President Donald Trump is again urging the SEC to move corporate reporting from quarterly to semiannual, posting on Truth Social that American firms are fixated on short-term results while rivals think in decades. He cited the idea that China manages companies on a 50- to 100-year horizon and called quarterly cadence “not good.”
Any change would require SEC rulemaking; so far, the agency has not indicated a shift. Overseas, the EU ended a bloc-wide quarterly mandate in 2013, and the UK followed in 2014, reverting to half-year reporting while allowing voluntary trading updates. Many issuers still share frequent results, but the legal obligation disappeared.
For radio, fewer required reports would reset earnings season’s rhythm. Publicly traded broadcasters like iHeartMedia, Cumulus Media, and Urban One use quarterly filings and calls to brief investors, lenders, and advertisers on revenue, margins, and pacing. Reducing mandated disclosures could complicate tracking momentum across political cycles, sports seasons, and key advertising windows.
Private owners already vary widely. Audacy stopped releasing financials after going private post-bankruptcy. Connoisseur Media and Hubbard do not issue quarterly updates, while TelevisaUnivision continues to publish results.
Research on markets that dropped quarterly mandates shows mixed outcomes. Companies that maintained frequent voluntary updates preserved analyst coverage and investor confidence. Those that did not often saw thinner coverage, wider information gaps, and potentially higher capital costs. For smaller, highly leveraged broadcasters that rely on steady visibility, fewer touchpoints may raise borrowing or refinancing risk.
Supporters argue semiannual reporting would cut compliance costs and reduce pressure for short-term beats, giving executives more time to operate. Critics counter that transparency would suffer, impairing price discovery and access to capital—particularly for firms already fighting for attention in a crowded, consolidating media landscape.
(Photo credit: the White House)