Beasley Media Group CEO Caroline Beasley looks at 2024 as a pivotal year for the company.
“Through a combination of workforce realignment and technology-driven efficiencies, we delivered over $20 million in annualized savings,” she said on a Thursday morning call discussing the company’s Q4 and year-end 2024 earnings. Beasley also noted the broadcast group’s exchange and new notes issuance, which she says “has significantly improved our leverage profile, extended maturity and reduced financial risk positioning Beasley to generate stronger free cash flow.”
The company reported net revenue of $67.3 million in the fourth quarter of 2024, an increase of 2.3%, compared to $65.7 million in Q4 2023, driven by $8.3 million in political advertising. Additionally, Beasley Media Group exceeded full-year expectations for political revenue for the year, booking $12.1 million in 2024.
Digital “remains a critical growth area,” Beasley told attendees on the call. Digital accounted for 17.1% of total revenue for the quarter and 19.1% for the full year, up from 18.4% in 2023.
CFO Lauren Burrows Coleman said consumer services remains the company’s largest segment, accounting for 24.5% of total revenue for the quarter. Other top ad categories include entertainment (15.3%), retail (13.8%), and auto, which was flat and accounted for 9% of total revenue in Q4.
“However, the automotive industry is facing increasing uncertainty as manufacturers and dealers prepare for the financial impact of proposed tariffs,” Burrows Coleman noted. “We are already seeing signs of advertiser pullback in the auto sector, as industry players proactively adjust their budgets in response to these anticipated changes.”
Burrows Coleman also spoke of the company’s progress in streamlining operations, with station operating income for the quarter at $14.1 million, up $4.5 million year-over-year, a 46% increase. This includes non-recurring severance costs of $816,000. For the full year, station operating income totaled $38.5 million, roughly in line with fiscal 2023, “despite the impact of significant average expenses incurred in 2024 as part of our broader cost realignment efforts, adjusting for severance expenses in both years,” she explained. Corporate expenses for the quarter were $4.7 million, including $700,000 in non-recurring severance, join bonuses and systems implementation costs.
For 2024, net revenue was down 2.8%, from $247.1 million in 2023 to $240.3 million last year.
“While the advertising landscape remains highly fluid, we are executing with discipline and focus, while we anticipate continued near-term pressure,” Beasley said. “We are committed to navigating these changes proactively and ensuring we are well-positioned for long-term growth.”