC “Mix 99.5” WJBR Wilmington, DE, along with esports divestitures. The broadcaster posted an operating loss of $1.1 million in Q1 vs. operating income of $400,000 a year earlier.
Beasley reported Q1 net income of about $8,000 vs. a loss of $3.5 million a year ago. Beasley’s results were bolstered in the quarter due to a $6 million gain on its sale of an equity stake in Broadcast Music, Inc. Those results were partially offset by growth in digital and more political advertising revenue.
Beasley said digital revenue grew 10% on a year-over-year basis, or 20% YoY on a same-station basis, to $11 million. Digital revenue accounted for 20% of the company’s total revenue.
In a news release ahead of a conference call with analysts and investors, CEO Caroline Beasley said the company remains focused on driving revenue and cash flow, along with digital transformation, revenue diversification and expense management initiatives. “We expect digital to account for between 20% and 25% of total revenue in 2024, driven by the ongoing growth and success of our premium content creation and digital services,” Beasley said. “On the new business front, our dedicated sales teams are leveraging the tremendous audience reach and engagement of our platform to attract new advertisers.”