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Radio broadcaster financial model, built free.

A three-statement Excel model for a radio broadcaster and audio network, built from your own figures and checked to balance.

  • Free account
  • No card
  • Usually ready within the hour

We use generative AI in parts of our process, so mistakes can occur. Every model should be checked by a person before it is relied on. Read more

The business

Holds commercial radio licences in metropolitan and regional markets, sells airtime on the strength of its ratings share, and increasingly earns digital audio revenue from podcasts and streaming, paying on-air talent, music licensing and transmission costs.

See the sampleHow the model works

In short

  • 01

    Three linked statements

    Income statement, balance sheet and cash flow, linked in every period.

  • 02

    Valued two ways

    Discounted cash flow and trading multiples, side by side.

  • 03

    Monthly to annual

    Monthly, quarterly, half-yearly or annual periods, for up to 30 years.

  • 04

    Checked every period

    A Checks sheet shows the balance sheet balances and the cash reconciles.

The sample

The sample, as Excel draws it.

Built by the same system and checks as yours: its structure and its inputs, ready for your own figures.

Annual · 10 years · Low detail
Radio broadcaster sample model.xlsx
The How It Works sheet of the sample radio broadcaster model

The sample describes no real business. Yours is calibrated to your own figures, so its results are your business’s.

How it works

How the model works for a radio broadcaster.

  1. How it earns revenue3 formulas
    Advertising revenue · All publications
    Advertising revenueDigital advertising revenue (net of ad-tech and agency fees)Print or broadcast advertising revenue
    Advertising revenue · All publications
    Impressions soldPage views or streamsAd units per page viewFill rate (share of ad units sold)
    Advertising revenue · All publications
    Digital advertising revenue (net of ad-tech and agency fees)Impressions soldCPMAd-tech and agency fees
  2. What drives its costs3 formulas
    Content and editorial costs · All publications
    Content and editorial costsEditorial staff costsFreelance contributors and syndication fees
    Music licensing and broadcast licence fees · All publications
    Music licensing and licence feesAdvertising revenuefrom advertising revenueComposition (musical works) fee as a share of broadcast revenueSound recording fee as a share of broadcast revenueDigital audio and podcast revenuefrom digital audio and podcast revenueMusic fees as a share of digital audio revenue
    Transmission costs · All publications
    Transmission costsTransmission sitesAnnual fee per siteshare of the year
  3. What it invests in3 formulas
    Corporate fixed assets
    Capital expenditureRevenuefrom statementsCapex as % of revenueAdditional planned capex
    Corporate fixed assets
    DepreciationDepreciation of the opening asset baseDepreciation of new capex
    Corporate fixed assets
    Closing net book valueOpening net book valueCapital expenditureDepreciation
  4. How it is funded3 formulas
    Debt
    RepaymentsScheduled repaymentsPrepayments from an equity raise and the cash sweep
    Debt
    Closing balanceOpening balanceDrawdownsRepayments
    Debt
    Interest expenseOpening balanceAll-in interest rateshare of the year
  5. How profit becomes cash3 formulas
    Working capital
    Trade receivablesRevenuefrom statementsDebtor daysDays in period
    Working capital
    InventoryDirect costs (positive)from statementsInventory daysDays in period
    Working capital
    Trade payablesCash operating costs (positive)from statementsCreditor daysDays in period
What it covers

16 parts, each one tested.

Every part is a tested building block with its own checks: yours is put together from the ones your business needs.

  • CPI forecastConsensus curve with long-run anchor
  • Operating expensesHeadcount build by function
  • Corporate costsFixed cost base indexed to CPI
  • Working capitalFull working capital
  • Income taxCorporate rate with tax losses
  • Corporate fixed assetsStraight-line over remaining life
  • DebtAmortising term loan
  • Dividends and distributionsPayout of net profit
  • Discounted cash flow valuationDCF on free cash flow to the firm
  • Multiples valuationEV / EBITDA multiple
  • LeasesLease register
  • Advertising revenueDigital impressions × CPM
  • Content and editorial costsEditorial headcount
  • Digital audio and podcast revenueDownloads × ad slots × CPMAdvertising and licensing revenue from podcasts and live-streamed audio, and the revenue shares paid to hosts and creators.
  • Music licensing and broadcast licence feesCollecting society fees as a % of revenueFees paid to music collecting societies for broadcasting recordings and compositions, and regulatory licence fees for each licence area.
  • Transmission costsTransmission service contractsAnalogue and digital transmission — tower and site access, transmitter maintenance, power and digital multiplex costs.
Key numbers

The numbers it tracks.

  1. 01ratings share
  2. 02revenue share
  3. 03power ratio
  4. 04digital audio revenue
  5. 05cost per station
  6. 06EBITDA margin
  7. 07licence carrying value
Used for

What it is used for.

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Looking for a radio broadcaster financial model template? Ours arrives built for your business, with your figures in it.

See a finished model, sheet by sheet

The sample is built on illustrative figures and describes no real business. Models are calculations prepared from the information you provide. They are not financial advice and must be independently verified. See our terms.