Hubbard Radio Tops Chart With 2015’s Highest Revenue-Generating Station
Hubbard Radio topped the charts in 2015 with the highest revenue-generating radio station in the U.S.
A radio industry report by Virginia-based media consulting company BIA/Kelsey found that Hubbard’s Washington, D.C. news broadcast station reported $65 million in revenue last year, narrowly edging past iHeartMedia’s Los Angeles station with $64.7 million in revenue.
Altogether, radio revenues across the U.S. totaled $14.7 billion in 2015—$14 billion of which came from over-the-air revenues while the remaining $710 million was online revenue.
“Despite declining [over-the-air] revenues, radio remains an important part of the local marketing mix, as the fourth largest local media segment, with more than 10 percent of the local ad revenue pie,” said Mark Fratrik, senior vice president and chief economist at BIA/Kelsey, in a statement.
Fratrik added that overall U.S. radio revenues are expected to rise this year due to political spending and double-digit increases in online revenue.
Hubbard Radio, which holds its broadcast headquarters in St. Paul, has swelled over the years after making a series of strategic acquisitions. Since 2011, Hubbard Radio has spent more than $600 million to acquire stations around the U.S.
In August 2015, the company spent an undisclosed amount for 30 percent stake in the country’s largest advertiser-supported podcast network, PodcastOne. The company also expanded its local presence in November 2014 with its 16-station purchase of Omni Broadcasting for $8 million.
Based on financial data from BIA/Kelsey and Moody’s Investors Service, Hubbard Radio generates between $215 million and $240 million a year.
In the March 2015 issue of Twin Cities Business, Hubbard Radio CEO Ginny Morris spoke about how she is building her family’s radio company into a national powerhouse.