“Unacceptable” was the word used by Beasley Media Group CEO Caroline Beasley to describe the company’s third-quarter results. Despite disciplined expense management, Beasley said the company must “execute more aggressively” on its new digital-first turn.
The broadcaster reported a Q3 revenue decline of 11% on a same-station basis, or 7.5% year over year excluding political advertising. Total company revenue for the quarter was $51 million. An operating loss of $536,000 was measured, compared to operating income of $1.2 million in Q3 2024.
Despite the harsh words for the quarter, net loss slightly improved, ending at $3.556 million, as opposed to 2024’s $3.560 million.
Beasley said the company is retooling its sales organization to meet the demands of a digital-first marketplace, as digital revenue rose 28% year over year on a same-station basis, now accounting for 25% of total company revenue, up from 19% last year. Beasley cited strong results from the company’s AudioPlus platform, which generated $1.2 million in Q3; more than double the previous quarter’s total. “We’re no longer just selling impressions,” she said. “We’re selling intelligence, precision, and performance visibility.”
Beasley said a self-serve advertising portal for small and midsize businesses completed pilot testing in Tampa and will launch in additional markets during Q4. Local direct revenue, including digital packages, grew 3.5% year over year and now represents nearly 60% of total local business.
Cost reduction remained a key focus during the quarter.
Beasley said the company executed a comprehensive expense initiative “targeting non-revenue-generating functions, duplicative systems, and underperforming vendor relationships.” These measures are expected to yield $1.5 million in annualized savings by year-end. Total operating expenses fell 8% year over year, or nearly $4 million, while corporate expenses dropped by nearly 50%.
Digital operating margins expanded sharply, from 7% in the prior year period to 21% in Q3. Station operating income totaled $4.9 million. The company continued streamlining operations, reducing total station and corporate expenses by $15 million year-to-date. Beasley also closed the $8 million sale of WPBB in Tampa Bay on September 29 and is awaiting FCC approval on the pending divestments of its Ft. Myers cluster.
Director of Finance Ilana Goldstein said the largest drag on total revenue continues to be national agency business, which fell 16% year over year, driven by reductions in telecom, cable, insurance, and quick-service restaurant spending. However, local agency declines slowed to 17%, down from 24.7% in Q2, and healthcare revenue climbed to 9% of total company revenue.
Beasley remarked that fourth-quarter revenue is pacing down roughly 20% year over year, including political, and in the high single digits excluding political. Full-year 2025 expenses are projected to decline between $25 million and $30 million, excluding severance and other one-time costs.
“As we look ahead to 2026 and beyond, we remain committed to advancing our strategy of scaling our higher-margin digital products, improving our overall margins across all products, and pivoting ourselves toward direct data-driven revenue,” Beasley said in closing. “By executing on these initiatives, we will strengthen our balance sheet and deliver long-term value for our shareholders, partners, and employees.”
