What President Trump floated on Truth Social in 2025 is now a formal SEC rulemaking, and could present a tradeoff: publicly traded radio companies could file half as many financial reports, while investors and the industry at large get half as many chances to see inside.
Last month, the Securities and Exchange Commission proposed rule and form amendments that would give public companies the option to file semiannual reports in lieu of quarterly reports to meet their interim reporting obligations under federal securities laws. Eligible companies could choose to file one semiannual report and one annual report per fiscal year on a new Form 10-S, replacing the current requirement of three quarterly 10-Q filings.
Deadlines for semiannual reports would be set at 40 or 45 days after the end of the first semiannual period, depending on filer status.
SEC Chairman Paul S. Atkins framed the proposal as a measure of flexibility. “The rigidity of the SEC’s rules has prevented companies and their investors from determining for themselves the interim reporting frequency that best serves their business needs and investors,” he said.
Trump renewed his calls for the change last September, citing short-term thinking as a competitive disadvantage against China. At the time, the Commission had not signaled that any rulemaking was under consideration. Supporters argue the change would cut compliance costs and ease pressure on executives to optimize for short-term results. Critics counter that reduced disclosure frequency could weaken transparency and push borrowing costs higher.
For publicly traded broadcasters, including iHeartMedia, Townsquare Media, Urban One, and Beasley Media Group, quarterly filings and investor calls have been the primary window into revenue trends and performance. Moving to a semiannual schedule would extend the gap between required disclosures by six months and reduce the frequency with which investors and lenders receive audited data.
The proposal arrives as the sector is already losing disclosures from an increasing number of major players. Post-bankruptcy, Audacy ended all financial reporting upon going private, with Cumulus Media and Salem Media expected to follow once both complete their ongoing paths off the public market later this year.
A public comment period is open through July 6, following publication of the proposing release in the Federal Register on May 7.
