Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
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þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2016
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¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 00-24525
Cumulus Media Inc.
(Exact Name of Registrant as Specified in Its Charter)
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Delaware | | 36-4159663 |
(State of Incorporation) | | (I.R.S. Employer Identification No.) |
3280 Peachtree Road, N.W.
Suite 2300
Atlanta, GA 30305
(404) 949-0700
(Address, including zip code, and telephone number, including area code, of registrant’s principal offices)
Securities Registered Pursuant to Section 12(b) of the Act:
None
Securities Registered Pursuant to Section 12(g) of the Act:
Class A Common Stock, par value $.01 per share
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¨ No þ
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨ No þ
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No ¨
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act (Check one):
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Large accelerated filer | | ¨
| Accelerated filer | | ¨
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Non-accelerated filer | | ¨ (Do not check if a smaller reporting company) | Smaller reporting company | | þ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No þ
The aggregate market value of the registrant’s outstanding voting and non-voting common stock held by non-affiliates of the registrant (assuming, solely for the purposes hereof, that all officers and directors (and their respective affiliates), and 10% or greater stockholders of the registrant are affiliates of the registrant, some of whom may not be deemed to be affiliates upon judicial determination) as of June 30, 2016, the last business day of the registrant’s most recently completed second fiscal quarter, was approximately $38.0 million.
As of March 9, 2017, the registrant had outstanding 29,306,374 shares of common stock consisting of (i) 29,225,765 shares of Class A common stock; and (ii) 80,609 shares of Class C common stock.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant’s definitive proxy statement relating to its 2017 annual meeting of stockholders (the “2017 Proxy Statement”), to be filed with the Securities and Exchange Commission, are incorporated by reference in Part III, Items 10 to 14 of this Annual Report on Form 10-K as indicated herein.
CUMULUS MEDIA INC.
ANNUAL REPORT ON FORM 10-K
For the Fiscal Year Ended December 31, 2016
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PART I
Description of Certain Definitions and Data
In this Annual Report on Form 10-K (this “Form 10-K” or this “Report”) the terms “Company,” “Cumulus,” “we,” “us,” and “our” refer to Cumulus Media Inc. and its consolidated subsidiaries.
We use the term “local marketing agreement” (“LMA”) in this Report. In a typical LMA, the licensee of a radio station makes available, for a fee and reimbursement of its expenses, airtime on its station to a party which supplies programming to be broadcast during that airtime, and collects revenues from advertising aired during such programming. In addition to entering into LMAs, we from time to time enter into management or consulting agreements that provide us with the ability, as contractually specified, to assist current owners in the management of radio station assets, subject to Federal Communications Commission (“FCC”) approval. In such arrangements, we generally receive a contractually specified management fee or consulting fee in exchange for the services provided.
Unless otherwise indicated, as disclosed herein we:
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• | obtained total radio industry listener and revenue levels from the Radio Advertising Bureau; |
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• | derived historical market revenue statistics and market revenue share percentages from data published by Miller Kaplan, Arase LLP, a public accounting firm that specializes in serving the broadcasting industry and BIA/Kelsey (“BIA”), a media and telecommunications advisory services firm; and |
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• | derived all audience share data and audience rankings, including ranking by population, from surveys of people ages 12 and over, listening Monday through Sunday, 6 a.m. to 12 midnight, as reported in the Nielsen Audio Market Report. |
Company Overview
A leader in the radio broadcasting industry, Cumulus Media (NASDAQ:CMLS) combines high-quality local programming with iconic, nationally syndicated media, sports and entertainment brands to deliver premium content choices to the 245 million people reached each week through our approximately 445 owned-and-operated stations broadcasting in 90 U.S. media markets (including eight of the top 10), more than 8,200 broadcast radio stations affiliated with its Westwood One network and numerous digital channels. Together, the Cumulus/Westwood One platforms make Cumulus Media one of the few media companies that can provide advertisers with national reach and local impact. Cumulus/Westwood One is the exclusive radio broadcast partner to some of the largest brands in sports, entertainment, news, and talk, including the NFL, the NCAA, the Masters, the Olympics, the GRAMMYs, the Academy of Country Music Awards, the American Music Awards, the Billboard Music Awards, Westwood One News, and more. Additionally, it is the nation's leading provider of country music and lifestyle content through its NASH brand, which serves country fans nationwide through radio programming, exclusive digital content, and live events.
We are a Delaware corporation, organized in 2002, and successor by merger to an Illinois corporation with the same name that was organized in 1997.
Strategic Overview
Our initial historical strategic focus was on mid-sized radio markets in the United States, as we believed that the attractive operating characteristics of mid-sized markets, together with the relaxation of radio station ownership limits under the Telecommunications Act of 1996 (the “Telecom Act”) and FCC rules, created significant opportunities for growth from the formation of groups of radio stations within these markets. We focused on acquiring groups of stations in attractive markets at favorable purchase prices, taking advantage of the size and fragmented nature of ownership in those markets and the greater attention historically given to larger markets by radio station acquirers.
Our strategy has evolved as we have recognized that large radio markets can provide an attractive combination of scale, stability and opportunity for future growth, particularly for emerging digital advertising initiatives. According to BIA, many of these markets typically have per capita and household income, and expected household effective buying income growth, in excess of the national average, which we believe makes radio broadcasters in these markets attractive to a broad base of advertisers, and allows a radio broadcaster to reduce its dependence on any one economic sector or specific advertiser. Our
operating strategy is based upon the following principles that we expect will continue to position us for future growth and increases in stockholder value:
Focus on unique brands.
We view each of our radio stations and content assets as a unique brand that serves a local and distinct community of listeners. Our business model is designed to offer local businesses access to each of our stations’ communities of listeners through the sale of advertising time. We endeavor to create demand through strategic investments to drive ratings growth. As we continue to seek to grow, we believe this focused model will continue to be scalable, allowing us to continue to provide a high level of service to our advertisers and further expand our advertiser base.
Enhance operating performance across our portfolio of radio stations to drive efficiencies.
Our business is designed to drive sales growth and reduce costs at each radio station. By focusing on performing the day-to-day operations of the company efficiently and ensuring that our employees' efforts are effectively and consistently directed and supported, we believe we are much better positioned to achieve positive results and drive growth.
Competitive Strengths
We believe our success is, and future performance will be, directly related to the following combination of strengths that will enable us to implement our strategies:
A leader in the radio broadcasting industry with a broad national reach.
Currently, we offer advertisers access to a broad portfolio of approximately 445 stations, comprised of 16 large market and 74 small and mid-sized market stations in 90 United States media markets. Our stations cover a wide variety of programming formats, geographic regions, audience demographics and advertising clients. We believe this scale and diversity allows us to offer advertisers the ability to customize advertising campaigns on a national, regional and local basis through broadcast, digital and mobile mediums, enabling us to compete effectively with other media and engage listeners whenever, wherever they are.
We are one of the largest radio advertising and content providers in the United States. With more than 8,200 radio broadcast affiliations, our radio station platform reaches approximately 245 million listeners a week, and provides a national platform to more effectively and efficiently compete for national advertising dollars. In addition, this national network platform provides access to targeted and more diverse demographics and age groups to better meet our customers’ needs and allow for more focused marketing. Our sales team has the ability to consolidate advertising time across our affiliate network, create and aggregate inventory and divide it into packages focused on specific demographics that can be sold to national advertisers looking to reach specific national or regional audiences across all of the radio network affiliates.
Diversified customer base and geographic mix.
We generate substantially all of our revenue from the sale of advertising time to a broad and diverse customer base. We sell our advertising time both nationally and locally through an integrated sales approach that ranges from traditional radio spots to non-traditional sales programs, including on-line couponing and various on-air and Internet-related integrated marketing programs.
Our advertising exposure is highly diversified across a broad range of industries, which lessens the impact of the economic conditions applicable to any one specific industry or customer group. Our top industry segments by advertising volume include automotive, restaurants, entertainment, financial, and communications. In "even numbered years" in advance of various elections, we derive additional revenue from political candidates, political parties, and special interest groups. Due to the localized nature of our business, we have a broad distribution of advertisers across all of our stations. Our geographic reach extends to 90 markets nationwide.
Focus on corporate culture
We believe developing a corporate culture that encourages employee engagement is important to our continued success. Through an internal rigorous and systematic cultural values framework, FORCE (Focused, Responsibility, Collaboration, and Empowerment), we believe we have created an engaged and motivated employee base, which is foundational to achieving higher performance.
Leveraging network to create content.
We believe there continue to be growth opportunities in country, news/talk, sports and traffic content offerings with shared risk and revenue relationships. The content we create is distributed domestically to broadcast and digital platforms and we intend to grow by continuing to develop this content.
Industry Overview
The primary source of revenues for radio broadcasting companies is the sale of advertising time to local, regional and national spot advertisers, and national network advertisers. National advertisers place advertisements on a national show and such advertisements air in each market where the network has an affiliate. Over the past five years, radio advertising revenue has represented approximately 7% of the overall United States advertising market, and has typically followed macroeconomic growth trends. In 2016, radio advertising revenues were an estimated $17.6 billion which grew 1.5% from 2015.
Generally, radio is considered an efficient, cost-effective means of reaching specifically identified demographic groups. Stations are typically classified by their on-air format, such as country, rock, adult contemporary, oldies and news/talk. A station’s format and style of presentation enables it to target specific segments of listeners sharing certain demographic features. By capturing a specific share of a market’s radio listening audience with particular concentration in a targeted demographic, a station is able to market its broadcasting time to advertisers seeking to reach a specific audience. Advertisers and stations use data published by audience measuring services, such as Nielsen Audio, to estimate how many people within particular geographical markets and demographics listen to specific stations.
The number of advertisements that can be broadcast by a station without jeopardizing listening levels and the resulting ratings is generally dictated in part by the format of a particular station and the local competitive environment. Although the number of advertisements broadcast during a given time period may vary, the total number of advertisements broadcast on a particular station generally does not vary significantly from year to year.
A station’s local sales staff generates the majority of its local and regional advertising sales through direct solicitations of local advertising agencies and businesses. To generate national advertising sales, a station usually will engage a firm that specializes in soliciting radio-advertising sales on a national level. Stations also may engage directly with an internal national sales team that supports the efforts of third-party representatives. National sales representatives obtain advertising principally from advertising agencies located outside the station’s market and receive commissions based on the revenue from the advertising they obtain.
Our stations compete for advertising revenue with other broadcast radio stations in their particular market as well as other media, including newspapers, broadcast television, cable television, magazines, direct mail, and outdoor advertising as well as search engine and e-commerce websites and satellite-based digital radio and music services. We cannot predict how existing, new or any future sources of competition will affect our performance and results of operations.
Advertising Sales
The primary source of our revenue is generated from the sale of local, regional, and national advertising for broadcast on our radio stations. We also generate revenue from the sale of our network programming and services. In exchange for our network programs and services, we primarily receive commercial air time from radio stations and aggregate the air time to sell to national advertisers; to a lesser extent, we receive cash. A majority of our net broadcasting revenue is generated from the sale of local and regional advertising. Additional broadcasting revenue is generated from the sale of national advertising. The major categories of our advertisers consist of:
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Amusement and recreation | | Banking and mortgage | | Healthcare services |
Arts and entertainment | | Food and beverage | | Telecommunications |
Automotive dealers | | Furniture and home furnishings | | |
In addition, in even-numbered years in advance of various elections, we derive additional revenue from political candidates, political parties, and special interest groups.
Each station’s local sales staff solicits advertising either directly from a local advertiser or indirectly through an advertising agency. We use a tiered commission structure to focus our sales staff on new business development. We believe that we can outperform our competitors by (1) expanding our base of advertisers, (2) properly training sales people and (3) providing a higher level of service to our existing customer base.
Our national sales are made by a firm specializing in radio advertising sales on the national level, in exchange for a commission that is based on the gross revenue from the advertising generated. Regional sales, which we define as sales in regions surrounding our markets to buyers that advertise in our markets, are generally made by our local sales staff and market managers. Whereas we seek to grow our local sales through more customer-focused sales staffs, we seek to grow our national and regional sales by offering key national and regional advertisers access to groups of stations within specific markets and regions that make us a more attractive platform.
Each of our stations has a general target level of on-air inventory available for advertising. This target level of advertising inventory may vary at different times of the day but tends to remain stable over time. Our stations strive to maximize revenue by managing their on-air advertising inventory and adjusting prices up or down based on supply and demand. We seek to broaden our advertiser base in each market by providing a wide array of audience demographic segments across each cluster of stations, thereby providing potential advertisers with an effective means to reach a targeted demographic group. Our selling and pricing activity is based on demand for our radio stations’ on-air inventory, and, in general, we respond to this demand by varying prices rather than by varying our target inventory level for a particular station. Most changes in revenue are explained by a combination of demand-driven pricing changes and changes in inventory utilization rather than by changes in available inventory. Advertising rates charged by radio stations, which are generally highest during morning and afternoon commuting hours, are based primarily on:
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• | a station’s share of audiences and the demographic groups targeted by advertisers (as measured by ratings surveys); |
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• | the supply and demand for radio advertising time and for time targeted at particular demographic groups; and |
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• | certain additional qualitative factors. |
A station’s listenership is reflected in ratings surveys that estimate the number of listeners tuned in to the station, and the time they spend listening. Each station’s ratings are used by its advertisers and advertising representatives to consider advertising with the station and are used by Cumulus to chart changes in audience, set advertising rates and adjust programming.
Competition
The radio broadcasting industry is very competitive. Our stations compete for listeners and advertising revenues directly with other radio stations within their respective markets, as well as with other advertising media. Additionally, online music and other entertainment services compete with us for both listeners and advertisers.
Radio stations compete for listeners primarily on the basis of program content that appeals to a particular demographic group. Factors that affect a radio station’s competitive position include station brand identity and loyalty, the station’s local audience rank in its market, transmitter power and location, assigned frequency, audience characteristics, local program acceptance and the number and characteristics of other radio stations and other advertising media in the market area. We attempt to improve our competitive position in each market through research, seeking to improve our stations’ programming, implementing targeted advertising campaigns aimed at the demographic groups for which our stations program and managing our sales efforts to attract a larger share of advertising dollars for each station individually. We also seek to improve our competitive position by focusing on building a strong brand identity with a targeted listener base consisting of specific demographic groups in each of our markets, which we believe will allow us to better attract advertisers seeking to reach those listeners.
The success of each of our stations depends largely upon rates it can charge for its advertising, which in turn is affected by the number of local advertising competitors, and the overall demand for advertising within individual markets. These conditions may fluctuate and are highly susceptible to changes in both local markets and more general macroeconomic conditions. Specifically, a radio station’s competitive position can be enhanced or negatively impacted by a variety of factors, including the changing of, or another station changing, its format to compete directly for a certain demographic of listeners and advertisers or an upgrade of the station’s authorized power through the relocation or upgrade of transmission equipment. Another station’s decision to convert to a format similar to that of one of our radio stations in the same geographic area, to improve its signal reach through equipment changes or upgrades, or to launch an aggressive promotional campaign may result in lower ratings and advertising revenue for our station. Any adverse change affecting advertising expenditures in a particular market or in the relative market share of our stations located in a particular market could have a material adverse effect on the results of our radio stations located in that market or, possibly, the Company as a whole. There can be no assurance that any one or all of our stations will be able to maintain or increase advertising revenue market share.
There are also regulations that impact competition within the radio industry. Under federal laws and FCC rules, a single party can own and operate multiple stations in a local market, subject to certain limitations described below. We believe that
companies that form groups of commonly owned stations or joint arrangements, such as LMAs, in a particular market may, in certain circumstances, have lower operating costs and may be able to offer advertisers in those markets more attractive rates and services. Although we currently operate multiple stations in most of our markets and intend to pursue the creation of additional multiple station groups in particular markets, our competitors in certain markets include other parties that own and operate as many or more stations than we do.
Some of these regulations, however, can serve to protect the competitive position of existing radio stations to some extent by creating certain regulatory barriers to new entrants. The ownership of a radio broadcast station requires an FCC license, and the number of radio stations that an entity can own in a given market is limited under certain FCC rules. The number of radio stations that a party can own in a particular market is dictated largely by whether the station is in a defined “Nielsen Audio Metro" (a designation designed by a private party for use in advertising matters), and, if so, the number of stations included in that Nielsen Audio Metro. In those markets that are not in a Nielsen Audio Metro, the number of stations a party can own in the particular market is dictated by the number of AM and FM signals that overlap, which constitutes a radio market under FCC rules. These FCC ownership rules may, in some instances, limit the number of stations we or our competitors can own or operate, or may limit potential new market entrants. However, FCC ownership rules may change in the future to limit any protections they currently provide. We also cannot predict what other matters might be considered in the future by the FCC or Congress, nor can we assess in advance what impact, if any, the implementation of any of these proposals or changes might have on our business. For a discussion of FCC regulation (including recent changes), see “- Federal Regulation of Radio Broadcasting.”
Employees
At December 31, 2016, we employed 5,479 people, 3,646 of whom were employed full time. Of these employees, approximately 218 employees were covered by collective bargaining agreements. We have not experienced any material work stoppages by our employees covered by collective bargaining agreements, and overall, we consider our relations with our employees to be positive.
On occasion, we enter into contracts with various on-air personalities with large loyal audiences in their respective markets to protect our interests in those relationships that we believe to be valuable. The loss of one of these personalities could result in a short-term loss of audience share, but we do not believe that any such loss would have a material adverse effect on our financial condition or results of operations, taken as a whole.
Seasonality and Cyclicality
Our operations and revenues tend to be seasonal in nature, with generally lower revenue generated in the first quarter of the year and generally higher revenue generated in the second and fourth quarters of the year. This seasonality causes and will likely continue to cause a variation in our quarterly operating results. Such variations could have a material effect on the timing of our cash flows.
In addition, our revenues tend to fluctuate between years, consistent with, among other things, increased advertising expenditures in even-numbered years by political candidates, political parties and special interest groups. This political spending typically is heaviest during the fourth quarter.
Inflation
To date, inflation has not had a material effect on our revenues or results of operations, although no assurances can be provided that material inflation in the future would not materially adversely affect us.
Federal Regulation of Radio Broadcasting
General
The ownership, operation and sale of radio broadcast stations, including those licensed to us, are subject to the jurisdiction of the FCC, which acts under authority of the Communications Act of 1934, as amended (the “Communications Act”). Among its other regulatory responsibilities, the FCC issues permits and licenses to construct and operate radio stations; assigns broadcast frequencies; determines whether to approve changes in ownership or control of station licenses; regulates transmission equipment, operating power, and other technical parameters of stations; adopts and implements regulations and policies that directly or indirectly affect the ownership, operation and employment practices of stations; regulates the content of
some forms of radio broadcast programming; and has the authority under the Communications Act to impose penalties for violations of its rules.
The following is a brief summary of certain provisions of the Communications Act, and related FCC rules and policies (collectively, the “Communications Laws”). This description does not purport to be comprehensive, and reference should be made to the Communications Laws, public notices, and decisions issued by the FCC for further information concerning the nature and extent of federal regulation of radio broadcast stations. Failure to observe the provisions of the Communications Laws can result in the imposition of various sanctions, including monetary forfeitures and the grant of a “short-term” (less than the maximum term) license renewal. For particularly egregious violations, the FCC may deny a station’s license renewal application, revoke a station’s license, or deny applications in which an applicant seeks to acquire additional broadcast properties.
License Grant and Renewal
Radio broadcast licenses are generally granted and renewed for terms of up to eight years at a time. Licenses are renewed by filing an application with the FCC, which is subject to review and approval. The Communications Act expressly provides that a radio station is authorized to continue to operate after the expiration date of its existing license until the FCC acts on a pending renewal application. Petitions to deny license renewal applications may be filed by interested parties, including members of the public. While we are not currently aware of any facts that would prevent the renewal of our licenses to operate our radio stations, there can be no assurance that all of our licenses will be renewed in the future for a full term, or at all. Our inability to renew a significant portion of our radio broadcast licenses could result in a material adverse effect on our results of operations and financial condition.
Service Areas
The area served by an AM station is determined by a combination of frequency, transmitter power, antenna orientation, and soil conductivity. To determine the effective service area of an AM station, the station’s power, operating frequency, antenna patterns and its day/night operating modes are evaluated. The area served by an FM station is determined by a combination of effective radiated power (“ERP”), antenna height and terrain, with stations divided into eight classes according to these technical parameters.
Each class of FM radio station has the right to broadcast with a certain amount of ERP from an antenna located at a certain height above average terrain. The most powerful FM radio stations, which are generally those with the largest geographic reach, are Class C FM stations, which operate with up to the equivalent of 100 kilowatts (“kW”) of ERP at an antenna height of 1,968 feet above average terrain. These stations typically provide service to a large area that covers one or more counties (which may or may not be in the same state). There are also Class C0, C1, C2 and C3 FM radio stations which operate with progressively less power and/or antenna height above average terrain and, thus, less geographic reach. In addition, Class B FM stations operate with the equivalent of up to 50 kW ERP at an antenna height of 492 feet above average terrain. Class B stations can serve large metropolitan areas and their outer suburban areas. Class B1 stations can operate with up to the equivalent of 25 kW ERP at an antenna height of 328 feet above average terrain. Class A FM stations operate with up to the equivalent of 6 kW ERP at an antenna height of 328 feet above average terrain, and often (but not always) serve smaller cities or suburbs of larger cities.
The following table sets forth, as of March 9, 2017, the market, call letters, city of license, frequency and FCC license expiration date of all our owned and/or operated stations, including stations operated under an LMA, whether or not pending acquisition, and all other announced pending station acquisitions, if any. Stations with a license expiration date prior to March 9, 2017 represent stations for which a renewal application has been timely filed with the FCC and is currently pending before the FCC. The Communications Act expressly provides that a radio station is authorized to continue to operate after the expiration date of its existing license until the FCC acts on a pending renewal application.
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| | Market | | Stations | | City of License | | Frequency | | Expiration Date of License |
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| | Abilene, TX | | KBCY FM | | Tye, TX | | 99.7 | | August 1, 2021 |
| | | | KCDD FM | | Hamlin, TX | | 103.7 | | August 1, 2021 |
| | | | KHXS FM | | Merkel, TX | | 102.7 | | August 1, 2021 |
| | | | KTLT FM | | Anson, TX | | 98.1 | | August 1, 2021 |
| | Albany, GA | | WALG AM | | Albany, GA | | 1590 | | April 1, 2020 |
| | | | WEGC FM | | Sasser, GA | | 107.7 | | April 1, 2020 |
| | | | WGPC AM | | Albany, GA | | 1450 | | April 1, 2020 |
| | | | WJAD FM | | Leesburg, GA | | 103.5 | | April 1, 2020 |
| | | | WKAK FM | | Albany, GA | | 104.5 | | April 1, 2020 |
| | | | WNUQ FM | | Sylvester, GA | | 102.1 | | April 1, 2020 |
| | | | WQVE FM | | Albany, GA | | 101.7 | | April 1, 2020 |
| | Albuquerque, NM | | KKOB AM | | Albuquerque, NM | | 770 | | October 1, 2021 |
| | | | KKOB FM | | Albuquerque, NM | | 93.3 | | October 1, 2021 |
| | | | KMGA FM | | Albuquerque, NM | | 99.5 | | October 1, 2021 |
| | | | KNML AM | | Albuquerque, NM | | 610 | | October 1, 2021 |
| | | | KRST FM | | Albuquerque, NM | | 92.3 | | October 1, 2021 |
| | | | KTBL AM | | Los Ranchos, NM | | 1050 | | October 1, 2021 |
| | | | KDRF FM | | Albuquerque, NM | | 103.3 | | October 1, 2021 |
| | | | KBZU FM | | Albuquerque, NM | | 96.3 | | October 1, 2012 |
| | Allentown, PA | | WCTO FM | | Easton, PA | | 96.1 | | August 1, 2022 |
| | | | WLEV FM | | Allentown, PA | | 100.7 | | August 1, 2022 |
| | Amarillo, TX | | KARX FM | | Claude, TX | | 95.7 | | August 1, 2021 |
| | | | KPUR AM | | Amarillo, TX | | 1440 | | August 1, 2021 |
| | | | KPUR FM | | Canyon, TX | | 107.1 | | August 1, 2021 |
| | | | KQIZ FM | | Amarillo, TX | | 93.1 | | August 1, 2021 |
| | | | KNSH AM | | Canyon, TX | | 1550 | | August 1, 2021 |
| | | | KZRK FM | | Canyon, TX | | 107.9 | | August 1, 2021 |
| | Ann Arbor, MI | | WLBY AM | | Saline, MI | | 1290 | | October 1, 2020 |
| | | | WQKL FM | | Ann Arbor, MI | | 107.1 | | October 1, 2020 |
| | | | WTKA AM | | Ann Arbor, MI | | 1050 | | October 1, 2020 |
| | | | WWWW FM | | Ann Arbor, MI | | 102.9 | | October 1, 2020 |
| | Appleton, WI | | WNAM AM | | Neenah Menasha, WI | | 1280 | | December 1, 2020 |
| | | | WOSH AM | | Oshkosh, WI | | 1490 | | December 1, 2020 |
| | | | WVBO FM | | Winneconne, WI | | 103.9 | | December 1, 2020 |
| | | | WPKR FM | | Omro,WI | | 99.5 | | December 1, 2020 |
| | Atlanta, GA | | WKHX FM | | Marietta, GA | | 101.5 | | April 1, 2020 |
| | | | WYAY FM | | Gainesville, GA | | 106.7 | | April 1, 2020 |
| | | | WWWQ FM | | Atlanta, GA | | 99.7 | | April 1, 2020 |
| | | | WNNX FM | | College Park, GA | | 100.5 | | April 1, 2020 |
| | Baton Rouge, LA | | KQXL FM | | New Roads, LA | | 106.5 | | June 1, 2020 |
| | | | WRQQ FM | | Hammond, LA | | 103.3 | | June 1, 2020 |
| | | | WEMX FM | | Kentwood, LA | | 94.1 | | June 1, 2020 |
| | | | WIBR AM | | Baton Rouge, LA | | 1300 | | June 1, 2012 |
| | | | WXOK AM | | Port Allen, LA | | 1460 | | June 1, 2020 |
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| | Market | | Stations | | City of License | | Frequency | | Expiration Date of License |
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| | Beaumont, TX | | KAYD FM | | Silsbee, TX | | 101.7 | | August 1, 2021 |
| | | | KBED AM | | Nederland, TX | | 1510 | | August 1, 2021 |
| | | | KIKR AM | | Beaumont, TX | | 1450 | | August 1, 2021 |
| | | | KQXY FM | | Beaumont, TX | | 94.1 | | August 1, 2021 |
| | | | KTCX FM | | Beaumont, TX | | 102.5 | | August 1, 2021 |
| | Birmingham, AL | | WAPI AM | | Birmingham, AL | | 1070 | | April 1, 2020 |
| | | | WJOX AM | | Birmingham, AL | | 690 | | April 1, 2020 |
| | | | WJOX FM | | Birmingham, AL | | 94.5 | | April 1, 2020 |
| | | | WZRR FM | | Birmingham, AL | | 99.5 | | April 1, 2020 |
| | | | WUHT FM | | Birmingham, AL | | 107.7 | | April 1, 2020 |
| | | | WJQX FM | | Birmingham, AL | | 100.5 | | April 1, 2020 |
| | Blacksburg, VA | | WBRW FM | | Blacksburg, VA | | 105.3 | | October 1, 2019 |
| | | | WFNR AM | | Blacksburg, VA | | 710 | | October 1, 2019 |
| | | | WNMX FM | | Christiansburg, VA | | 100.7 | | October 1, 2019 |
| | | | WRAD AM | | Radford, VA | | 1460 | | October 1, 2019 |
| | | | WWBU FM | | Radford, VA | | 101.7 | | October 1, 2019 |
| | | | WPSK FM | | Pulaski, VA | | 107.1 | | October 1, 2019 |
| | Bloomington, IL | | WBNQ FM | | Bloomington, IL | | 101.5 | | December 1, 2020 |
| | | | WBWN FM | | Le Roy, IL | | 104.1 | | December 1, 2020 |
| | | | WJEZ FM | | Dwight, IL | | 98.9 | | December 1, 2020 |
| | | | WJBC AM | | Bloomington, IL | | 1230 | | December 1, 2020 |
| | | | WJBC FM | | Pontiac, IL | | 93.7 | | December 1, 2020 |
| | Boise, ID | | KBOI AM | | Boise, ID | | 670 | | October 1, 2021 |
| | | | KIZN FM | | Boise, ID | | 92.3 | | October 1, 2021 |
| | | | KKGL FM | | Nampa, ID | | 96.9 | | October 1, 2021 |
| | | | KQFC FM | | Boise, ID | | 97.9 | | October 1, 2021 |
| | | | KTIK FM | | New Plymouth, ID | | 93.1 | | October 1, 2021 |
| | | | KTIK AM | | Nampa, ID | | 1350 | | October 1, 2021 |
| | Bridgeport, CT | | WEBE FM | | Westport, CT | | 107.9 | | April 1, 2022 |
| | | | WICC AM | | Bridgeport, CT | | 600 | | April 1, 2022 |
| | Buffalo, NY | | WEDG FM | | Buffalo, NY | | 103.3 | | June 1, 2022 |
| | | | WGRF FM | | Buffalo, NY | | 96.9 | | June 1, 2022 |
| | | | WHLD AM | | Niagara Falls, NY | | 1270 | | June 1, 2022 |
| | | | WHTT FM | | Buffalo, NY | | 104.1 | | June 1, 2022 |
| | | | WBBF AM | | Buffalo, NY | | 1120 | | June 1, 2022 |
| | Charleston, SC | | WSSX FM | | Charleston, SC | | 95.1 | | December 1, 2019 |
| | | | WIWF FM | | Charleston, SC | | 96.9 | | December 1, 2019 |
| | | | WTMA AM | | Charleston, SC | | 1250 | | December 1, 2019 |
| | | | WWWZ FM | | Summerville, SC | | 93.3 | | December 1, 2019 |
| | | | WMGL FM | | Ravenel, SC | | 107.3 | | December 1, 2019 |
| | Chattanooga, TN | | WGOW AM | | Chattanooga, TN | | 1150 | | August 1, 2020 |
| | | | WGOW FM | | Soddy-Daisy, TN | | 102.3 | | August 1, 2020 |
| | | | WOGT FM | | East Ridge, TN | | 107.9 | | August 1, 2020 |
| | | | WSKZ FM | | Chattanooga, TN | | 106.5 | | August 1, 2020 |
| | Chicago, IL | | WLS AM | | Chicago, IL | | 890 | | December 1, 2020 |
| | | | WLS FM | | Chicago, IL | | 94.7 | | December 1, 2020 |
| | | | WLUP FM | | Chicago, IL | | 97.9 | | December 1, 2020 |
| | | | WKQX FM | | Chicago, IL | | 101.1 | | December 1, 2020 |
| | Cincinnati, OH | | WNNF FM | | Cincinnati, OH | | 94.1 | | October 1, 2020 |
| | | | WOFX FM | | Cincinnati, OH | | 92.5 | | October 1, 2020 |
| | | | WRRM FM | | Cincinnati, OH | | 98.5 | | October 1, 2020 |
| | | | WGRR FM | | Hamilton, OH | | 103.5 | | October 1, 2020 |
| | | | WFTK FM | | Lebanon, OH | | 96.5 | | October 1, 2020 |
|
| | | | | | | | | |
| | Market | | Stations | | City of License | | Frequency | | Expiration Date of License |
| |
| | Colorado Springs, CO | | KKFM FM | | Colorado Springs, CO | | 98.1 | | April 1, 2021 |
| | | | KKMG FM | | Pueblo, CO | | 98.9 | | April 1, 2021 |
| | | | KKPK FM | | Colorado Springs, CO | | 92.9 | | April 1, 2021 |
| | | | KCSF AM | | Colorado Springs, CO | | 1300 | | April 1, 2021 |
| | | | KVOR AM | | Colorado Springs, CO | | 740 | | April 1, 2021 |
| | | | KATC FM | | Colorado Springs, CO | | 95.1 | | April 1, 2021 |
| | Columbia, MO | | KBBM FM | | Jefferson City, MO | | 100.1 | | February 1, 2021 |
| | | | KBXR FM | | Columbia, MO | | 102.3 | | February 1, 2021 |
| | | | KFRU AM | | Columbia, MO | | 1400 | | February 1, 2021 |
| | | | KJMO FM | | Linn, Mo | | 97.5 | | February 1, 2021 |
| | | | KLIK AM | | Jefferson City, MO | | 1240 | | February 1, 2021 |
| | | | KOQL FM | | Ashland, MO | | 106.1 | | February 1, 2021 |
| | | | KPLA FM | | Columbia, MO | | 101.5 | | February 1, 2021 |
| | | | KZJF FM | | Jefferson City, MO | | 104.1 | | February 1, 2021 |
| | Columbia, SC | | WISW AM | | Columbia, SC | | 1320 | | December 1, 2019 |
| | | | WLXC FM | | Columbia, SC | | 103.1 | | December 1, 2019 |
| | | | WNKT FM | | Eastover, SC | | 107.5 | | December 1, 2019 |
| | | | WOMG FM | | Lexington, SC | | 98.5 | | December 1, 2019 |
| | | | WTCB FM | | Orangeburg, SC | | 106.7 | | December 1, 2019 |
| | Columbus-Starkville, MS | | WKOR FM | | Columbus, MS | | 94.9 | | June 1, 2020 |
| | | | WMXU FM | | Starkville, MS | | 106.1 | | June 1, 2020 |
| | | | WNMQ FM | | Columbus, MS | | 103.1 | | June 1, 2020 |
| | | | WSMS FM | | Artesia, MS | | 99.9 | | June 1, 2020 |
| | | | WSSO AM | | Starkville, MS | | 1230 | | June 1, 2020 |
| | Dallas, TX | | WBAP AM | | Fort Worth, TX | | 820 | | August 1, 2021 |
| | | | KSCS FM | | Fort Worth, TX | | 96.3 | | August 1, 2021 |
| | | | KLIF AM | | Dallas, TX | | 570 | | August 1, 2021 |
| | | | KPLX FM | | Fort Worth, TX | | 99.5 | | August 1, 2021 |
| | | | KLIF FM | | Haltom City, TX | | 93.3 | | August 1, 2021 |
| | | | KTCK AM | | Dallas, TX | | 1310 | | August 1, 2013 |
| | | | KTCK FM | | Flower Mound, TX | | 96.7 | | August 1, 2021 |
| | | | KESN FM | | Allen, TX | | 103.3 | | August 1, 2021 |
| | Des Moines, IA | | KBGG AM | | Des Moines, IA | | 1700 | | February 1, 2021 |
| | | | KHKI FM | | Des Moines, IA | | 97.3 | | February 1, 2021 |
| | | | KGGO FM | | Des Moines, IA | | 94.9 | | February 1, 2021 |
| | | | KJJY FM | | West Des Moines, IA | | 92.5 | | February 1, 2021 |
| | | | KWQW FM | | Boone, IA | | 98.3 | | February 1, 2021 |
| | Detroit, MI | | WJR AM | | Detroit, MI | | 760 | | October 1, 2020 |
| | | | WDVD FM | | Detroit, MI | | 96.3 | | October 1, 2020 |
| | | | WDRQ FM | | Detroit, MI | | 93.1 | | October 1, 2020 |
| | Erie, PA | | WXKC FM | | Erie, PA | | 99.9 | | August 1, 2022 |
| | | | WXTA FM | | Edinboro, PA | | 97.9 | | August 1, 2022 |
| | | | WRIE AM | | Erie, PA | | 1260 | | August 1, 2022 |
| | | | WQHZ FM | | Erie, PA | | 102.3 | | August 1, 2022 |
| | Eugene, OR | | KEHK FM | | Brownsville, OR | | 102.3 | | February 1, 2022 |
| | | | KSCR AM | | Eugene, OR | | 1320 | | February 1, 2022 |
| | | | KUGN AM | | Eugene, OR | | 590 | | February 1, 2022 |
| | | | KUJZ FM | | Creswell, OR | | 95.3 | | February 1, 2022 |
| | | | KZEL FM | | Eugene, OR | | 96.1 | | February 1, 2022 |
| | Fayetteville, AR | | KAMO FM | | Rogers, AR | | 94.3 | | June 1, 2020 |
| | | | KFAY AM | | Farmington, AR | | 1030 | | June 1, 2020 |
| | | | KQSM FM | | Fayetteville, AR | | 92.1 | | June 1, 2020 |
| | | | KMCK FM | | Prairie Grove, AR | | 105.7 | | June 1, 2020 |
| | | | KKEG FM | | Bentonville, AR | | 98.3 | | June 1, 2020 |
| | | | KYNG AM | | Springdale, AR | | 1590 | | June 1, 2020 |
|
| | | | | | | | | |
| | Market | | Stations | | City of License | | Frequency | | Expiration Date of License |
| |
| | | | KRMW FM | | Cedarville, AR | | 95 | | June 1, 2020 |
| | Fayetteville, NC | | WFNC AM | | Fayetteville, NC | | 640 | | December 1, 2019 |
| | | | WMGU FM | | Southern Pines, NC | | 106.9 | | December 1, 2019 |
| | | | WQSM FM | | Fayetteville, NC | | 98.1 | | December 1, 2019 |
| | | | WRCQ FM | | Dunn, NC | | 103.5 | | December 1, 2019 |
| | Flint, MI | | WDZZ FM | | Flint, MI | | 92.7 | | October 1, 2020 |
| | | | WWCK AM | | Flint, MI | | 1570 | | October 1, 2020 |
| | | | WWCK FM | | Flint, MI | | 105.5 | | October 1, 2020 |
| | | | WFBE FM | | Flint, MI | | 95.1 | | October 1, 2020 |
| | | | WTRX AM | | Flint, MI | | 1330 | | October 1, 2020 |
| | Florence, SC | | WBZF FM | | Hartsville, SC | | 98.5 | | December 1, 2019 |
| | | | WCMG FM | | Latta, SC | | 94.3 | | December 1, 2019 |
| | | | WHLZ FM | | Marion, SC | | 100.5 | | December 1, 2019 |
| | | | WMXT FM | | Pamplico, SC | | 102.1 | | December 1, 2019 |
| | | | WWFN FM | | Lake City, SC | | 100.1 | | December 1, 2019 |
| | | | WYMB AM | | Manning, SC | | 920 | | December 1, 2019 |
| | | | WYNN AM | | Florence, SC | | 540 | | December 1, 2019 |
| | | | WYNN FM | | Florence, SC | | 106.3 | | December 1, 2019 |
| | Fort Smith, AR | | KBBQ FM | | Van Buren, AR | | 102.7 | | June 1, 2020 |
| | | | KLSZ FM | | Fort Smith, AR | | 100.7 | | June 1, 2020 |
| | | | KOMS FM | | Poteau, OK | | 107.3 | | June 1, 2021 |
| | Fort Walton Beach, FL | | WFTW AM | | Ft Walton Beach, FL | | 1260 | | February 1, 2020 |
| | | | WKSM FM | | Ft Walton Beach, FL | | 99.5 | | February 1, 2020 |
| | | | WNCV FM | | Shalimar, FL | | 93.3 | | February 1, 2020 |
| | | | WYZB FM | | Mary Esther, FL | | 105.5 | | February 1, 2020 |
| | | | WZNS FM | | Ft Walton Beach, FL | | 96.5 | | February 1, 2020 |
| | Fresno, CA | | KSKS FM | | Fresno, CA | | 93.7 | | December 1, 2021 |
| | | | KMJ FM | | Fresno, CA | | 105.9 | | December 1, 2021 |
| | | | KMJ AM | | Fresno, CA | | 580.0 | | December 1, 2021 |
| | | | KMGV FM | | Fresno, CA | | 97.9 | | December 1, 2021 |
| | | | KWYE FM | | Fresno, CA | | 101.1 | | December 1, 2021 |
| | Grand Rapids, MI | | WJRW AM | | Grand Rapids, MI | | 1340 | | October 1, 2020 |
| | | | WTNR FM | | Holland, MI | | 94.5 | | October 1, 2020 |
| | | | WLAV FM | | Grand Rapids, MI | | 96.9 | | October 1, 2020 |
| | | | WBBL FM | | Greenville, MI | | 107.3 | | October 1, 2020 |
| | | | WHTS FM | | Coopersville, MI | | 105.3 | | October 1, 2020 |
| | Green Bay, WI | | WDUZ AM | | Green Bay, WI | | 1400 | | December 1, 2020 |
| | | | WDUZ FM | | Brillion, WI | | 107.5 | | December 1, 2020 |
| | | | WKRU FM | | Allouez, WI | | 106.7 | | December 1, 2020 |
| | | | WOGB FM | | Reedsville, WI | | 103.1 | | December 1, 2020 |
| | | | WPCK FM | | Denmark, WI | | 104.9 | | December 1, 2020 |
| | | | WQLH FM | | Green Bay, WI | | 98.5 | | December 1, 2020 |
| | Harrisburg, PA | | WHGB AM | | Harrisburg, PA | | 1400 | | August 1, 2022 |
| | | | WNNK FM | | Harrisburg, PA | | 104.1 | | August 1, 2022 |
| | | | WWKL FM | | Mechanicsburg, PA | | 93.5 | | August 1, 2022 |
| | | | WZCY FM | | Hershey, PA | | 106.7 | | August 1, 2014 |
| | | | WQXA FM | | York, PA | | 105.7 | | August 1, 2022 |
| | Houston, TX | | KRBE FM | | Houston, TX | | 104.1 | | August 1, 2021 |
| | Huntsville, AL | | WHRP FM | | Gurley, AL | | 94.1 | | April 1, 2020 |
| | | | WUMP AM | | Madison, AL | | 730 | | April 1, 2020 |
| | | | WVNN AM | | Athens, AL | | 770 | | April 1, 2020 |
| | | | WVNN FM | | Trinity, AL | | 92.5 | | April 1, 2020 |
| | | | WWFF FM | | New Market, AL | | 93.3 | | April 1, 2020 |
| | | | WZYP FM | | Athens, AL | | 104.3 | | April 1, 2020 |
|
| | | | | | | | | |
| | Market | | Stations | | City of License | | Frequency | | Expiration Date of License |
| |
| | Indianapolis, IN | | WJJK FM | | Noblesville, IN | | 104.5 | | August 1, 2020 |
| | | | WFMS FM | | Fishers, IN | | 95.5 | | August 1, 2020 |
| | | | WRWM FM | | Lawrence, IN | | 93.9 | | August 1, 2020 |
| | Johnson City, TN | | WXSM AM | | Blountville, TN | | 640 | | August 1, 2020 |
| | | | WJCW AM | | Johnson City, TN | | 910 | | August 1, 2020 |
| | | | WGOC AM | | Kingsport, TN | | 1320 | | August 1, 2020 |
| | | | WKOS FM | | Kingsport, TN | | 104.9 | | August 1, 2020 |
| | | | WQUT FM | | Johnson City, TN | | 101.5 | | August 1, 2020 |
| | Kansas City, MO | | KCFX FM | | Harrisonville, MO | | 101.1 | | February 1, 2021 |
| | | | KCHZ FM | | Ottawa, KS | | 95.7 | | June 1, 2021 |
| | | | KCJK FM | | Garden City, MO | | 105.1 | | February 1, 2021 |
| | | | KCMO AM | | Kansas City, MO | | 710 | | February 1, 2021 |
| | | | KCMO FM | | Shawnee, KS | | 94.9 | | June 1, 2021 |
| | | | KMJK FM | | North Kansas City, MO | | 107.3 | | February 1, 2021 |
| | Knoxville, TN | | WIVK FM | | Knoxville, TN | | 107.7 | | August 1, 2020 |
| | | | WNML AM | | Knoxville, TN | | 990 | | August 1, 2020 |
| | | | WNML FM | | Friendsville, TN | | 99.1 | | August 1, 2020 |
| | | | WOKI FM | | Oliver Springs, TN | | 98.7 | | August 1, 2020 |
| | Kokomo, IN | | WWKI FM | | Kokomo, IN | | 100.5 | | August 1, 2020 |
| | Lafayette, LA | | KNEK AM | | Washington, LA | | 1190 | | June 1, 2020 |
| | | | KRRQ FM | | Lafayette, LA |
| 95.5 |
| June 1, 2020 |
| | | | KSMB FM | | Lafayette, LA | | 94.5 | | June 1, 2020 |
| | | | KXKC FM | | New Iberia, LA | | 99.1 | | June 1, 2020 |
| | | | KNEK FM | | Washington, LA | | 104.7 | | June 1, 2020 |
| | Lake Charles, LA | | KAOK AM | | Lake Charles, LA | | 1400 | | June 1, 2020 |
| | | | KBIU FM | | Lake Charles, LA | | 103.3 | | June 1, 2020 |
| | | | KKGB FM | | Sulphur, LA | | 101.3 | | June 1, 2020 |
| | | | KQLK FM | | De Ridder, LA | | 97.9 | | June 1, 2020 |
| | | | KXZZ AM | | Lake Charles, LA | | 1580 | | June 1, 2020 |
| | | | KYKZ FM | | Lake Charles, LA | | 96.1 | | June 1, 2020 |
| | Lancaster, PA | | WIOV FM | | Ephrata, PA | | 105.1 | | August 1, 2022 |
| | | | WIOV AM | | Reading, PA | | 1240 | | August 1, 2022 |
| | Lexington, KY | | WCYN FM | | Cynthiana, KY | | 102.3 | | August 1, 2020 |
| | | | WLTO FM | | Nicholasville, KY | | 102.5 | | August 1, 2020 |
| | | | WLXX FM | | Lexington, KY | | 92.9 | | August 1, 2020 |
| | | | WVLK AM | | Lexington, KY | | 590 | | August 1, 2020 |
| | | | WVLK FM | | Richmond, KY | | 101.5 | | August 1, 2020 |
| | | | WXZZ FM | | Georgetown, KY | | 103.3 | | August 1, 2020 |
| | Little Rock, AR | | KAAY AM | | Little Rock, AR | | 1090 | | June 1, 2020 |
| | | | KARN AM | | Little Rock, AR | | 920 | | June 1, 2012 |
| | | | KIPR FM | | Pine Bluff, AR | | 92.3 | | June 1, 2020 |
| | | | KLAL FM | | Wrightsville, AR | | 107.7 | | June 1, 2020 |
| | | | KPZK AM | | Little Rock, AR | | 1250 | | June 1, 2020 |
| | | | KURB FM | | Little Rock, AR | | 98.5 | | June 1, 2020 |
| | | | KARN FM | | Sheridan, AR | | 102.9 | | June 1, 2020 |
| | Los Angeles, CA | | KABC AM | | Los Angeles, CA | | 790 | | December 1, 2021 |
| | | | KLOS FM | | Los Angeles, CA | | 95.5 | | December 1, 2021 |
| | Macon, GA | | WAYS AM | | Macon, GA | | 1500 | | April 1, 2020 |
| | | | WDEN FM | | Macon, GA | | 99.1 | | April 1, 2020 |
| | | | WLZN FM | | Macon, GA | | 92.3 | | April 1, 2020 |
| | | | WMAC AM | | Macon, GA | | 940 | | April 1, 2020 |
| | | | WMGB FM | | Montezuma, GA | | 95.1 | | April 1, 2020 |
| | | | WPEZ FM | | Jeffersonville, GA | | 93.7 | | April 1, 2020 |
|
| | | | | | | | | |
| | Market | | Stations | | City of License | | Frequency | | Expiration Date of License |
| |
| | Melbourne, FL | | WAOA FM | | Melbourne, FL | | 107.1 | | February 1, 2020 |
| | | | WHKR FM | | Rockledge, FL | | 102.7 | | February 1, 2020 |
| | | | WLZR FM | | Melbourne, FL | | 95.9 | | February 1, 2020 |
| | Memphis, TN | | WRBO FM | | Como, MS | | 103.5 | | June 1, 2020 |
| | | | WGKX FM | | Memphis, TN | | 105.9 | | August 1, 2020 |
| | | | WXMX FM | | Millington, TN | | 98.1 | | August 1, 2020 |
| | | | WKIM FM | | Munford, TN | | 98.9 | | August 1, 2020 |
| | Minneapolis, MN | | KQRS FM | | Golden Valley, MN | | 92.5 | | April 1, 2021 |
| | | | KXXR FM | | Minneapolis, MN | | 93.7 | | April 1, 2021 |
| | | | WGVX FM | | Lakeville, MN | | 105.1 | | April 1, 2021 |
| | | | WRXP FM | | Cambridge, MN | | 105.3 | | April 1, 2021 |
| | | | WWWM FM | | Eden Prarie, MN | | 105.7 | | April 1, 2021 |
| | Mobile, AL | | WBLX FM | | Mobile, AL | | 92.9 | | April 1, 2020 |
| | | | WDLT FM | | Saraland, AL | | 104.1 | | April 1, 2020 |
| | | | WGOK AM | | Mobile, AL | | 900 | | April 1, 2020 |
| | | | WXQW AM | | Fairhope, AL | | 660 | | April 1, 2020 |
| | | | WABD FM | | Mobile, AL | | 97.5 | | April 1, 2020 |
| | Modesto, CA | | KATM FM | | Modesto, CA | | 103.3 | | December 1, 2021 |
| | | | KDJK FM | | Mariposa, CA | | 103.9 | | December 1, 2021 |
| | | | KESP AM | | Modesto, CA | | 970 | | December 1, 2021 |
| | | | KHKK FM | | Modesto, CA | | 104.1 | | December 1, 2021 |
| | | | KHOP FM | | Oakdale, CA | | 95.1 | | December 1, 2021 |
| | | | KWNN FM | | Turlock, CA | | 98.3 | | December 1, 2021 |
| | Montgomery, AL | | WHHY FM | | Montgomery, AL | | 101.9 | | April 1, 2020 |
| | | | WLWI AM | | Montgomery, AL | | 1440 | | April 1, 2020 |
| | | | WLWI FM | | Montgomery, AL | | 92.3 | | April 1, 2020 |
| | | | WMSP AM | | Montgomery, AL | | 740 | | April 1, 2020 |
| | | | WMXS FM | | Montgomery, AL | | 103.3 | | April 1, 2020 |
| | | | WXFX FM | | Prattville, AL | | 95.1 | | April 1, 2020 |
| | Muncie, IN | | WLTI AM | | New Castle, IN | | 1550 | | August 1, 2020 |
| | | | WMDH FM | | New Castle, IN | | 102.5 | | August 1, 2020 |
| | Muskegon, MI | | WLCS FM | | North Muskegon, MI | | 98.3 | | October 1, 2020 |
| | | | WKLQ AM | | Whitehall, MI | | 1490 | | October 1, 2020 |
| | | | WVIB FM | | Holton, MI | | 100.1 | | October 1, 2020 |
| | | | WLAW FM | | Newaygo, MI | | 92.5 | | October 1, 2020 |
| | | | WWSN FM | | Whitehall, MI | | 97.5 | | October 1, 2020 |
| | Myrtle Beach, SC | | WDAI FM | | Pawleys Island, SC | | 98.5 | | December 1, 2011 |
| | | | WLFF FM | | Georgetown, SC | | 106.5 | | December 1, 2011 |
| | | | WSEA FM | | Atlantic Beach, SC | | 100.3 | | December 1, 2011 |
| | | | WSYN FM | | Surfside Beach, SC | | 103.1 | | December 1, 2011 |
| | | | WHSC AM | | Conway, SC | | 1050 | | December 1, 2011 |
| | Nashville, TN | | WQQK FM | | Goodlettsville, TN | | 92.1 | | August 1, 2020 |
| | | | WSM FM | | Nashville, TN | | 95.5 | | August 1, 2020 |
| | | | WWTN FM | | Hendersonville, TN | | 99.7 | | August 1, 2020 |
| | | | WGFX FM | | Gallatin, TN | | 104.5 | | August 1, 2020 |
| | | | WKDF FM | | Nashville, TN | | 103.3 | | August 1, 2020 |
| | New London, CT | | WQGN FM | | Groton, CT | | 105.5 | | April 1, 2022 |
| | | | WXLM AM | | Groton, CT | | 980 | | April 1, 2022 |
| | | | WMOS FM | | Stonington, CT | | 102.3 | | April 1, 2022 |
| | New Orleans, LA | | KMEZ FM | | Port Sulphur, LA | | 106.7 | | June 1, 2020 |
| | | | KKND FM | | Belle Chasse, LA | | 102.9 | | June 1, 2020 |
| | | | WRKN FM | | Laplace, LA | | 92.3 | | June 1, 2020 |
| | | | WZRH FM | | Picayune, MS | | 106.1 | | June 1, 2020 |
| | New York, NY | | WABC AM | | New York, NY | | 770 | | June 1, 2022 |
| | | | WPLJ FM | | New York, NY | | 95.5 | | June 1, 2022 |
|
| | | | | | | | | |
| | Market | | Stations | | City of License | | Frequency | | Expiration Date of License |
| |
| | | | WNSH FM | | Newark, NJ | | 94.7 | | June 1, 2022 |
| | | | WNBM FM | | Bronxville, NY | | 103.9 | | June 1, 2022 |
| | Oklahoma City, OK | | KATT FM | | Oklahoma City, OK | | 100.5 | | June 1, 2021 |
| | | | KKWD FM | | Bethany, OK | | 104.9 | | June 1, 2021 |
| | | | WWLS FM | | The Village, OK | | 98.1 | | June 1, 2021 |
| | | | KYIS FM | | Oklahoma City, OK | | 98.9 | | June 1, 2021 |
| | | | KWPN AM | | Moore, OK | | 640 | | June 1, 2021 |
| | | | WKY AM | | Oklahoma City, OK | | 930 | | June 1, 2021 |
| | | | KQOB FM | | Enid, OK | | 96.9 | | June 1, 2021 |
| | Oxnard-Ventura, CA | | KBBY FM | | Ventura, CA | | 95.1 | | December 1, 2021 |
| | | | KHAY FM | | Ventura, CA | | 100.7 | | December 1, 2021 |
| | | | KVEN AM | | Ventura, CA | | 1450 | | December 1, 2021 |
| | | | KVYB FM | | Santa Barbara, CA | | 103.3 | | December 1, 2021 |
| | Pensacola, FL | | WCOA AM | | Pensacola, FL | | 1370 | | February 1, 2020 |
| | | | WRRX FM | | Gulf Breeze, FL | | 106.1 | | February 1, 2020 |
| | | | WXBM FM | | Milton, FL | | 102.7 | | February 1, 2020 |
| | | | WMEZ FM | | Pensacola, FL | | 94.1 | | February 1, 2020 |
| | | | WJTQ FM | | Pensacola, FL | | 100.7 | | February 1, 2020 |
| | Peoria, IL | | WGLO FM | | Pekin, IL | | 95.5 | | December 1, 2020 |
| | | | WVEL AM | | Pekin, IL | | 1140 | | December 1, 2020 |
| | | | WIXO FM | | Peoria, IL | | 105.7 | | December 1, 2020 |
| | | | WFYR FM | | Elmwood, IL | | 97.3 | | December 1, 2020 |
| | | | WZPW FM | | Peoria, IL | | 92.3 | | December 1, 2020 |
| | Providence, RI | | WPRO AM | | Providence, RI | | 630 | | April 1, 2022 |
| | | | WPRO FM | | Providence, RI | | 92.3 | | April 1, 2022 |
| | | | WPRV AM | | Providence, RI | | 790 | | April 1, 2022 |
| | | | WEAN FM | | Wakefield-Peacedale, RI | | 99.7 | | April 1, 2022 |
| | | | WWLI FM | | Providence, RI | | 105.1 | | April 1, 2022 |
| | | | WWKX FM | | Woonsocket, RI | | 106.3 | | April 1, 2022 |
| | Reno, NV | | KBUL FM | | Carson City, NV | | 98.1 | | October 1, 2021 |
| | | | KKOH AM | | Reno, NV | | 780 | | October 1, 2021 |
| | | | KNEV FM | | Reno, NV | | 95.5 | | October 1, 2021 |
| | | | KWYL FM | | South Lake Tahoe, CA | | 102.9 | | December 1, 2021 |
| | Saginaw, MI | | WHNN FM | | Bay City, MI | | 96.1 | | October 1, 2020 |
| | | | WILZ FM | | Saginaw, MI | | 104.5 | | October 1, 2020 |
| | | | WIOG FM | | Bay City, MI | | 102.5 | | October 1, 2020 |
| | | | WKQZ FM | | Midland, MI | | 93.3 | | October 1, 2020 |
| | Salt Lake City, UT | | KKAT AM | | Salt Lake City, UT | | 860 | | October 1, 2021 |
| | | | KBEE FM | | Salt Lake City, UT | | 98.7 | | October 1, 2021 |
| | | | KBER FM | | Ogden, UT | | 101.1 | | October 1, 2021 |
| | | | KENZ FM | | Ogden, UT | | 101.9 | | October 1, 2021 |
| | | | KHTB FM | | Provo, UT | | 94.9 | | October 1, 2021 |
| | | | KUBL FM | | Salt Lake City, UT | | 93.3 | | October 1, 2021 |
| | San Francisco, CA | | KGO AM | | San Francisco, CA | | 810 | | December 1, 2021 |
| | | | KSFO AM | | San Francisco, CA | | 560 | | December 1, 2021 |
| | | | KFFG FM | | Los Gatos, CA | | 97.7 | | December 1, 2021 |
| | | | KFOG FM | | San Francisco, CA | | 104.5 | | December 1, 2021 |
| | | | KNBR AM | | San Francisco, CA | | 680 | | December 1, 2013 |
| | | | KSAN FM | | San Mateo, CA | | 107.7 | | December 1, 2021 |
| | | | KTCT AM | | San Mateo, CA | | 1050 | | December 1, 2021 |
|
| | | | | | | | | |
| | Market | | Stations | | City of License | | Frequency | | Expiration Date of License |
| |
| | Santa Barbara, CA | | KRRF FM | | Oak View, CA | | 106.3 | | December 1, 2021 |
| | Savannah, GA | | WBMQ AM | | Savannah, GA | | 630 | | April 1, 2020 |
| | | | WEAS FM | | Springfield, GA | | 93.1 | | April 1, 2020 |
| | | | WIXV FM | | Savannah, GA | | 95.5 | | April 1, 2020 |
| | | | WJCL FM | | Savannah, GA | | 96.5 | | April 1, 2020 |
| | | | WJLG AM | | Savannah, GA | | 900 | | April 1, 2020 |
| | | | WZAT FM | | Tybee Island, GA | | 102.1 | | April 1, 2020 |
| | | | WTYB FM | | Bluffton, SC | | 103.9 | | December 1, 2019 |
| | Shreveport, LA | | KMJJ FM | | Shreveport, LA | | 99.7 | | June 1, 2020 |
| | | | KQHN FM | | Waskom, TX | | 97.3 | | August 1, 2021 |
| | | | KRMD AM | | Shreveport, LA | | 1340 | | June 1, 2020 |
| | | | KRMD FM | | Oil City, LA | | 101.1 | | June 1, 2020 |
| | | | KVMA FM | | Shreveport, LA | | 102.9 | | June 1, 2020 |
| | Springfield, MA | | WHLL AM | | Springfield, MA | | 1450 | | April 1, 2022 |
| | | | WMAS FM | | Enfield, CT | | 94.7 | | April 1, 2022 |
| | Stockton, CA | | KJOY FM | | Stockton, CA | | 99.3 | | December 1, 2021 |
| | | | KWIN FM | | Lodi, CA | | 97.7 | | December 1, 2021 |
| | Syracuse, NY | | WAQX FM | | Manlius, NY | | 95.7 | | June 1, 2022 |
| | | | WXTL FM | | Syracuse, NY | | 105.9 | | June 1, 2022 |
| | | | WSKO AM | | Syracuse, NY | | 1260 | | June 1, 2022 |
| | | | WNTQ FM | | Syracuse, NY | | 93.1 | | June 1, 2022 |
| | Tallahassee, FL | | WBZE FM | | Tallahassee, FL | | 98.9 | | February 1, 2020 |
| | | | WGLF FM | | Tallahassee, FL | | 104.1 | | February 1, 2020 |
| | | | WHBT AM | | Tallahassee, FL | | 1410 | | February 1, 2020 |
| | | | WHBX FM | | Tallahassee, FL | | 96.1 | | February 1, 2020 |
| | | | WWLD FM | | Cairo, GA | | 102.3 | | April 1, 2020 |
| | Toledo, OH | | WKKO FM | | Toledo, OH | | 99.9 | | October 1, 2020 |
| | | | WRQN FM | | Bowling Green, OH | | 93.5 | | October 1, 2020 |
| | | | WWWM FM | | Sylvania, OH | | 105.5 | | October 1, 2020 |
| | | | WXKR FM | | Port Clinton, OH | | 94.5 | | October 1, 2020 |
| | | | WMIM FM | | Luna Pier, MI | | 98.3 | | October 1, 2020 |
| | Topeka, KS | | KDVB FM | | Effingham, KS | | 96.9 | | June 1, 2021 |
| | | | KDVV FM | | Topeka, KS | | 100.3 | | June 1, 2021 |
| | | | KMAJ AM | | Topeka, KS | | 1440 | | June 1, 2021 |
| | | | KMAJ FM | | Carbondale, KS | | 107.7 | | June 1, 2021 |
| | | | KTOP FM | | St. Marys, KS | | 102.9 | | June 1, 2021 |
| | | | KRWP FM | | Stockton, MO | | 107.7 | | February 1, 2021 |
| | | | KTOP AM | | Topeka, KS | | 1490 | | June 1, 2021 |
| | | | KWIC FM | | Topeka, KS | | 99.3 | | June 1, 2021 |
| | Tucson, AZ | | KCUB AM | | Tucson, AZ | | 1290 | | October 1, 2021 |
| | | | KHYT FM | | Tucson, AZ | | 107.5 | | October 1, 2021 |
| | | | KIIM FM | | Tucson, AZ | | 99.5 | | October 1, 2021 |
| | | | KSZR FM | | Oro Valley, AZ | | 97.5 | | October 1, 2021 |
| | | | KTUC AM | | Tucson, AZ | | 1400 | | October 1, 2021 |
| | Washington, DC | | WMAL AM | | Washington, DC | | 630 | | October 1, 2019 |
| | | | WRQX FM | | Washington, DC | | 107.3 | | October 1, 2019 |
| | | | WMAL FM | | Woodbridge, VA | | 105.9 | | October 1, 2019 |
| | Westchester, NY | | WFAS AM | | White Plains, NY | | 1230 | | June 1, 2022 |
| | Wichita Falls, TX | | KLUR FM | | Wichita Falls, TX | | 99.9 | | August 1, 2021 |
| | | | KOLI FM | | Electra, TX | | 94.9 | | August 1, 2021 |
| | | | KQXC FM | | Wichita Falls, TX | | 103.9 | | August 1, 2021 |
| | | | KYYI FM | | Burkburnett, TX | | 104.7 | | August 1, 2021 |
|
| | | | | | | | | |
| | Market | | Stations | | City of License | | Frequency | | Expiration Date of License |
| |
| | Wilkes-Barre, PA | | WARM AM | | Scranton, PA | | 590 | | August 1, 2022 |
| | | | WBHT FM | | Mountain Top, PA | | 97.1 | | August 1, 2022 |
| | | | WBSX FM | | Hazleton, PA | | 97.9 | | August 1, 2022 |
| | | | WSJR FM | |