It’s a tale of two worlds. For some media companies, the second quarter of 2022 demonstrated top prowess in attracting political ad dollars, in particular in the broadcast television sector. Of the audio content creation and distribution companies, the overall performance was positive. In particular, Cumulus Media enjoyed revenue that surpassed Wall Street estimates as it swung to net income from a Q2 2021 net loss.
These upbeat second quarter earnings reports are in sharp contrast to the Q2 2022 earnings report delivered Friday by Audacy Corp., the company formerly known as Entercom and led by President/CEO David Field.