State Champ Radio Business
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There’s a new front in the nasty legal war between hip-hop producer Madlib and his longtime manager Eothen “Egon” Alapatt: The many songs recorded during their decade-long partnership.
In a lawsuit filed Tuesday (Nov. 11) against Madlib (Otis Lee Jackson Jr.), Egon asked a federal judge to decide who owns the rights to the masters created over the years at their Madicine Show label — tracks that feature Madlib’s beats under vocals by Mac Miller, Freddie Gibbs, Four Tet and others.
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“Jackson now claims those works as his personal property and seeks to withdraw them entirely from Madicine Show’s catalog,” writes Egon’s attorney Kenneth Freundlich. “That is not how the law works.”
In a statement to Billboard, Madlib responded to Egon’s new claims: “I trusted someone who didn’t value the art the way I do. This is a reminder that not everyone who stands beside you is standing for you. When you move with truth, you don’t have to defend yourself. Time and integrity do the talking.”
Madlib, a critically-acclaimed producer known for his work with Kanye West (now Ye) and the late MF Doom, went to court first in 2024 — accusing Egon of “rank self-dealing” and “pervasive mismanagement.” The case, filed in California state court, claimed the manager had abused his power over Madicine Show to profit at Madlib’s expense.
Egon hit back in May, filing a countersuit blasting Madlib for “having the audacity to bring this mean-spirited personal action.” In one notable claim, Egon said Madlib’s new label was interfering with music projects that legally belong to Madicine Show, including the release of a years-old recording of the late Miller that has long been rumored to be in the works.
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In the new case on Tuesday, Egon said he needed “immediate federal intervention” in that legal battle because of a key new development in the earlier lawsuit.
Last month, a Los Angeles judge sided with Madlib and ruled that a court-appointed receiver should oversee the corporate dissolution of Madicine Show. The ruling came over objections from Egon, who said he himself should oversee the company’s wind-down. “Defendant is not the appropriate person to oversee the dissolution process,” the judge said at the time. “The court will appoint a receiver.”
But now, weeks later, Egon says in his new lawsuit that the breakup process cannot move ahead until it’s clear who owns the company’s “most valuable assets”: its catalog of recorded music. And since copyright law is handled exclusively by federal courts, he says that decision must be made by a U.S. district judge.
“The recordings at issue were created and exploited pursuant to a licensing relationship between Jackson and Madicine Show,” Egon writes. “They remain company assets, and their ownership must be determined under the Copyright Act.”
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According to the lawsuit, the tracks recorded by Miller and others over Madlib’s beats were “facilitated, supervised, and produced” by Egon under a longstanding arrangement in which the company controlled them. The producer’s recent claim that “he alone owns all copyrights” is “mystifying” and legally incorrect, the suit says.
“This position ignores the parties’ mutual understanding and Alapatt’s creative, financial, and managerial contributions,” Egon’s lawyers write. “After benefiting from that arrangement, Jackson cannot revoke or withdraw those rights or claim exclusive ownership of works that were created, produced, and marketed under Madicine Show’s direction.”
Attorneys for both sides did not immediately return requests for comment on the new case.
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LONDON — Blockbuster tours by the likes of Taylor Swift, Bruce Springsteen, Take That and Liam Gallagher contributed a record total of 8 billion pounds ($10.5 billion) to the United Kingdom’s economy in 2024.
The figure is up 5% from the previous year, according to the newly released This Is Music study from UK Music, the umbrella organization encompassing a range of bodies including the BPI and collection society PRS For Music.
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The results are being heralded as a huge success, with 2025 likely to bring a bumper uptick in the trend, thanks in part to headline-dominating stadium tours from the likes of Oasis, Coldplay, and Dua Lipa, plus U.K. arena residencies from pop heavyweights Billie Eilish, Sabrina Carpenter and more.
Published annually, the latest edition of This is Music takes a deep dive into how the U.K. music business fared both at home and on the world stage. It outlines employment stats, international music sales, plus gross revenue through ticket sales, tourism and more in order to paint a full picture of the industry’s contribution to the country’s overall GDP.
A strong appetite for British artists and songs helped push a notable increase in export figures in 2024. Charli XCX’s Brat LP – which saw her enjoy a global breakthrough and scoop eight Grammy nominations – thrived overseas, while Lola Young landed a chart smash in “Messy,” both contributing to a 5% rise to 4.8 billion pounds ($6.3 billion).
Employment also lifted by 2%, with a net total of 4,000 new jobs in the U.K. taking the number of people working in the music industry to 220,000 (full-time equivalent posts), reports UK Music. The breakdown of that figure, however, shows that a significant portion of these people are vulnerable to the cost of living. 43% of respondents earned less than 14,000 pounds ($18,400) from music, forcing them to turn to other jobs in order to make a stable income.
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Elsewhere, U.K. artist royalties surpassed a billion for the first time, with PRS for Music paying out a record 1.02 billion pounds ($1.3 billion) to its members – an 8.1% increase on last year.
“The UK music industry remains one of our greatest international success stories,” said the foreign secretary, Yvette Cooper MP, in a statement. “Every year, we see more new artists from Britain becoming global stars, and our existing world-famous musicians reaching new heights, all of them adding to the incredible heritage of creativity, talent and genius that has defined UK music throughout our history.”
Despite these fiscal wins, however, the report warned that the U.K. music industry still faces a number of tough challenges. There are potential risks posed by generative AI on music creation, which could erode employability across the sector, as more sophisticated tools emerge and pose a new rival for listener attention.
Another area where UK Music said urgent action was needed was further government support for the grassroots touring sector. In a survey conducted between March 20 and June 12, 2025, UK Music spoke to 1306 music creators, including songwriters, musicians, DJs and producers, and found that many emerging artists were finding it increasingly difficult to play live at this level, with income from touring not keeping pace with costs.
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95% of these respondents reported decreased earnings as a direct consequence of Brexit, up 8% from 2023, due to increasing touring costs and a subsequent impact on royalties as their music is performed less in Europe. As a result, UK Music called for an agreement between the UK and EU to lift visa and work permit requirements across EU borders.
“The status quo on these two big issues is currently tilted against music’s interests, with new survey data on both AI and EU touring evidencing why we need the balance to swing back in our favour,” said Tom Kiehl, chief executive of UK Music. He also urged the government to take “urgent action” in the key areas addressed in a bid to boost growth, exports and jobs in the U.K. music industry.
Elsewhere, the rate of economic growth in the music industry slowed, with Gross Value Added up by five per cent in 2024. This is lower than the double-digit growth seen over the past few years as the industry recovered from the pandemic.
The report cited ongoing threats to grassroots venues and a lack of big-ticket releases by British artists in 2024 as contributing factors to this figure.
“In recent years UK Music has reported that the music industry has enjoyed double-digit annual growth. That growth has now halved indicates a levelling off of the immediate post-pandemic boost that we experienced, as well as other underlying issues set out in this report,” said Kiehl.
He went on to describe how he remains hopeful that the U.K. music industry can overcome the challenges it faces during this “pivotal moment.” He added: “Let’s come together to make sure we realise our full potential.”
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Gregg Nadel, the veteran executive who most recently held the post of co-chair/co-president of Warner Nashville, has been named president of A&R at Warner Records Group, the company announced today (Nov. 12). In the newly-created role, Nadel will work across the Warner Records U.S., Warner Records U.K. and Warner Records Nashville divisions, and report to Warner Records Group co-chairman/CEO Aaron Bay-Schuck and co-chairman/COO Tom Corson.
Nadel has spent the entirety of his 28-year career in the record business at the Warner Music Group, having gotten his start at Atlantic Records in 1997 and rising through the A&R and marketing ranks, eventually rising to senior vp. He moved to Elektra Records in 2015 as general manager, rising to president two years later before becoming co-president alongside Mike Easterlin in 2018. Elektra was then combined into 300 Entertainment as the 300 Elektra Entertainment Group for a short time in 2022; Easterlin then exited Elektra in 2023 following a reorganization of the broader Warner Music Group, with Nadel becoming sole president again. In September 2024, Nadel was named co-chair/co-president of Warner Nashville alongside Cris Lacy, a post he held until today’s announcement.
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“As we continue to build out Warner Records Group as a tight-knit, seamless global ecosystem, having Gregg join us at the group level will be a huge asset,” Bay-Schuck and Corson said in a joint statement. “He’s a rare, all-around music man, with experience in everything from signing chart-topping artists to making records to developing superstars to leading creative teams. His invaluable relationships, calm judgment and gift for bringing out the best in world-class talent will make a real difference as we focus our combined efforts on forging long-term careers with our US, UK and Nashville teams.”
According to a press release, Nadel’s new role will see him align with Lacy in Nashville, Warner Records U.S. head of A&R Karen Kwak, and Warner Records U.K. president Joe Kentish on A&R strategy on a global basis. Nadel will be based in Los Angeles.
“Joining the mothership at Warner Records Group is an extraordinary opportunity to champion amazing artists on the global stage and to connect the dots to bring them to audiences everywhere,” Nadel said in a statement. “An incredible devotion to the music is hard-wired into this company’s DNA, and I’m looking forward to working with Aaron, Tom, Joe, Karen, Cris and their brilliant teams on both sides of the Atlantic to discover, nurture and elevate the next generation of stars.”
Trending on Billboard Grammy-winning country duo Dan + Shay have signed with The Core Entertainment’s co-founders/CEOs Simon Tikhman and Kevin “Chief” Zaruk for artist management. “We’ve always admired The Core’s ‘music-first’ mentality, and from our first conversations with Simon, Chief, and the entire team, we knew that it was the perfect home for us,” said […]
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Merlin has appointed Charlie Lexton as its next CEO, effective Jan. 1, the indie licensing organization announced Wednesday (Nov. 12). Lexton will succeed Jeremy Sirota, who announced his exit in May after serving in the role since 2020.
Lexton has worked for Merlin since its 2007 founding and has served as the organization’s COO since April 2020. He has played a key role in a number of important developments at the agency — from negotiating licensing deals with streamers and social media platforms to forming a recently announced partnership with AI audio company ElevenLabs, through which Merlin members can opt in to train ElevenLabs’ AI music model. He was also involved in Merlin’s 2012 settlement of a copyright infringement lawsuit against LimeWire, the transfer of parts of Parlophone Label Group to the independent sector after Universal Music Group (UMG) acquired EMI and the sale of Merlin’s equity interest in Spotify, which Merlin says resulted in a $125 million payout to its members.
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Early in his career, Lexton co-founded London indie label Dorado Records after previously working as a DJ, songwriter and producer. As an attorney, he worked at UMG and EMI, where he led business affairs for EMEA (excluding the U.K.). Prior to helping launch Merlin, he ran the London indie label City Rockers as co-owner.
“I am delighted at the opportunity to lead this organisation,” said Lexton in a statement. “My focus is on our members — the most significant grouping of independent music companies in the world — and on the Merlin team, our incredibly hard working and dedicated staff. I can do nothing without the support of our team. And without our members, there is no Merlin.”
Added Sirota, “Charlie has been a great partner in evolving Merlin into what it is today. He consistently delivers — from his unwavering commitment to the Merlin team to pioneering the first significant AI deal with ElevenLabs to empowering our members via Merlin Insights. Next year, I’m proud he will champion Merlin Engage to empower the next generation of female leaders for independent music. I’m excited for Charlie and the team to write Merlin’s next chapter.”
Merlin chairperson and Secretly Group co-CEO Darius Van Arman said: “When we conducted our search for the new CEO, we met a number of extraordinary leaders, however one person stood out. Charlie Lexton has earned the trust of the Merlin membership by consistently delivering immense value throughout the organization’s history. I am extremely confident that under his stewardship and working closely with the exceptional Merlin team, Merlin will reach new heights and further enable the independence of the world’s leading music companies.”
Marie Clausen, Merlin management board member and MD of North America at Ninja Tune, added: “Charlie is a brilliant strategist and remarkable negotiator who has earned the respect of our membership, team, and partners. The industry is at a pivotal moment of change. With Charlie at the helm, Merlin is ideally positioned to turn that change into opportunity. Having worked with him over a decade, I am confident that under Charlie’s leadership Merlin is in the best hands.”
According to a press release, Merlin saw record-high revenue of $1.64 billion and a record-low administration fee of 1% in 2024.
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SYDNEY, Australia — After a 17-year partnership, TEG makes it official by bringing Twenty3 Live into the fold.
TEG, the Sydney-based live entertainment, data and tech giant, snaps up Twenty3 Live, a leading marketing, media, sponsorship and activation agency.
The so-called “strategic acquisition” further enhances TEG’s in-house marketing and digital capability in its global touring portfolio, and is announced on the eve of AC/DC’s Australian POWER UP tour opener Wednesday night (Nov. 12) at the Melbourne Cricket Ground, produced by TEG Van Egmond.
Through the new agreement, Twenty3 Live’s team of six music marketing professionals move across, led by long-standing marketing director Edwina Tarrant, who joined TEG’s Melbourne office in early October.
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Financial terms weren’t disclosed on the deal, which formalizes a relationship between TEG and Twenty3 Live, which, over nearly two decades, delivered marketing, media, and digital campaigns for many of Australia’s biggest concert tours, including TEG Dainty-produced treks for Bon Jovi, Eminem, George Michael, Miley Cyrus, Katy Perry and more.
TEG Dainty Entertainment Company president and CEO Paul Dainty, whose business was acquired by TEG in 2016, is a major shareholder and long-serving director in Twenty3.
Meanwhile, TEG launches Ovation amp, a full-service, data-led creative agency that is said to unite expertise across media, digital, strategy, and storytelling within the group.
The new agency is led by Larissa Best, general manager, live entertainment and head of Ovation amp, whose team is “dedicated to amplifying the connection between artists, fans, and partners,” a statement reads.
As it expands commercially, Ovation amp will be expected to collaborate with promoters, artists, and brands to deliver creative strategy, data-led marketing, and more.
“This milestone represents an exciting evolution for our agency,” comments Michael Leeds, managing director of Twenty3 Group. “We’re excited to see our colleagues continue their journey within one of Australia’s leading entertainment businesses, and the outstanding work of the Twenty3 Live team has been recognised by TEG as integral to their future growth.”
According to TEG, all current client campaigns and major tours managed by Twenty3 Live will continue throughout the transition, with existing leadership and relationships maintained.
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SYDNEY, Australia — Secretly Distribution has its sights set on APAC, with the launch of a new regional office.
Based in Sydney, Australia, the independent music group’s APAC activities are led by Max Thomas, who rises to head of APAC, after leading Secretly Group’s APAC marketing and strategy for the past four years.
In that time, Thomas led album campaigns for the likes of Mitski, Bon Iver, Bright Eyes, Faye Webster, Folk Bitch Trio, Khruangbin, Japanese Breakfast, Mustafa, Sharon Van Etten, Toro y Moi, Wednesday and more throughout Australia, New Zealand and Asia.
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With Thomas at the helm, Secretly Distribution will focus “on supporting artists and labels throughout the Asia-Pacific region,” reads a statement.
As the company expands its global footprint (Secretly has existing offices in New York, Los Angeles and London), Secretly Distribution promotes Chris Cannon to VP of international strategy, reward for guiding the business to 30% revenue growth overseas, across both digital and physical formats, in the past year.
“I am thrilled to be leading the charge as Secretly Distribution continues expanding our global footprint to incorporate our new APAC office,” says Cannon in a statement. “As our distributed label roster expands not only in size, but in genre, geography and customer profile, SD continues to adapt accordingly.”
The new structure, led by Thomas, means the business can “localize our service whilst adopting a proactive approach in response to the organic growth we can see in fast developing markets such as the Philippines, Indonesia and China.”
The opportunities for collaboration in these markets are “vast, and we have only begun to scratch the surface,” Cannon continues.
Based in London, England, Cannon has overseen the development of Secretly’s Latin American strategy, and launched Cargo Independent Distribution, which Cargo Records, Secretly Distribution and Beggars Group created as a means to maintain and promote an independent path to market for physical music in the U.K.
A new marketing and campaigns manager in Southeast Asia will be recruited shortly, and between them the APAC team will oversee priority releases across the SD roster, including those on Australia-based labels such as Chapter Music and Spinning Top, and New Zealand labels Lil’ Chief Records and Flying Nun.
The new team will also guide relationships with long-time APAC distribution partners such as Leaplay (Korea), Rocket (Australia), Rhythm Method (New Zealand), Southbound (New Zealand) and Ultra-Vybe (Japan), plus key local retail partners with which Secretly Distribution works closely.
Formed more than 25 years ago, Secretly Distribution is part of the Secretly Group, which is headquartered in Bloomington, Indiana and which is parent to the likes of Secretly Canadian, Jagjaguwar, Dead Oceans, and Merge Records, through a 50% stake acquired earlier this year.
The distribution specialist recently struck a global partnership with high-quality vinyl leader Org Music; renewed its deal with Asthmatic Kitty Records; signed a global deal with Geoff Barrow and Redg Weeks’ Invada Records; scored a nomination for Distributor of The Year at the 2025 Libera Awards; and announced a global deal with Third Man Records.
The latest ARIA Albums Chart features, for the first time, an entry from Frankston, Victoria indie rock band the Belair Lip Bombs, the first Australian act signed to Third Man Records. The Belair Lip Bombs’ sophomore set Again opened at No. 25 on the national tally.
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A flurry of earnings reports for the quarter ended Sept. 30 show a continued divide in the music landscape. Live music companies such as Live Nation and MSG Entertainment posted double-digit growth as concert demand surged, while HYBE and SM Entertainment also benefitted from strong concert revenues. Streaming also spiked once again, pushing Spotify and Universal Music Group (UMG) to double-digit revenue growth. Legacy media didn’t fare as well, however: iHeartMedia revenue slipped slightly, while SiriusXM leveraged cost-cutting to compensate for flat revenue.
Here’s a running list, in alphabetical order, of the music companies that released earnings results (as of Nov. 11) for the quarter ended Sept 30, 2025.
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Cumulus Media: The radio company’s revenue fell 11.5% to $180.3 million and net loss grew to $20.4 million from $10.3 million in the prior-year quarter. The advertising business remains “challenging for legacy media,” CEO Mary Berner said. Broadcast radio revenue sank 17.2% to $115.0 million. Digital revenue fell 2.6% to $39.0 million, though it was up 8.4% if the loss of The Daily Wire and Dan Bongino aren’t counted. Check out our full radio earnings roundup here.
Deezer: Revenue dropped 1% to $154 million as gains from self-paying users almost offset losses in business-to-business subscribers. Direct subscribers grew in number to 5.5 million, up nearly 10%, and direct subscription revenue increased 1.6% to $103 million. Revenue from partnerships fell 12.6% to $42 million and subscribers from these partnerships dropped 24.5% from the prior-year quarter. Go to the full article for more details.
HYBE: Tours by BTS member Jin and groups SEVENTEEN and TOMORROW X TOGETHER helped Q3 revenue rise 38% to $519 million, as strong concert revenue ($174 million) helped make up for recorded music’s 11.5% decline to $136 million. Operating loss was $30 million, a big turnaround from a $40 million operating profit a year earlier. More details in the full article.
iHeartMedia: CEO Bob Pittman was “pleased” with the performance and boasted of new partnerships with TikTok and Amazon Ads, which will expand the company’s podcast and advertising businesses, respectively. Revenue of $997 million was down 1.1% (up 2.8% excluding the prior-year period’s political advertising). Adjusted EBITDA was flat at $205 million. Podcast revenue jumped 22% to $140 million while the multi-platform group, which included broadcast radio, fell 5% to $591 million. Q4 guidance is a low-single-digit revenue decline. Find more details here.
Live Nation: As fans packed themselves into stadiums in record numbers, revenue rose 11% to $8.5 billion and adjusted operating income (AOI) grew 14% to $1.03 billion. Concerts revenue was up 11% to $7.3 billion. Ticketing revenue rose 15% to $798 million. Sponsorships revenue jumped 13% to $443 million. Importantly, increases in deferred revenue suggest Live Nation will experience additional growth into 2026. Read about the earnings here and check out Billboard’s follow-up article with additional details from the earnings call.
MSG Entertainment: Boosted by a record number of concerts at the Madison Square Garden arena, MSG Entertainment’s revenue jumped 14% to $158.3 million and adjusted operating income improved to $7.1 million from $1.9 million in the prior-year period. Revenue from concerts rose $8.3 million while sporting events revenue improved $6.8 million. Food and beverage revenue jumped 20%, or $3.9 million. Looking ahead, MSGE’s Christmas Spectacular, the company’s annual holiday production at Radio City Music Hall, is slated for 215 performances, up from 200 a year earlier.
Reservoir Media: Fiscal second quarter revenue of $45.4 million was up 7% organically, or 12% including acquisitions. Net income of $2.2 million was up from $0.2 million in the prior-year quarter. Music publishing revenue rose 8% to $30.9 million, while recorded music revenue jumped 21% to $13.0 million. The results prompted management to adjust upward its forecasts for full-year revenue and adjusted earnings before interest, taxes, depreciation and amortization.
SiriusXM: The satellite radio company’s stock price jumped 10% after it raised 2025 guidance for revenue, EBITDA and cash flow. Although it reported a 1% dip in revenue, the company rebounded from a loss to produce net income of $297 million; while subscriber revenue was down, cost-cutting and layoffs helped offset the decline. Adjusted EBITDA fell 2.5% to $676 million. CEO Jennifer Witz said she is “confident” that improvements will allow the company to reach its target of $1.5 billion of free cash flow by 2027. Check out Billboard’s coverage for more details.
SM Entertainment: Led by concerts and music releases from aespa and NCT WISH, revenue rose 33% to $237.3 million. Operating profit jumped 262% to $35.6 million. Recorded music rose 33% $71.4 million, while new album sales grew to 5.42 million from 3.61 million in the third quarter of 2024. And concert revenue rose 38% to $38.7 million despite the company having fewer concerts compared to the prior-year period. Go to the full article for more info.
Sony Music: Rising streaming income and the success of the anime series Demon Slayer: Kimetsu no Yaiba Infinity Castle helped Sony Music’s revenue jump 21% to $3.65 billion and operating income climb 28% to $776 million. Overall streaming revenues rose 12% in recorded music and 25% in the publishing division. Physical sales rose 6%. Looking ahead, Sony increased its full-year forecast for Sony Music’s sales by 6% to $13.3 billion. The full article has all the details.
Sphere Entertainment Co.: The Wizard of Oz and the Backstreet Boys boosted Sphere parent company’s revenue to $263 million and helped turn negative adjusted operating income (AOI) into $36 million of positive AOI. Oz has sold more than 1 million tickets to date, and showings of that title and other movies rose to 220 from 207 in the prior-year quarter. The Sphere segment itself posted an operating loss of $84 million — a $40 million improvement from a year ago. More details in the full article.
Spotify: The audio giant’s subscribers rose 12% to 281 million and gross margin improved by 56 basis points — 0.56 of a point — to 31.6%. Those improvements led revenue to increase 12% to $5 billion and gross profit to grow 9% to $1.84 billion. “We have the tools we need — pricing, product innovation, operational leverage, and eventually the ads turnaround — to deliver both revenue growth and profit expansion,” said CEO Daniel Ek. Check out our full story on the earnings release and our follow-up article with details from the earnings call.
Universal Music Group: In another strong quarter, UMG posted a 10.2% revenue gain (in constant currency) to $3.5 billion. EBITDA rose 11.6% (also in constant currency) to $694 million and EBITDA margin ticked up to 22.0% from 21.6%. Recorded music subscription revenue, a closely watched metric, rose 8.6% while other streaming revenue was flat at $394 million. Go to the full article for all the details and check out the follow-up article for more insights.
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Radio companies had mixed results in the third quarter in their efforts to build digital businesses, cut costs and manage a decline in broadcast advertising dollars as consumers shift to newer entertainment platforms.
iHeartMedia’s consolidated revenue of $997 million was down just 1.1%, well within the company’s guidance of a low single-digit decline. Excluding the impact of political advertising in the prior-year period, revenue was up 2.8%. CEO Bob Pittman said during the company’s earnings call on Monday (Nov. 10) that the advertising environment is “pretty good” and iHeartMedia is “not feeling anything” related to the U.S. government shutdown.
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An operating loss of $116 million stemmed from a $209 million impairment charge related to the value of iHeartMedia’s FCC licenses. Excluding the impact of the write-down and other extraordinary items, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), a common measure of profitability from ongoing operations, was flat at $205 million.
The multi-platform division, which includes iHeartMedia’s broadcast and network businesses, had revenue of $591 million, down 4.6% due to lower political advertising and what the company called “uncertain market conditions.” Adjusted EBITDA of $119.2 million marked an 8.3% decrease from the prior-year period, despite lower employee compensation costs.
The digital audio group, which includes podcasts, had revenue of $342 million, up 14%, and adjusted EBITDA of $130.3 million, up 30.3%. Podcast revenue increased by 22% to $140 million.
Based on trends for the top advertisers and advertising agencies, Pittman said he has “confidence” that the multi-platform division will return to revenue growth. “We’re feeling similar momentum to what other ad-supported companies have discussed right now: Spending is holding up, and discussions with advertisers are positive,” he noted on the company’s earnings call. Although iHeartMedia has not felt any impact from the government shutdown, Pittman conceded it “does add a level of uncertainty.”
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iHeartMedia said it remains on track to create $150 million in annual cost savings in 2025. In addition, the company took steps in the third quarter to save an additional $50 million in 2026, which COO/CFO Rich Bressler said will come mainly from the multi-platform division.
Looking ahead, iHeartMedia expects fourth quarter revenue to be down in the low single digits. Adjusted EBITDA is expected to be $200 million to $240 million, down from $246 million in the prior-year quarter because of political advertising in the 2024 election year. The multi-platform division is expected to be down in the low single digits. Digital revenue is expected to grow in the high single digits, and podcast revenue specifically is expected to grow in the mid-teens.
Cumulus Media, the country’s third-largest radio broadcaster by revenue, reported that third-quarter revenue fell 11.5% to $180.3 million. CEO Mary Berner cited a “challenging” advertising environment and touted Cumulus’s efforts to cut costs and employ AI to improve efficiency. Broadcast revenue plummeted 17.2% to $115.0 million. Digital revenue fell 2.6% to $39.0 million but would have grown 8.4% without the losses of The Daily Wire and conservative commentator Dan Bongino, who left podcasting to become the deputy director of the FBI. Consolidated adjusted EBITDA fell to $16.7 million from $24.1 million a year earlier.
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Townsquare Media faced “numerous headwinds,” CEO Bill Wilson said in a statement, but the company met its previous guidance on revenue and adjusted EBITDA. Revenue dropped 7.4% to $106.8 million and would have dropped 4.5% if political advertising were excluded. Adjusted EBITDA fell 13.5% to $3.4 million.
iHeartMedia shares fell 6.0% to $4.29 on Tuesday (Nov. 11) following the earnings announcement on Monday afternoon. The stock had jumped 55.9% in the week ended Nov. 7 following a report that the company was in talks with Netflix to distribute its podcast content.
Cumulus Media shares soared 31% to $0.135 the day after the company released earnings on Oct. 30. The stock has since lost all of those gains and more, however, and closed at $0.10 on Tuesday (Nov. 11).
Townsquare Media shares fell 11.3% to $5.42 on Monday following the quarterly earnings report. The stock rose 0.6% to $5.45 on Tuesday.
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A$AP Relli has abandoned plans to retread his shooting claims against A$AP Rocky at a second trial early next year, telling Billboard through a lawyer that he’s instead “focusing on rebuilding his life.”
Rocky (Rakim Mayers) was acquitted at a criminal trial this past February of shooting Relli (Terrell Ephron), his childhood friend and onetime A$AP Mob collaborator, in 2021. Relli brought an assault lawsuit in 2022 seeking financial damages from the star rapper over the same alleged incident.
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The civil case was scheduled to go to trial in January, with Relli facing a lower burden of proof than the one prosecutors failed to meet in their criminal case against Rocky. But an attorney for Relli, Aaron Morris, tells Billboard on Tuesday (Nov. 11) that his client has decided to drop the assault claims.
“At this point, he’s ready to simply move on from the shooting,” Morris said. “The ordeal has been a nightmare for him, and the statements calling him a ‘liar’ and worse effectively eliminated his chances of a career in the industry.”
Morris said his team will file court papers officially dismissing the assault lawsuit later this week. Relli is still pursuing a separate defamation lawsuit against both Rocky and his lawyer, Joe Tacopina, over press interviews in which they called the shooting claims “extortion” and a “get-rich-quick-scheme.” Relli alleges these statements harmed his reputation and career as an artist manager.
“He’s going to litigate the defamation action because of the damages it caused, but as to the shooting, he’s thankful he wasn’t hurt worse and is focusing on rebuilding his life,” says Morris.
Rocky’s reps did not immediately return a request for comment.
Rocky and Relli were involved in a now-infamous altercation near a Hollywood hotel in November 2021. Relli alleges Rocky fired a handgun at him twice during the argument, while the rapper maintains it was a prop gun filled with blanks.
Prosecutors charged Rocky with two felony assault counts in 2022. The Grammy-nominated Harlem rapper rejected a plea offer from prosecutors and went to trial, risking a maximum of 24 years in prison if convicted. Rocky’s bet ultimately paid off, with a Los Angeles jury fully acquitting him of both counts.
