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Who Are the Top-Earning U.S. Radio Groups?

BIA Advisory Services is out with the latest numbers

BIA Advisory Services has released a fresh list of the top U.S. radio ownership groups by revenue. To no one’s surprise, iHeartMedia remains on top.

With 865 AM/FM stations in 150 markets, iHeart brought in an estimated $2.2 billion in 2021, BIA found.

“This is up from $1.97 billion with 865 stations in 2020, but down from $2.56 billion (only 858 stations) in pre-pandemic 2019.”

Here is the list; the story continues below. (There’s a link to the list of top individual stations at the end of this story.)

BIA Advisory Services list of top-billing US radio ownership groups in 2021 with iHeartMedia in top position

Audacy, the former Entercom, was No. 2 in 2021. With 231 AM/FM stations in 47 markets, it brought in $1.345 billion, up from $1.2 billion (also 231 stations) in 2020, but down from nearly $1.6 billion in pre-pandemic 2019 (235 stations).

“A distant third, revenue-wise, is Cumulus Media Holdings Inc. with 407 AM/FM stations in 85 markets bringing in $481 million. This is up from $470 million in 2020 (415 stations), but down from $531 million in 2019 (425 stations).”

Hubbard Radio owns the top-billing station WTOP(FM) but has only 54 stations in 10 markets, yet it wins 4th place at $252 million. BIA noted that Hubbard is the largest privately held company on this list.

Other stats: Seven of the top 10 are publicly traded, three are privately held.

TelevisaUnivision is the top-billing Spanish language broadcaster.

Bonneville International owns the fewest number of stations in the fewest number of markets, while number one iHeartMedia owns the most stations in the most markets on the list.

[Read the list of top-billing individual stations for 2021]