Stern rumors continue; A look at trends in radio-tv ownership & formats

The US Sun reports conversation overheard by a source, so you know this is huge BREAKING NEWS: … ‘after conversations with [longtime producer] Gary Dell’Abate and others, it sounds like [the Stern Show isn’t] expecting to re-sign with Sirius’ when the radio icon’s contract is up at the end of the year. *You read it here folks!*

Terrestrial radio format trends

Key Format Changes (2024-2025)Format shifts were limited, focusing on religious, Spanish, and public radio adjustments. Q1 2025 saw net gains in seven of the top 10 formats, per Inside Radio’s PrecisionTrak.

Gains:Religion/Contemporary Christian: Added 62 stations in Q1 2025 (up 3% YoY), with 36 more for Contemporary Christian since September 2024. EMF’s acquisitions fueled this.

Spanish: Up 1% YoY (+15 stations), with 18 added in Q1 2025. Rebrands by Latino Media Network included “La Tremenda 103.5” (KISF, Las Vegas, Regional Mexican) and “La Exitosa 96.1” (KBTQ, McAllen, TX, Spanish Classic Hits).

Losses: Variety: Down 35 stations YoY.
Top 40: Lost 32 stations.
Sports: -12 stations.
News/Talk: -10 stations.
Adult Contemporary & Rock: Notable declines, reflecting shifting listener habits (e.g., less dial-scanning, more streaming).
Sources: BIA Advisory Services (Jan 2025), RAB/Borrell (Feb 2025), Inside Radio (Apr 2025), S&P Global (Oct 2024), Jacobs Media (Oct 2024).

Declining ad revenue, high interest rates, inflation, competition from digital/streaming platforms, consolidation and regulatory changes.

This has led to fewer stations producing local news, occasional license surrenders (especially for low-power or unprofitable outlets), and targeted sales to nonprofit buyers like Educational Media Foundation (EMF) and Spanish-language broadcasters. However, the trend is more pronounced in radio than TV, where FCC rules (local ownership caps) remain stricter, though deregulation efforts are accelerating.

(BIA Advisory Services, Radio Advertising Bureau, Inside Radio, S&P Global) — Consolidation slowed in 2024 (down 10% in volume from 2023), but 2025 shows signs of rebound with potential FCC rule relaxations under new leadership.

Sales volume dropped to 390 full-power stations for $198 million in 2024 (down from $27.8 billion peak in 1999), but deals are rebounding in 2025 due to FCC’s September 2025 review of ownership limits. The 1996 Telecommunications Act’s legacy continues to enable mergers, but high debt and ad softness (local spot down 5% to $7.81 billion in 2024) push sales. Digital revenue ($2.1 billion, up 9.7% YoY) offsets losses, but core spot ads declined 4.8% in 2025. NAB and broadcasters argue for further deregulation to compete with tech giants.

TV: Slower, with 19 Class A TV stations sold for $60.6 million in 2024 (down from $319 million in 2023). FCC’s 2025 review of national caps (39% audience reach) and UHF discount reinstatement allows more duopolies/SSAs (Shared Services Agreements), where one owner effectively controls multiple stations. Public interest groups warn of reduced diversity.

Larger owners (e.g., Sinclair) centralize production, replacing local shows with syndicated content. In 2024–2025, ~15% of stations reduced news hours due to costs, such as staffing and equipment). Wisconsin Public Radio reconfigured 38 stations in 2024, shifting from “NPR News & Music” to “WPR News” to focus on digital, reducing some local slots. Critics argue this harms “localism” (FCC’s core mandate), with 1,800 newspapers closing since 2004 as a parallel trend.

Sinclair (largest TV owner) cut local news in 20+ markets in 2024, using centralized feeds.
Radio: iHeartMedia reduced news on 50 stations in 2025 amid $5B debt.

FCC Response: 2024 “Priority Review” for stations with local journalism, but no mandates. NAB pushes for deregulation to fund news, but public groups oppose, citing viewpoint diversity loss.

License Surrenders to FCC

Modest increase, mainly for small/unprofitable stations. FCC rules require notification for discontinuance — licenses expire after 12 months off-air. In 2024–2025, ~50 radio/TV surrenders (mostly LPFM/LPTV translators), up from 2023 due to costs. No mass wave, but economic strain (inflation) pushes marginal operators out.
2024: 3 Michigan noncommercial radio stations surrendered amid funding cuts.
2025: FCC dismissed LPFM apps in October for violations, leading to voluntary surrenders.
TV: 5 Class A stations surrendered in Q1 2025 for non-compliance (e.g., off-air >12 months).

Strong trend in Christian radio

EMF (K-LOVE/Air1) acquired 10+ stations in 2024–2025, targeting Contemporary Christian signals. Driven by EMF’s nonprofit status and expansion (18M weekly listeners).
2024: 3 stations from Salem (Greensboro, Little Rock, Nashville/Honolulu).
2025: $80M for 7 Salem stations (Atlanta, Cleveland, Colorado Springs, Dallas, LA, Portland, Sacramento) + Radio Nueva Vida (Spanish Christian network, 20 stations).
EMF now on 1,000+ signals.

Spanish Broadcasters

Growing acquisitions, up 1% YoY (+15 stations Q1 2025). Spanish market (42% of U.S. audio buys) favors consolidation for reach.
2024: SBS sold Mega TV for $64M (Texas group); Latino Media Network rebranded 3 Fresno stations.
2025: Univision fined $146K for ad violations but expanded; SBS launched “La Ley 92.1” in Houston (first Texas station).
Trend: Hispanic revenue flat ($155M for SBS in 2024), but sales to groups like Voz Media (18 stations from Televisa Univision) highlight conservative/liberal shifts.

Cable news change in November

(Effective November 15, 2025): MSNBC rebrands to MS Now (“My Source Now”), dropping “NBC” to align with the SpinCo split. It will retain its progressive bent but emphasize “breaking news and thoughtful analysis.”

Comcast’s strategy to “disassociate” amid lawsuits and FCC probes (e.g., Brendan Carr’s October 2025 investigation into DEI policies).
Marketing experts note extensive (and costly) planning, but some mock the acronym as awkward. MS-NOT?