iHeartMedia
In a year filled with economic uncertainty and instability, iHeartMedia is seeing “generally stable ad spend,” CEO Bob Pittman said during the company’s first quarter earnings call on Monday (May 12).
The radio and podcasting giant had first-quarter revenue of $807 million, up 1.0% from the prior-year period. Excluding political advertising, which was boosted by the 2024 elections, revenue increased 1.8%.
The multi-platform segment, which includes broadcast stations, had revenue of $473 million, down 4%. But Pittman expressed cautious optimism that radio advertisers are remaining with the format. Premiere Radio Networks, which represents national advertising, was up 2% in the quarter. “I think that’s sort of an indication that the bigger advertisers are hanging in there,” he said.
The 1% revenue uptick was a positive for a company that stood to bear the brunt of an advertising slowdown due to U.S. tariff policy. Analysts had expected revenue to decline 1.6% to $786 million.
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iHeartMedia is increasingly a podcast company, and the digital audio group continued to be a growth source. In digital, revenue rose 16% to $277 million and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) improved 28% to $87 million. The company had a unique podcast audience of 32.7 million and 177 million streams and downloads in March — both No. 1 in the U.S., according to Podtrack.
“We’re beginning to feel the flywheel effect of being the strong number one in podcast publishing. Our podcasting financial discipline and our focus on the high-margin podcast publishing sector continue to fuel what we believe is the most profitable podcasting business in the United States and to accelerate our growth,” said Pittman.
The audio and media division’s revenue fell 14% to $59.3 million due primarily to non-recurring contract termination fees earned by Katz Media last year. The segment’s adjusted EBITDA dropped 33% to $15.8 million.
The company expects its second quarter consolidated revenue to be down in the low single digits compared to the same period last year. April “pacing” was down 2% year over year, according to CFO Rich Bressler. For iHeartMedia to hit its full-year guidance and avoid a possible down advertising market, Bressler added, the company will need “some positive movement in the macro [environment] and improvement to the uncertainty in the back half of the year.”
Shares of iHeartMedia jumped 19.3% to $1.54 in early trading Tuesday (May 13) but had fallen to $1.22, down 5.4%, by midday.
iHeartRadio is facing a class-action lawsuit from subscribers after disclosing that several of its radio stations were hacked months ago, exposing Social Security numbers, financial information and other personal details.
The lawsuit came a week after the radio giant warned customers in regulatory filings last week that “an unauthorized actor viewed and obtained files” at a “small number of our local stations” in December, potentially stealing SSNs, dates of birth, and credit card info.
iHeart said it “immediately implemented our response protocols” to contain the hack, and is offering free credit monitoring to those affected. The company also said it had “strengthened its existing security measures” to “help prevent something like this from happening again.”
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Those assurances were not enough for Cheryl Shields, a subscriber who filed a proposed class action against iHeart on Wednesday in New York federal court, seeking to represent customers nationwide whose data was compromised. In doing so, her attorneys blasted iHeart for waiting four months to warn subscribers that their data was at risk.
“As a result of this delayed response, plaintiff and class members had no idea for four months that their private information had been compromised, and that they were, and continue to be, at significant risk of identity theft and various other forms of personal, social, and financial harm,” Shield’s lawyers write. “The risk will remain for their respective lifetimes.”
The data exposed in the iHeart breach “represents a gold mine for data thieves,” the lawyers write, and there has been “no assurance offered by iHeart that all personal data or copies of data have been recovered or destroyed.”
A spokesperson for iHeart did not immediately return a request for comment on Thursday.
Such lawsuits are common following data breaches. After the credit-reporting company Equifax suffered a 2017 data breach that exposed the personal data of nearly 150 million Americans, the company agreed to pay $425 million to resolve nationwide class-action litigation filed by consumers.
The scale of the iHeart data breach is undoubtedly far smaller. The company did not disclose in regulatory filings how many total victims were involved nationwide, though a notification filed in Maine said only three subscribers in that state had been impacted. Disclosure forms were also filed in California and Massachusetts, as first reported The Record.
In technical legal terms, Wednesday’s lawsuit accused iHeart of negligence, arguing that the company had a legal duty to safeguard consumer’s data.
“As a national media and audio provider in possession of millions of customers’ private information, iHeart knew, or should have known, the importance of safeguarding the
Private Information entrusted to it by Plaintiff and Class Members and of the foreseeable consequences they would suffer if iHeart’s data security systems were breached,” Shields’ lawyers write. “Nevertheless, iHeart failed to take adequate cybersecurity measures to prevent the data breach.”
It’s time to tighten our belts for another Executive Turntable, Billboard’s weekly compendium of promotions, hirings, exits and firings — and all things in between — across the music business. There’s been a gob of staffing news this week, so let’s hop to it.
Dawn Gates, senior vp of digital business and creative development at Universal Music Group Nashville (UMGN), announced her departure after nearly 20 years to launch Seven Note Enterprises, a consulting and management firm. Her exit coincides with UMGN’s rebranding as MCA under new leadership by CEO Mike Harris and chief creative officer Dave Cobb, who came aboard in early February following the departure of Cindy Mabe. During her tenure with UMG Nashville, Gates most recently served as the core liaison for global digital businesses, integration strategies and marketing initiatives. Gates initiated the launch of and oversaw Sing Me Back Home Productions, a production arm of UMG Nashville, established in 2024. Gates, who recently welcomed twins with her wife, Harper Grae, expressed gratitude for her time at UMGN and excitement for her new venture.
“After 19 transformative years with Universal Music Group, I’m stepping away to write the next chapters of my career,” said Gates, who can be reached at dawn@seven-note.com. “I’m deeply grateful to UMG – especially Mike Dungan and Cindy Mabe – for the belief in my vision and the support in taking bold, often unconventional, risks. I’ve had the privilege of working alongside some of the most innovative and driven minds in music. However, the industry continues to shift and the way we develop artists, build stories, and connect with audiences is changing – and so am I.”
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Meanwhile…
Universal Music UK appointed Rachel Tregenza and Charlotte Allan to lead its communications and policy team, reporting to svp of communications and policy Tom Williams. Tregenza, a Universal Music Group veteran of over a decade, steps into the role of senior director of communications and global artist strategy. She will focus on international storytelling for UMUK artists and collaborate with the audience and media division. Allan joins as vp of global communications and public policy from Milltown Partners, where she advised clients across creative and tech sectors. Her responsibilities will include corporate communications and UK policy initiatives. Williams, who has led global communications campaigns for UMG, will now oversee all communications and public policy efforts for Universal Music UK. Jonathan Badyal, who has spent eight years at UMUK, most recently as director of communications, will depart this summer for a new opportunity. UMUK president Dickon Stainer praised Tregenza and Allan for bringing a dynamic perspective and thanked Badyal for his contributions. “With Tom’s guidance, they have a fresh and ambitious perspective both for our communications and storytelling in the UK, as well as the international storylines of our UK artists overseas,” said Stainer.
iHeartMedia appointed David Hillman as executive vice president, chief legal officer and secretary. Hillman, who is based in Los Angeles, will oversee all legal matters, including compliance, regulatory, corporate governance, government and business affairs, and privacy teams. He brings extensive media experience, having recently served as chief legal officer at Venu Sports, a joint venture between ESPN, FOX, and Warner Bros. Discovery. Hillman also held roles at Paramount Global, Simon & Schuster and Westwood One. Bob Pittman, iHeartMedia’s chairman and CEO, praised Hillman’s relevant experience and “familiarity with the audio industry.” Hillman added: “I look forward to working with iHeart’s leadership, partners, and the talented Legal team to help advance the company across every corner of the audio landscape.”
Virgin Music Group promoted Hannah Thompson-Waitt to senior vice president of commercial strategy. In her new role, she’ll lead the U.S. commercial team from the company’s Los Angeles headquarters, focusing on streaming strategy, analysis and fan acquisition across a wide swath of artists. Thompson-Waitt, who reports to Zack Gershen, evp of global commercial and digital strategy, previously served as vp of commercial strategy and held senior roles at mtheory, with a career that began in 2014 when she launched her own K-pop media company. Her experience includes work with Clairo, St. Vincent and others. She also sits on the advisory board of Queer Capita and holds degrees from the University of Texas and NYU.
Michael Beckerman has been named the next dean of The UCLA Herb Alpert School of Music, beginning no later than Oct. 1 of this year. A leading musicologist known for his work in Czech and Eastern European music, Beckerman has held academic positions at NYU, UC Santa Barbara and Washington University in St. Louis, and has authored seven books and received prestigious honors such as the Dvořák and Janáček Medals. Beckerman holds degrees from Hofstra and Columbia, and serves on various academic boards. UCLA executive vice chancellor and provost Darnell Hunt lauded Beckerman’s credentials, saying his “academic, professional and administrative experience and achievements, coupled with his UC roots, position him well to lead The UCLA Herb Alpert School of Music at this pivotal moment.” Beckerman, in turn, emphasized his passion for music and dedication to supporting students and expanding the school’s reach locally and internationally. The UCLA Herb Alpert School of Music combines performance, scholarship and music industry training in its program.
Messina Touring Group made a round of promotions. The company has elevated Nick Ayoub to head of digital strategy and operations, to lead MTG’s overall digital operations. Ayoub also leads digital strategy for record-breaking stadium tours, including those by Taylor Swift, Ed Sheeran and more. Kara Smoak rises to director of digital marketing and continuing to lead digital marketing and creative strategy for all MTG country artists, including George Strait, Kenny Chesney, Eric Church, Blake Shelton and more. Meesha Kosciolek has been promoted to director of production, MTG Nashville, while Alvin Abshire has risen to digital operations manager. Lucy Freeman has been promoted to digital marketing manager, and Madison Machen has been elevated to manager, partnerships and branding. –Jessica Nicholson
Black River Entertainment named LeAnn Bennett as vice president of label services. In her new role, Bennett will oversee business affairs, A&R administration and sync licensing, reporting to EVP Rick Froio. A longtime consultant for Black River, she officially joins the team with over 30 years of industry experience, including past roles at Capitol Records Nashville, Compass Records and the Country Music Hall of Fame. Since 2010, she has also led Bennett Entertainment Group. Froio praised the move, calling it “a natural fit,” while Bennett called the BRE “the best in the business.”
NASHVILLE NOTES: Curb Records elevated Allyson Gelnett (Massey) to national director of promotion & strategic initiatives, up from her previous role as director of promotion. Since joining the label in 2018, Gelnett has played a key role in developing artist campaigns and driving success across country radio. In her expanded role, she’ll work alongside svp of promotion RJ Meacham to craft and implement strategies aimed at growing fanbases and boosting airplay in top markets … Warner Music Nashville promoted two members of its commercial partnerships team: Katherine Firsching shifted to partnerships director from manager of video strategy, and Blair Poirier stepped up to division manager from coordinator.
Darkroom Records named Nina Lee as head of communications and publicity. Based in New York, Lee will lead the label’s communication strategies and publicity campaigns, collaborating closely with CEO Justin Lubliner and the Darkroom team. With over ten years of experience in music, tech and entertainment PR, Lee will manage publicity for artists including d4vd, John Summit, and Wisp. Meanwhile, Alexandra Baker of High Rise PR continues to oversee campaigns for Billie Eilish and FINNEAS. Previously, Lee held senior roles at Shore Fire Media and The Oriel Company. A first-gen Korean American and NYU alum, she is a strong advocate for equity in entertainment and mentors through the Next Gem Femme program. Lubliner praised Lee’s creative approach and deep understanding of artist development, noting “she understands the importance of narrative and works closely with artists to help them best tell their stories.”
Ikenna Nwagboso and Camillo Doregos launched Hi-Way 89 Entertainment, a new music company based between Toronto and Calgary, with distribution through Vydia/gamma. The company focuses on artist development and label services, highlighting talent from Canada and Africa. Their first major signing is Canadian pop/R&B singer Chrissy Spratt, whose debut single “In Too Deep” releases on April 25. Nwagboso, co-founder of emPawa Africa, has launched careers for artists like Joeboy and Fave. Doregos, founder of DC Talent Agency, has worked with artists like Pheelz and booked talent for major festivals. Both hail from Nigeria, and Hi-Way 89 has also signed Nigerian artist Siraheem and South African DJ Chelsea Sloan, aiming to bridge African and Canadian music markets.
BOARD SHORTS: The MLC put out an APB seeking candidates for its board of directors and several key committees. Several terms for publisher reps are expiring this year, with elections for open seats taking place soon. Selected members will serve three-year terms, with the possibility of renewal. Current openings include one publisher seat on the Dispute Resolution Committee, two on the Operations Advisory Committee, and two on the Unclaimed Royalties Oversight Committee. These groups provide policy and procedural recommendations to the board. Suggestions are due by May 22 and can be submitted via this form … AEG Presents executive Brent Fedrizzi was elected to his second non-consecutive term as board president of the North American Concert Promoters Association, following the trade group’s annual meeting April 15 at the Beverly Wilshire in Los Angeles. (His initial term ended in 2022, with Jodi Goodman succeeding him.) NACPA also elected 2025 board members, including Anthony Nicolaidis (Live Nation), Chuck Steedman (The Live Co.), Jodi Goodman (Live Nation) and John Valentino (AEG).
Shelby Paul launched boutique public relations firm Evolvance PR, specializing in strategic communications, media relations, story development and more. Paul previously worked as director of communications at Big Machine Label Group, leading media strategy for the label and its publishing arm Big Machine Music. At BMLG, she worked with artists including Carly Pearce, Conner Smith, Thomas Rhett, Lady A, Rascal Flatts, songwriters Jessie Jo Dillon and Laura Veltz, and more. Paul’s prior stops include the Academy of Country Music, Detroit Pistons and Allied Global Marketing. –J.N.
Trent Allison has been promoted to senior director of sales and special events for AEG Presents‘ venues in Georgia and Tennessee. Based in Nashville, he will oversee certain events at The Pinnacle, AEG’s new flagship venue, while continuing his leadership at The Eastern, Terminal West, Variety Playhouse and Georgia Theater. Reporting to regional vp Mike DuCharme, Allison brings over 25 years of sales experience and a strong track record in revenue growth. Margarita Rios will become director of sales in Georgia, and Dell Ressl will be promoted to sales and operations manager, both reporting to Allison. Allison has been key to AEG’s venue expansion in Georgia since 2013.
Discord appointed Humam Sakhnini as chief executive officer, effective April 28. He will also join the board of directors. Co-founder Jason Citron will transition to an advisor role while remaining on the board, and Stanislav Vishnevskiy continues as chief technology officer. Sakhnini, with over 15 years of gaming industry experience, previously held leadership roles at Activision Blizzard and King Digital Entertainment. His appointment aligns with Discord’s renewed focus on gaming, including expansions into advertising, micro-transactions, and developer tools. Discord serves over 200 million monthly active users, who spend 2 billion hours gaming each month, and has seen strong revenue growth.
ALL IN THE FAMILY: Tim Chan is promoted to vp of e-commerce at PMC. In his new role, he will lead editorial strategy and performance across PMC’s e-commerce initiatives, collaborating with editorial, sales, and revenue teams to meet commerce goals. Chan will oversee shopping, hospitality and consumer tech content for PMC’s fashion and entertainment brands, including Billboard, and spearhead projects to grow revenue and audience reach. Chan joined PMC in 2016 as the founding editor of Spy.com and later became lifestyle editor at Rolling Stone. He has also worked at Snapchat, founded the independent fashion magazine Corduroy, and began his career in Canada as a producer for E! Network and MuchMusic. Craig Perreault, PMC’s chief strategy officer, praised Chan’s talent and creativity since joining the company nearly a decade ago: “He brings his deep talent, creativity and natural business instincts to everything he does and is responsible for significantly growing our e-commerce programs across the portfolio.”
ICYMI:
Nicole George-Middleton
Universal Music Group Nashville is rebranding as MCA under CEO Mike Harris and chief creative officer Dave Cobb. Staffing changes include Katie McCartney as executive vp and general manager and Tom LaScola as head of artist and audience strategy, reflecting the new direction … Atlantic veteran Gina Tucci launched a new independent dance label, 146 Records … Nicole George-Middleton was elevated to evp and head of creative membership at ASCAP. [Keep Reading]
Last Week’s Turntable: Island Elevates Its Head of Analytics
Investors seeking shelter from the chaos unleashed by President Trump’s often incoherent tariff policy can find safety in companies without direct exposure to tariffs or the teetering advertising market. And music, especially digital music, will be able to weather the storm, say many analysts — with one major exception.
To understand what people are thinking about tariffs’ impact on the business world, look no further than stock prices. The performance of various music-related stocks reveals how investors are betting that economic uncertainty will affect various companies.
Many stocks — especially those of companies traded on U.S. exchanges — have taken a hit as investors fled for safer alternatives. The Nasdaq and S&P 500, U.S. indexes, are down 6.2% and 6.7%, respectively, since April 1, the day before President Trump announced his tariff plans. Elsewhere in the world, indexes have generally performed better. South Korea’s KOSPI is down just 2.0%. Japan’s Nikkei 225 is off 3.5%. The U.K.’s FTSE 100 is down 4.2%. Germany’s DAX has lost 5.9%.
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Within music, companies that get most of their revenue from streaming are faring relatively well. Since April 1, Spotify and Deezer have each gained 4.0%, two of the better showings for music stocks. Cloud Music improved 3.9%. Tencent Music Entertainment, on the other hand, has fallen 15.1%, although its share price remains up 8.1% year to date.
Record labels and publishers have also been holding up well, in relative terms, particularly outside the U.S. Since April 1, shares of Universal Music Group (UMG) — which is headquartered in the U.S. but trades in Amsterdam — and Warner Music Group (WMG) are down 8.0% and 7.1%, respectively. Reservoir Media lost 3.0%. K-pop companies — much like South Korean companies in general — have fared well. Since April 1, SM Entertainment has gained 7.9%, YG Entertainment is up 1.1% and JYP Entertainment has gained 0.7%. HYBE fell 3.4%.
UMG and WMG’s post-tariff declines are slightly greater than the drops in the Nasdaq and S&P 500 of 6.7% and 6.2%, respectively. But both UMG and WMG had strong starts to 2025, and their year-to-date losses of 4.5% and 6.1% are far better than the S&P 500’s 10.2% drop and the Nasdaq’s 15.7% year-to-date decline.
Some live music companies’ stocks have been resilient, too. Live Nation shares are down 3.7% since April 1, while German concert promoter CTS Eventim is up 3.2%. Sphere Entertainment Co., owner of the Sphere venue in Las Vegas, is an exception. Sphere Entertainment shares have plummeted 23.1% since President Trump’s tariff announcement, a far more significant drop than the stocks of other companies — Caesars Entertainment, Wynn Resorts, MGM Resorts — that rely on consumers’ willingness to part with their money in Las Vegas.
For many U.S. media stocks, the direct impact of tariffs is “relatively muted,” wrote Citi analysts in an April 7 report, as many of the companies rely on discretionary spending, not ad revenue. Apple and other tech companies, for example, got an exemption from the 145% tariffs on Chinese imports but must still pay the blanket 20% tariff. Companies that get much of their revenues from subscriptions — Netflix, Spotify, UMG and WMG — will be less impacted.
Music streaming, most notably subscription services, is considered by equity analysts to be safe from whatever tariff-induced economic chaos awaits the global market. “Digital goods are unaffected by tariffs,” wrote TD Cowen analysts in an April 14 investor report. Subscription services, they argued, provide enough bang for the buck, and customers have such an emotional attachment to music that subscribers are unlikely to leave in “meaningful” numbers if the economy goes south.
Streaming and subscription growth slowed in 2024, but many analysts expect improvements to come from a regular drumbeat of price increases, renewed licensing deals and super-premium tiers. That said, analysts believe that Spotify’s latest licensing deals with UMG and WMG, and upcoming deals with other rights holders, better reward labels and publishers for price increases. As a result, TD Cowen slightly lowered its estimates for Spotify’s revenue, gross profit margin and operating income in 2025. Likewise, in an April 4 note to investors, Guggenheim analysts lowered their estimate for Spotify’s gross margin in the second half of 2025.
Companies reliant on advertising revenue will also take an indirect hit. Citi estimates that $4 trillion of imports could generate $700 billion in tariffs and reduce personal consumer and ad spending by 1.9%. Tariffs have ripple effects, too. Because household net worth and personal spending are highly correlated, says Citi, the recent declines in stock prices could reduce personal and advertising spending by 3.0%.
Consumer spending is at the heart of the concert business, but analysts agree that fans’ affection for their favorite artists protects live music from economic downturns. As a result, Live Nation has “less risk than the average business that depends on discretionary spending,” according to TD Cowen analysts.
Advertising-related businesses aren’t so lucky, though. As tariffs raise prices and household wealth declines, personal spending also declines, and, in turn, brands pull back on their advertising spending. Investors’ expectations for advertising-dependent businesses were apparent before April but have become clearer since President Trump’s April 2 tariff announcement. iHeartMedia, which closed on Thursday (April 17) below $1.00 per share for the first time since June 4, 2024, has dropped 35.3% since April 1 and fallen 50.3% year to date. Cumulus Media has fared even worse, dropping 47.5% since April 1 and 62.7% year to date. Townsquare Media has fallen 12.8% in the tariff era and 23.8% year to date.
J.P. Morgan analysts believe iHeartMedia’s full-year guidance of $770 million is “somewhat optimistic” given economic uncertainties and ongoing pressures in the radio business. It forecasts full-year EBITDA of $725 million — nearly 6% lower than iHeartMedia’s guidance. If things wind up going more the way J.P. Morgan predicts than iHeart, it would be a big blow to the company and an unfortunate bellwether for the already struggling radio business. While other music industry sectors look to ride out the tariffs at least in the shorter term, the economic uncertainty introduced by the Trump administration may only hasten radio’s ongoing decline.
As Billboard has noted numerous times in recent weeks, investors are attracted to music assets because they are counter-cyclical, meaning they don’t follow the typical ups and downs of the economy. Consumers will, by and large, stick with their music subscription services and continue going to concerts. But by introducing the tariffs, the Trump regime exposed one of radio’s greatest weaknesses as a business: a greater exposure, due to its reliance on advertising, to the state of the wider economy.
Billboard
Welcome to the latest Executive Turntable, Billboard’s weekly compendium of promotions, hirings, exits and firings — and all things in between — across the music business. There’s a full slate of personnel news this week, so let’s get started.
John Trimble, the longtime chief advertising revenue officer of SiriusXM — and Pandora before that — announced his departure after 16 years at the satellite/digital radio giant. Reflecting on his journey, he highlighted the twists and turns of his tenure, from Pandora’s start-up phase in the late aughts to its public offering and integration into SiriusXM in 2019. “Each step was defined by the risk-takers, colleagues who were truly teammates, and teammates who became friends,” he said on LinkedIn. “We built a high quality and sustainable revenue organization that can withstand the ups, downs and twists of crazy ad markets while being an integral part of the digital audio market.” Trimble, who lasted through seven CEOs and Pandora’s acquisition by SiriusXM, said he felt the company is in good hands and that it’s “time to go chase my growing bucket list.” Trimble joined Pandora in 2009 following stints at Glam Media and Fox Interactive. His successor as CARO is Scott Walker, previously the senior vp of the SiriusXM-owned ad platform AdsWizz. In a chat with Adweek this week, Walker said he aims to expand the company’s reach and improve its measurement and attribution capabilities.
Adrian Pope is the new executive vice president of digital business and global partner relations at Virgin Music Group. Based in London, he will connect VMG with its independent clients and digital partners globally. Pope previously served as chief digital officer at [PIAS] and managing director of its distribution and services business [Integral], collaborating with top indie labels and artists. He was instrumental in integrating [Integral] into Virgin following Universal Music Group’s acquisition of [PIAS] in 2024. With over 20 years in the digital music industry, Pope’s experience includes roles at Music Week and consultancy Understanding & Solutions. JT Myers, co-CEO of Virgin Music Group, praised Pope’s contributions to both [PIAS] and [Integral]. “We know his relationships and expertise will be important in our continued growth and success around the world and are grateful to have him play a key role on Virgin’s global leadership team,” said Myers.
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Jordan Fasbender, executive vp, chief legal officer and secretary of iHeartMedia, announced this week that she’ll resign by the end of the month to take a position outside the company. According to a new SEC filing, her resignation is not due to any disagreement with the company. The NYC-based legal executive joined iHeartMedia in mid-2019 as deputy general counsel and rose to her current role in November 2024 after signing new agreement extending her role through at least 2026. She previously served as senior vp and associate general counsel at 21st Century Fox and began her career as an associate at Weil, Gotshal & Manges LLP. Fabender’s replacement has not been announced, nor has she said where she’s headed next.
BMG is merging its Sync and Production Music teams into a unified global Sync Services structure to streamline operations and enhance services for clients in TV, film, advertising, gaming and tech. As part of this restructuring, Amberly Crouse-Knox and Scott Doran have been appointed senior vice presidents of Sync Services & Partnerships. Crouse-Knox will oversee North America and Latin America from Los Angeles, while Doran will lead UK and Asia-Pacific from London. Both will report to Johannes von Schwarzkopf, BMG’s chief strategy officer, and join Allegra Willis Knerr and Caspar Kedros in the global sync leadership team. Crouse-Knox has been with BMG since 2014, playing a key role in integrating X-Ray Dog Music. Doran, who joined in 2016, previously co-owned Altitude Music. This restructuring aims to strengthen the bridge between creators and clients, matching catalog cuts with impactful opportunities.
SharpTone Records appointed Jackie Andersen as its new head of label, succeeding Shawn Keith. With over 20 years in the industry and five years at SharpTone, Andersen has played a key role in the label’s growth. Her background in artist management has helped create supportive environments for musicians. She says “our commitment to empowering artists and connecting fans with cutting-edge music remains stronger than ever.” As part of the transition, Sal Torres has been promoted to head of A&R, bringing experience from Hopeless and Fearless Records. Founded in 2016, SharpTone, under the Nuclear Blast and Believe umbrella, continues to evolve. Nuclear Blast CEO Marcus Hammer and Believe Germany’s Managing Director Thorsten Freese praised Andersen’s vision, with Freese highlighting her “vision and expertise will foster even greater synergies across our network, allowing SharpTone to capitalize on Believe’s unique distribution, and audience development capabilities and global presence.”
Jody Williams Songs (JWS) promoted Nina Jenkins Fisher to vp/general manager and Tenasie Courtright to creative director. Fisher, with JWS since its inception in 2020, has signed and managed a diverse group of writers, including developing and major label artists, writer-producers and songwriters. She also oversees the company’s partnership with Warner Chappell Music. Courtright joined JWS in 2022 as creative coordinator and was later elevated to creative manager. Under Fisher’s supervision, Courtright now plays a key role within the company. JWS represents songwriters such as Andy Austin, Ashley McBryde and Vince Gill, and is a joint venture with Warner Chappell Music. Founder Jody Williams praised Fisher’s leadership in helping her launch the company from scratch and called Courtright an “innate communicator” who “offers creative ideas and solutions like a seasoned pro.”
Lauren Kilgore joined Sony Music Nashville and Provident Entertainment as senior vp of legal and business affairs. In this role, effective immediately, she oversees legal activities for both labels and collabs with business leaders to develop and implement legal, business and operational strategies. Kilgore reports to Taylor Lindsey, chair & CEO of Sony Music Nashville, and Ken Robold, president and COO. Recognized as one of Billboard‘s top music lawyers, Kilgore has spent her entire legal career in Nashville. She most recently served as a shareholder at Buchalter, where she handled various transactional entertainment matters.
Shore Fire Media promoted Chris Brudzinski to senior vp of business affairs and Dan Mansen to business operations specialist, reflecting the company’s growth since joining the Dolphin collective of marketing companies. Brudzinski, with 26 years at Shore Fire, will continue reporting to founder/CEO Marilyn Laverty. His role has expanded since joining as office manager in 1998 to include business development, accounting and human resources. He played a key role in adapting accounting practices after Shore Fire became a Dolphin subsidiary, collaborating with Dolphin CFO Mirta Negrini and overseeing a 50% increase in staff. Mansen, who started as mailroom coordinator in 2016, advanced to assist Brudzinski and became office manager in 2022. He led return-to-office procedures post-pandemic and managed Brooklyn HQ operations. In his new role, he’ll oversee accounts payable, sales order entry, and monthly accounting closings.
Global concert promoter Peachtree Entertainment added Marty Elliott as vp of university relations, and Andrew Goldberg as vp of strategic partnerships. Elliott has over 27 years of experience in venue management, business development and booking. Goldberg has previously held roles at Danny Wimmer Presents, Live Nation and Vinik Sports Group. –Jessica Nicholson
Musicians On Call, which brings music to the bedsides of patients in health care facilities, announced 11 internal promotions. Katy Epley is now chief operating officer, Elizabeth Black is senior vp of operations, and Nicole Rivera is vp of innovation. Other promotions include PJ Cowan (director of programs), Tarah Duarte (director of corporate partnerships), Melinda LaFollette (director of PR and events), Alli Prestby (creative director), Torianne Valdez (director of artist relations), Audrey Jadwisiak (senior program manager), Lia Okenkova (senior development manager) and Sasha Arnkoff (program manager).
NASHVILLE NOTES: Rachel Whitney is taking a sabbatical from her role as Spotify‘s head of editorial in Nashville, the company confirmed … Capitol Christian Music Group senior vp of A&R Josh Bailey left the company with plans to create his own firm involving both Christian and country music … Hsquared Management expanded its team with Kimberly Hopkins, who will serve as the day-to-day manager for Provident Label Group artist Lizzie Morgan and other clients.
New music streaming platform HIO is launching with an artist-first model designed to ensure a transparent path to compensation. Unlike traditional platforms, HIO’s per-user engagement model pays artists directly based on individual listener activity. HIO is led by CEO and founder Ryder Havdale, an indie label executive and musician, who envisioned the platform as an alternative to legacy streaming services. Arthur Falls, chief marketing officer, brings expertise from DFINITY Foundation and ConsenSys, while Galen Hogg, product lead, is a music industry veteran and NFT entrepreneur. The artist outreach team includes musician Eamon McGrath and Sheila Roberts, former director of marketing for PUMA Canada. “This isn’t about unpacking what traditional streaming services do or don’t do—it’s about proving there’s a better way,” said Havdale. “We built HIO because we believe artists deserve transparency, real engagement with their fans, and a revenue model that actually works for them.”
Chrysalis Records, part of the Reservoir group, appointed Colin Rice as director of catalogue marketing. Based in London, the former Sony executive will report to James Meadows, senior vp of marketing. He’ll focus on developing marketing strategies for the label’s catalog artists in the UK and internationally, collaborating with the US marketing team. Rice previously worked at Sony Music’s commercial music group division, overseeing international marketing for artists like Jimi Hendrix, Pink, Celine Dion. His achievements include international No. 1s for Mariah Carey’s “All I Want For Christmas” and campaigns for iconic albums by Pearl Jam, the Clash and others. Rice’s career began at Sanctuary Records, followed by roles at we7/Blinkbox music and Union Square Music. Meadows and Alison Wenham of Chrysalis Records praised Rice’s extensive experience and reputation.
Sound Talent Group promoted Sarah Pederson to director of finance, overseeing all accounting and finance operations for the agency. She began her entertainment career as founder and president of Family Tree Presents in Anchorage, promoting shows for bands like 36 Crazyfists. Through this work, she connected with STG co-founder Dave Shapiro, who invited her to join STG in San Diego as controller in 2020. Pederson, a metal fan, is excited about shaping STG’s future. Shapiro added: “She has been an integral part of our growth over the last 5 years and we look forward to many more years to come.”
Key Production Group, Europe’s leading bespoke physical music and packaging manufacturing broke, launched Key Intel, a new product development division led by strategy director John Service. This expansion includes entering the Irish market with newly hired consultant Ann Marie Shields. Key Intel will manage the ideation, creation and release of new products across the company’s subsidiaries. Upcoming innovations with sustainability in mind include a multi-disc boxset series, 3D packaging and a “100 % recycled alternative to shrink wrap.”
Iron Mountain Media and Archival Services appointed Andrea Kalas as vp to lead its expanded division. With over 20 years of experience, Kalas previously worked at Paramount, where she built a valuable film archive and preserved over 2,000 films, including The Godfather. She has also held roles at DreamWorks, Discovery and the British Film Institute. A former president of the Association of Moving Image Archivists, she is a member of the Academy of Motion Picture Arts and Sciences and founded the Academy Digital Preservation Forum Initiative.
ICYMI:
Julie Greenwald
Mercury Records promoted Tyler Arnold to chairman/CEO and Ben Adelson to president/COO of the label, home to Post Malone and Noah Kahn … Street Mob Records hired veteran music executive Gustavo López as its new president … Richard Vega and Stephen Schulcz were promoted to partners in WME’s music division … and former Atlantic Music Group boss Julie Greenwald is now an executive-in-residence at the Clive Davis Institute of Recorded Music at NYU’s Tisch School. [Keep Reading]
Last Week’s Turntable: EMPIRE Hires MD of Europe
Doja Cat, KATSEYE, Gwen Stefani, David Guetta, Meghan Trainor and more are set to perform at iHeartRadio’s 102.7 KIIS FM Wango Tango in May.
And for the first time ever, the summer-kickoff concert will be held in Huntington Beach, California. Hosted by Ryan Seacrest, Wango Tango will take place Sunday, May 10, and feature more performances by NMIXX, xikers, Hearts2Hearts and A2O MAY.
“We’re thrilled to bring Wango Tango back, knowing fans have been eagerly awaiting its return,” said Beata Murphy, program director of iHeartMedia Los Angeles’ 102.7 KIIS FM. “This year, we’re elevating the experience with an unforgettable day of music, energy, and beachside vibes — everything that defines SoCal. We’re also shaking things up by featuring some of the biggest artists with extended set times, unlike ever before.”
This will be the first Wango Tango event in three years, since it hit Dignity Health Center in Carson, California, in June 2022.
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iHeartMedia Los Angeles partnered with powerhouse global experience agency Code Four to execute this year’s outdoor, beachside concert experience.
“We are privileged to work with the world-class team at iHeartMedia on such an iconic brand, Wango Tango,” said Kevin Elliott, CEO of Code Four. “I grew up attending this festival as a KIIS FM listener, and it’s surreal for our team to now be working on delivering the next iteration of the Wango Tango experience – here in my hometown of Huntington Beach – one of the most incredible venues in the world!”
Added Paul Corvino, regional president of iHeartMedia: “Wango Tango has become a legendary event for Southern California music fans, something they’ve looked forward to year after year. Our partnership with Code Four is taking it to the next level, bringing it back bigger and better than ever for an unforgettable fan experience at the beach.”
Tickets go on sale first to KIIS CLUB VIP members (fans can sign up to be one for free here) on Thursday, March 13 at 10 a.m. PT. General on-sale begins Friday, March 14 at 10 a.m. PST.
iHeartMedia CEO Bob Pittman apparently believes his company’s stock is undervalued.
The executive sent a message to Wall Street on Tuesday (March 4) when he spent $320,000 to purchase 200,000 iHeartMedia shares, according to an SEC filing released Thursday (March 6). Investors took note, sending the company’s stock price up 23.2% to $1.86.
iHeartMedia shares had plummeted 27.7% in the four trading days following the company’s fourth quarter earnings release on Feb. 27. The stock fell 15.3% to $1.77 following the announcement and slipped an additional 14.8%, to $1.51, by Wednesday (March 5). But Thursday’s SEC filing reduced iHeartMedia’s year-to-date decline to 6.1% from 23.7%.
CEOs will occasionally buy shares of their companies when they believe the market is undervaluing the company. In March 2020, Live Nation CEO Michael Rapino bought approximately $1 million worth of shares as the price faltered at the pandemic’s onset; Live Nation’s share price has since risen 262% to $131.11. In May 2022, Spotify CEO Daniel Ek bought $50 million of Spotify shares a week after the stock hit an all-time low of $95.74. “I believe our best days are ahead,” Ek wrote on Twitter at the time. Spotify’s share price has since risen nearly six-fold to $543.51.
iHeartMedia, the country’s largest radio broadcaster, is trying to navigate the decline in broadcast radio while building a digital business. Although it ranks No. 1 in podcast market share, the company’s legacy business is still twice the size of its digital business. To shore up its financials, the company has laid off employees, sold tower sites and restructured its debt.
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Last week, iHeartMedia executives told investors that first-quarter revenue would decline in the low single-digits and full-year revenue would be flat. CFO Rich Bressler said that January revenue was up 5.5% but February revenue was on track for a 7% decline as consumer sentiment suffered its biggest one-month decline since August 2021.
“Although the year began with optimism, many companies are now focusing on how potential tariffs, inflation and higher interest rates may impact their businesses, introducing an element of uncertainty,” said Bressler.
Pittman remained optimistic and believed those uncertainties will “steady up a lot” as the year progresses. “If there’s a change, people take a beat and adjust to the change,” he said. “There’s a big change between this [presidential] administration and the last one, and I think people are digesting. I don’t think the uncertainty is totally unexpected, and it’s certainly understandable.”
In 2000, after Larry Magid sold his Philadelphia promotion company Electric Factory Concerts for an undisclosed sum, the buyer, Robert Sillerman, called at 12:30 a.m. to congratulate him. Then Sillerman said, “Now you congratulate me.”
“OK, congratulations on what?” Magid asked Sillerman, his new boss.
“Well, we merged,” Sillerman said.
Sillerman, then executive chairman of SFX Entertainment, was referring to his company’s $4.4 billion dollar sale to San Antonio, Texas-based broadcast behemoth Clear Channel Communications, which he’d finished at almost exactly the same time he bought Magid’s company. Thus, Magid would become an employee not of SFX, but Clear Channel, for the next five years — a period that was not easy for Magid, who had been Philly’s top independent promoter since roughly 1968, when he opened the Electric Factory club with a Chambers Brothers show. “It just seemed to be a struggle,” he recalls. “There were a lot of meetings, none of which we were used to.”
All this took place 25 years ago this week — Clear Channel’s purchase of SFX was announced Feb. 29, 2000 — and it would change the concert business forever. For decades, the live industry was ruled by unaffiliated local promoters like Magid, who ran their cities like local cartels as rock’n’roll evolved from tiny events to stadium concerts. Sillerman had spent the past three years buying out those local promoters — an acquisition spree that included big names like the late Bill Graham’s company in the Bay Area (for a reported $65 million), Don Law‘s company in Boston ($80 million) and lesser-known indies such as Avalon Attractions in Southern California ($27 million). The result was a consolidated behemoth that guaranteed advance payments of up to millions of dollars for top artists to do national tours, prompting promoters to raise prices for tickets, parking, food and alcohol to pay for their costs — all of which has become standard industry practice for concerts over the ensuing 25 years.
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Then Sillerman turned around and sold everything to Clear Channel.
By that point, the concert business no longer operated as a collection of regional fiefdoms — in which Bill Graham Presents and its Bay Area competitors competed for, say, a U2 date — but as a central entity in which SFX booked U2’s entire U.S. tour. In 2000, SFX was to promote 30 tours, from Tina Turner to Britney Spears to Ozzfest, “light years beyond what any other company has ever attempted,” Billboard reported at the time. “It has become nearly impossible for a major act to tour without SFX being involved in some way.”
“What [Sillerman] accomplished revolutionized the business. It was probably the biggest impact in the industry since the Beatles,” recalls Dennis Arfa, longtime agent for Billy Joel and others, who sold his talent agency to SFX and worked there for several years. “Bob took the business from a millionaire’s game to a billionaire’s game. From the street to Wall Street.” (Sillerman died in 2019.)
Sillerman’s sale to Clear Channel offered an even more tantalizing promise for the concert business: linking hundreds of top radio stations with top promoters and venues — “taking advantage of the natural relationship between radio and live music events,” Lowry Mays, Clear Channel’s chairman and CEO, said at the time of the sale.
But the venture ultimately failed. Many of the SFX promoters never felt they fit in at San Antonio-based Clear Channel. “We knew we were dealing with a very conservative family out of Texas — that was people’s main concern,” recalls Pamela Fallon, who’d worked with Boston promoter Don Law when SFX bought his company, then became a Clear Channel senior vp of communications. “We were pretty footloose and fancy-free in the concert business.”
Clear Channel’s meetings-heavy corporate culture reflected Mays, a former Texas petroleum engineer who, by 2000, had expanded the company from a single station in the early 1970s to a media giant with 867 radio stations and 19 TV stations, a robust billboard business and a weekly consumer base of 120 million. Along the way, Mays helped build conservative talk radio, using Clear Channel-owned syndicate Premiere Radio Networks to expand the reach of Rush Limbaugh, Laura Schlessinger and other right-wing hosts.
In 2001, writing in Salon, former Billboard reporter Eric Boehlert, later a progressive media critic, called Clear Channel “radio’s big bully.” In 2003, U.S. Senators questioned Mays about Clear Channel’s business practices during a committee hearing on media consolidation; the Eagles’ Don Henley showed up to accuse Clear Channel of strong-arming artists to work with the company, as opposed to its competitors. John Scher, a New York promoter who did not sell to SFX, Clear Channel or Live Nation, adds today: “The merger with Clear Channel, in some markets, was the death knell to local promoters: Sell to Clear Channel, or not be able to do any significant marketing with their radio stations.”
But the Clear Channel vision of combining radio with concerts had a fundamental flaw: It may have violated antitrust laws, as a rival Denver promoter claimed in a 2001 lawsuit, alleging the company blacked out radio airplay for artists who booked tours with Clear Channel rivals. (The parties settled in 2004.)
Other flaws in the “mega-merger,” as Billboard referred to it in a March 2000 front-page headline, were less public. In every market, according to Angie Diehl, a longtime marketing exec for promoters, who worked for both SFX and Clear Channel at the time, there were multiple competing radio stations that could present a concert. There were also multiple competing rival concert promoters. Clear Channel aimed to lock down all of these entities in one city so the company could control all the marketing, advertising and promotion of, say, U2.
“But there’s only one U2,” Diehl says. “The artist still dictates what they want. If you want U2 to play for you, and U2 says, ‘Well, we want KROQ to present the show,’ that’s who’s going to present the show.” Arfa adds that the combined company “never quite lived up to its synergistic ambitions.”
Perhaps recognizing this reality, Clear Channel spun off its concert division in 2005 — which would come to be known as Live Nation, led by Michael Rapino, a Canadian promoter who’d also sold his company to SFX. At first, despite emerging as the world’s biggest promoter, Live Nation struggled with hundreds of millions of dollars in debt — $367 million from the initial Clear Channel spin-off, growing to $800 million due to venue-maintenance fees over the next few years. But Rapino steered the promoter into a merger with ticket-selling giant Ticketmaster in 2008, providing crucial cashflow for years to come. “Until the Ticketmaster merger, I don’t think it made any money,” Scher says, adding that he used to book 30 to 40 New York arena shows per year, but industry dominance among Live Nation and top rival AEG has forced him to downsize to three or four. “They are formidable adversaries.”
In the long run, Live Nation solved a problem that the short-lived, SFX-infused Clear Channel Communications never quite figured out. (Clear Channel Communications renamed its radio operation iHeartMedia in 2014; Mays died in 2022.) So despite the promise — and the fears — that Clear Channel would take over the concert business and shut out competition, it was actually what came before and after the $4.4 billion acquisition that proved far more significant. Before the acquisition, SFX was the entity that expanded concert promotion from regional to national; after the acquisition, Live Nation made the concert industry more profitable than ever.
The promise of Clear Channel “synergy,” during its concert-industry excursion from 2000 to 2005, never fully paid off. “The idea was they were going to be able to promote all our concerts over their radio stations,” recalls Danny Zelisko, a Phoenix promoter who sold his company, Evening Star Productions, to SFX. “But at Clear Channel, [promoters] were the stepchild in the backseat. We were almost a dirty word. There was never anything about bringing the radio and the concerts together. It just wasn’t meant to be.”
Drake has reached a settlement with Texas-based iHeartMedia in his ongoing legal dispute over Kendrick Lamar’s diss track “Not Like Us,” according to court records.
In November, Drake filed a legal petition in Bexar County, Texas, where San Antonio is located, alleging that iHeartMedia had received illegal payments from Universal Music Group to boost radio airplay for “Not Like Us.” UMG is the parent record label for both Drake and Lamar.
The petition, a precursor to a potential lawsuit, had sought depositions from corporate representatives of both companies.
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In a court document filed Thursday, attorneys for Drake said the rapper and iHeartMedia had “reached an amicable resolution of the dispute” but did not offer any other information.
“We are pleased that the parties were able to reach a settlement satisfactory to both sides, and have no further comment on this matter,” Drake’s legal team said in a statement.
In an email Friday, iHeartMedia declined to comment on the settlement.
The claims against UMG remain active, and a hearing on a motion by UMG’s lawyers to dismiss the petition was scheduled to be held Wednesday in a San Antonio courtroom.
Drake has alleged UMG engaged in “irregular and inappropriate business practices” to get radio airplay for “Not Like Us.” The petition also alleges that UMG knew “the song itself, as well as its accompanying album art and music video, attacked the character of another one of UMG’s most prominent artists, Drake, by falsely accusing him of being a sex offender, engaging in pedophilic acts, harboring sex offenders, and committing other criminal sexual acts.”
An email to a UMG representative seeking comment was not immediately answered.
In January, Drake filed a defamation lawsuit in federal court in New York City against UMG over what he alleges are false allegations of pedophilia made in “Not Like Us.” Lamar is not named in the lawsuit.
The feud between Drake, a 38-year-old Canadian rapper and singer and five-time Grammy winner, and Lamar, a 37-year-old Pulitzer Prize winner who headlined the Super Bowl halftime show on Feb. 9, is among the biggest in hip-hop in recent years.
The Federal Communications Commission sent a letter Monday to iHeartMedia’s CEO and chairman, Robert Pittman, saying the commission is looking into whether the audio company is forcing musicians to perform at its May country music festival in Austin for reduced pay in exchange for favorable airplay of their songs on iHeart radio stations.
“We look forward to demonstrating to the Commission how performing at the iHeartCountry Festival – or declining to do so – has no bearing on our stations’ airplay,” iHeart Media said in a statement. “We do not make any overt or covert agreements about airplay with artists performing at our events.”
This article was originally published by The Associated Press.
iHeartMedia expects first-quarter revenue to decline in the low single digits and full-year revenue to be flat, suggesting the radio giant hasn’t yet turned the proverbial corner financially, according to the company’s latest earnings release. After revenue was up 5.5% in January, February is on track for a 7% decline as consumer sentiment dropped to a level not seen since 2021, CFO Rich Bressler said during Thursday’s earnings call.
The company ended 2024 with fourth-quarter revenue up 4.8% to $1.11 billion, while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) spiked 18.2% to $246.2 million. Revenue growth was below the company’s previous guidance due to lower-than-expected political advertising and a slowdown in non-political advertising before the election, said Bressler.
The fires in Los Angeles created a disruption to iHeartMedia’s business in the first quarter, although CEO Bob Pittman called it “a little bit of a blip” and said a larger impact comes from people returning to work. “Traffic is getting long again, and I hate to sound cynical here, but traffic jams are our friend,” he said. “We’re a company that benefits from people with longer commutes and more time in the car.”
Mired in a weak advertising market for broadcast radio, iHeartMedia is busy finding ways to create value from its broadcast assets. To that end, in March the company will make its broadcast advertising inventory available to programmatic buyers through Yahoo DSP and Google’s DV360 ad-buying platforms. “This is a critical early step in aligning our broadcast assets with digital buying behavior,” said Pittman, “which will allow iHeart’s broadcast radio assets to participate in the growing digital and programmatic [total addressable markets].”
Last year, iHeartMedia took steps to cut costs and improve its balance sheet. The company expects to have net savings of $150 million in 2025 and beyond — $200 million from cost reductions undertaken in 2024 and an additional $50 million of expenses. In December, iHeart reduced its debt load and extended maturity dates through a debt exchange that attracted a 92.2% participation rate.
For the full year, iHeartMedia’s revenue totaled $3.86 billion, up 3% year-over-year (and flat if political advertising is excluded). Adjusted EBITDA increased 1% to $705.6 million while EBITDA margin improved to 22.0% in 2024 from 19.5% in 2023. The multiplatform group, which includes the company’s core broadcast stations, saw its revenue decline 2.6% to $2.37 billion, while the digital audio group’s revenue increased 8.9% to $1.16 billion due to increased advertising demand for podcasting. The audio and media services group had revenue of $327 million, up 27.4%.
Cumulus Media, the country’s third-largest radio company by revenue, fared a bit worse in 2024. For the full year, Cumulus’ revenue fell 2.1% to $827.1 million and adjusted EBITDA dropped 8.8% to $82.7 million. While digital revenue grew 5.3% to $154.2 million, broadcast revenue slipped 5.1% to $564.1 million. In the fourth quarter, revenue dipped 1.2% to $218.6 million and adjusted EBITDA grew 9.8% to $25 million.
Cutting costs and restructuring debt are common tactics in the radio business. Just as iHeartMedia shaved its expenses, Cumulus will realize $43 million in annualized cost savings, with $15 million of savings coming in 2024. In addition, in May, Cumulus completed a debt exchange, which lowered its outstanding debt by $33 million and extended maturity dates while securing “attractive” interest rates.
iHeartMedia shares fell 7.9% to $2.09 before earnings were released, and dropped another 9.9%, to $1.90, in after-hours trading. Through Thursday, iHeartMedia shares are down 1.9% year-to-date but have more than doubled since May 2024.
Cumulus, which reported earnings earlier in the day, saw its share price decline only 0.3% to $0.90. Year-to-date, Cumulus shares have gained 16.9%.