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Josh Innes 105.9
- Thread starter gdstout
- Start date
Prediction: he’ll sit out non-compete. then he’ll pop up on WSM in the afternoons
Apparently he already has secured his next gig.
radioinsight.com
Josh Innes Departs Mornings At Trio Of iHeartMedia Classic Rockers - RadioInsight
After two years in mornings at iHeartMedia Classic Rock "105.9 The Rock" WNRQ Nashville, Josh Innes has exited the station for a "bad ass opportunity" at a yet to be revealed station. Innes joined WNRQ in March 2021 with his show added at 106.7 WLLZ Detroit in April 2022 and "Rock 103" WEGR...
radioinsight.com
Seems like a lateral move, but KSHE is a legendary station, is probably a cash cow, and it won't be replacing afternoon drive with voicetracking anytime soon.
It will be interesting to see what 105.9 The Rock winds up doing in mornings long-term. Tim Battle is probably nothing more than a stop-gap. He is an unnoteworthy on-air personality.
Evidently, iHM was not giving Mr. Innes much extra cash to track mornings at WLLZ and WEGR if he decided to dump Nashville...and Detroit...and Memphis in favor of St. Louis.
Looking across iHM's portfolio of rock and classic rock stations, the talent pool is pretty underwhelming these days. I certainly hope they do not give Rover another syndication attempt, and I also certainly hope they do not try to expand Lex & Terry's sphere.
It will be interesting to see what 105.9 The Rock winds up doing in mornings long-term. Tim Battle is probably nothing more than a stop-gap. He is an unnoteworthy on-air personality.
Evidently, iHM was not giving Mr. Innes much extra cash to track mornings at WLLZ and WEGR if he decided to dump Nashville...and Detroit...and Memphis in favor of St. Louis.
Looking across iHM's portfolio of rock and classic rock stations, the talent pool is pretty underwhelming these days. I certainly hope they do not give Rover another syndication attempt, and I also certainly hope they do not try to expand Lex & Terry's sphere.
In view of this news, Mr. Innes' decision now looks increasingly wise:
radioinsight.com
I like how Bob pins the issues on the "advertising environment." I would contend it is the radio ecosystem itself that is the problem. Radio's share of total ad spend in the U.S. over the past 25 years has declined significantly. Network TV and print have seen similar if not larger declines, but many broadcast TV outlets have the ability to gouge cable, satellite and perhaps streaming providers to help offset advertising revenue decline.
Also, this tidbit from the Q4'22 earnings call transcript is worthy of noting:
"We are impacted by the high interest rate environment as approximately 40% of our debt is floating."
I suspect heightened interest expense is the primary reason 401K matching is being suspended.
iHeartMedia Implements Cost Savings Plan
In a memo issued to employees this morning, iHeartMedia Chairman/CEO Bob Pittman and President/CFO/COO Rich Bressler have implemented a round
radioinsight.com
I like how Bob pins the issues on the "advertising environment." I would contend it is the radio ecosystem itself that is the problem. Radio's share of total ad spend in the U.S. over the past 25 years has declined significantly. Network TV and print have seen similar if not larger declines, but many broadcast TV outlets have the ability to gouge cable, satellite and perhaps streaming providers to help offset advertising revenue decline.
Also, this tidbit from the Q4'22 earnings call transcript is worthy of noting:
"We are impacted by the high interest rate environment as approximately 40% of our debt is floating."
I suspect heightened interest expense is the primary reason 401K matching is being suspended.
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Radio has one revenue stream: commercial advertising. When that dries up, there is no plan b. Even iHeart's digital business is built on advertising. What Bob is saying is true. Even NPR has had to cut its staff by 10% because of a drop in corporate giving. Sirius just cut 8% of its staff because of a drop in subscriptions. This is not about the "radio ecosystem." This is an advertising depression. Listen to the spots on the radio. Are you hearing a lot of retail spots for major department stores as you did ten years ago? No, the traditional advertising clients have themselves either gone out of business or are using other media. In their place you hear a lot of ads for drugs or insurance.
Radio has also had a secondary source of "income" that has helped the majors payoff some "debt." Real estate. I suggest this is going to cause an additional titanic response in the next half decade when all the towers that are suddenly leased vs. owned (and making these companies profit) have millions in new payments due. That will probably lead to a 1%-2% additional value decrease of property across the county on top of the yearly value decline of the stations and stocks.
BigA, we all have figured the eventual change in the economy would lead to more debt issues, reduced revenue and more employee cuts. I am somewhat surprised by the Sirius decline. A bit more than I would have expected. You are right about the change in businesses advertising. Fewer car dealers, restaurants, retail businesses. The interesting thing you note is the change of revenue INCREASE is in drugs, insurance, medical. But, that's not enough to offset conventional advertisers. The major products used by...people over 50, that agencies run from, are becoming the life blood of the industry. I think that is the issue that has really continued to plague radio. I have to think that these agencies will sooner than later "suddenly" follow the audience and follow more money for them and radio.
BigA, we all have figured the eventual change in the economy would lead to more debt issues, reduced revenue and more employee cuts. I am somewhat surprised by the Sirius decline. A bit more than I would have expected. You are right about the change in businesses advertising. Fewer car dealers, restaurants, retail businesses. The interesting thing you note is the change of revenue INCREASE is in drugs, insurance, medical. But, that's not enough to offset conventional advertisers. The major products used by...people over 50, that agencies run from, are becoming the life blood of the industry. I think that is the issue that has really continued to plague radio. I have to think that these agencies will sooner than later "suddenly" follow the audience and follow more money for them and radio.
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