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1 TV tune - in: AM/FM radio generates incremental reach and amplified frequency

2 A major cable network used AM/FM radio to help launch the returning season of a scripted drama series. Their media plan also included paid TV and promos running on their network - and co owned networks. Methodology Westwood One retained Nielsen to study how the combination of AM/FM radio and TV helped drive tune - in for the premiere.

3 Nielsen radio promo effect study : TV tune - in ROI Analysis Methodology Step 3 Step 1 Step 2 Nielsen uses 80,000 person Nielsen measures Audience is broken into in groups based on Media the tune - Portable People Meter Monitors tune - in radio conversion impact panel for AM/FM radio and in conversion by - • Tune of the ad occurrence and groups television audiences demographic Nielsen Ad Intel for paid TV and TV promos • Network TV promos + paid TV + radio ads • Conversion by frequency UNEXPOSED PPM of ad exposure to the radio campaign • Live, live +3, live +7 EXPOSED network audience Existing • to the radio viewers versus new campaign Unexposed Exposed EXPOSED to the TV campaign

4 - in While AM/FM radio was only 5% of the TV tune budget, it represented 20% of impressions Budget Impressions 5% AM/FM radio 20% AM/FM radio 80% 95% Paid TV Paid TV Source : Nielsen Portable People Meter May 2018

5 AM/FM radio ncremental i 5.4M +15% reach AM/FM radio adds 15% incremental reach to paid TV Paid TV reach despite being only 5% 37.3M of the total TV budget : Nielsen June 2018 Source

6 AM/FM radio delivers a younger audience Campaign reach audience composition 35 54 55+ - - 34 18 70% 35% People only reached by AM/FM radio 27% 39% of AM/FM radio impressions 54 - were 18 32% 39% 29% Total AM/FM radio reach Nearly half Paid TV 21% 33% 46% of TV impressions 47% 35% 19% Unpaid TV (promos) were 55+ Source : Nielsen June 2018

7 AM/FM radio generates efficient reach and impressions Cost per thousand impressions (CPM) AM/FM radio is AM/FM radio 11.50 $ 20% TV $ 56.25 of TV’s CPM and cost per Cost per thousand net reach net reach AM/FM radio $ 23.47 TV 120.47 $ : Nielsen Portable People Meter and Ad Intel May 2018 Source

8 in conversion; the combination of - 6+ frequency drove tune AM/FM radio and TV drove significant 6+ exposure Conversion by frequency: % of people reached 6+ times % of people exposed to ad who watched the show 3.1% Only reached by 5% AM/FM radio +80% 1.6% Only reached by 20% TV 1.0% 0.6% Reached by both 0.2% TV and AM/FM 36% radio 10+ 1 2-3 4-5 6-9 in ad is seen or heard - # of times tune : Nielsen Portable People Meter, TV represents both paid and unpaid TV Source

9 in buy by aligning Targeting example: Optimize your tune - AM/FM radio formats to network profile and i among A&E viewers by AM/FM radio format, PPM markets, adults 18+ reach ndex % Index reach of A&E % Radio formats viewers Urban 24% 119 Classic Rock 23% 115 Sports 112 16% 111 Classic Hits 32% Country 25% 109 News/Talk 105 30% Adult Contemporary 49% 101 99 Top 40 36% Rock 26% 93 25% of all A&E viewers in PPM markets listened to Country radio in the past week. Compared to the overall How to read: population, A&E viewers are 9% more likely to listen to Country radio. Source: Scarborough USA+ Release 2 2017, Adults 18+, Watched History Channel (past 7 days).

10 Targeting: Connect AM/FM radio programming format listening to TV show audience with Nielsen PPM Intervention Storage Wars Live PD The First 48 60 Days In Index Format Reach % Reach % Format Index Index Reach % Format Index Reach % Format Format Index Reach % 118 Urban 52% 125 55% Urban 118 56% Urban 62% 126 Country Country 116 62% 111 Country 59% Country 110 58% Sports 37% 114 59% 111 Country Urban 50% 114 Oldies/ Oldies/ 108 Sports 35% 108 76% 77% 107 110 CHR/Top 40 78% 112 36% Sports Classics Classics Oldies/ Oldies/ 108 77% CHR/Top 40 77% 107 109 79% 106 34% Sports Rock 78% 110 Classics Classics Oldies/ 105 76% CHR/Top 40 106 Sports 35% Urban 106 47% 75% 106 Rock 77% 107 Classics Adult Adult Rock 105 76% Hispanic 34% 105 104 93% 105 92% CHR/Top 40 104 75% Contemporary Contemporary Adult Adult Adult 92% 104 104 92% 103 75% CHR/Top 40 102 33% Hispanic 92% 104 Contemporary Contemporary Contemporary 32% Hispanic 98 103 74% Rock 53% Rock 73% News/Talk 101 102 54% News/Talk 101 News/Talk 98 52% 96 51% News/Talk 98 32% Hispanic News/Talk 97 51% Hispanic 100 32% are 16% more likely to listen to Live PD viewers listen to country radio. PD on A&E viewers 62% of Live How to read: country than the average American. Source: Nielsen Audio – 2018 TV Program and Radio Format Report Westwood One Radio Network. PPM Markets, Unified Sample, January 1 - March 3, 2018. Persons 18+

11 125 150 GRPs is the recommended AM/FM radio - campaign weight for TV tune - in campaigns 54, weekly reach by GRP level (assuming $5,000 cost per point) - Adults 25 Recommended allocation 53% 51% 50% “Spray and pray” 47% 45% 42% 38% 33% 26% 17% 8% 75 GRPs 25 GRPs 100 GRPs 10 GRPs 125 GRPs 50 GRPs 150 GRPs 225 GRPs 175 GRPs 200 GRPs 250 GRPs $875,000 $750,000 $1,125,000 $625,000 $1,250,000 $50,000 $125,000 $250,000 $375,000 $500,000 $1,000,000 - of adults 25 How to read: 54 in the U.S. A $625,000 reaches 42% investment in network radio, assuming a $5,000 cost per point, over the course of a week. Commspoint Research US 2016, 1 week net reach by GRP level. Budget determined using CPP ratios for Spot TV, Broadcast Source: Nielsen P for Network TV, Syndication, Cable TV, and Network Radio from Intermedia Dimensions, Media Dynamics Inc., 2015. Assuming a $5,000 CP Network Radio and a $20,000 CPP for Television

12 Weekly reach jumps when 125 150 GRPs of - is added AM/FM radio any TV tune - in campaign to AM/FM radio adds significant reach versus TV only Adults 25 54 % net reach weekly - TV GRPs 75 100 125 150 175 200 225 250 GRPs 25 Zero 50 10 Zero 59% 45% 49% 52% 54% 57% 40% 8% 17% 27% 0% 34% 10 39% 44% 49% 52% 55% 58% 60% 62% 8% 15% 23% 32% 25 30% 49% 53% 56% 59% 61% 63% 64% 38% 17% 23% 44% 50 66% 54% 58% 60% 63% 65% 50% 68% 38% 32% 26% 45% 75 50% 54% 58% 61% 63% 66% 67% 33% 70% 38% 43% 69% 100 53% 58% 61% 64% 66% 68% 69% 71% 72% 42% 38% 47% Radio GRPs 125 50% 66% 68% 69% 71% 72% 73% 42% 56% 63% 46% 60% 150 73% 67% 69% 71% 72% 65% 74% 53% 49% 45% 62% 58% 175 64% 69% 60% 70% 72% 73% 74% 75% 47% 51% 55% 66% 200 50% 68% 70% 57% 73% 74% 75% 76% 53% 65% 62% 71% How to read: 125 points of TV achieves a 45% reach. Adding 125 points of AM/FM radio increases reach from 45% to 66%. Source: Commspoint Research US 2016, Adults 25 - 54, 1 week net reach by GRP level

13 Key takeaways With only 5% of paid media, AM/FM radio delivered 15% incremental • reach to paid TV and 20% of campaign impressions. AM/FM radio also amplified paid TV 6+ frequency by 80%. • Compared to TV reach, AM/FM radio delivered a much younger audience. Nearly half of TV deliveries were 55+. 70% of AM/FM radio deliveries were 18 - 54. • Higher exposure frequency resulted in higher tune - in conversion rates. The combination of AM/FM radio and TV delivered significant reach with a message frequency of 6 or more times. • AM/FM radio delivered exceptionally efficient reach and impressions.

14 Recommendations • - in buys, Westwood One can enhance targeting via AM/FM radio To optimize TV tune format reach and viewing propensity to grow reach and align impressions to the network and program profile. • . Increasing AM/FM radio allocations can grow incremental reach and amplify frequency With only 5% of the budget, AM/FM radio grew paid TV reach by 15% and amplified 6+ frequency by 80%. • For AM/FM radio planning, use a broad and diverse array of radio programming formats to increase campaign reach. Allocate 125 - 150 GRPS to AM/FM radio, generating sufficient reach to enhance TV • tune - in campaigns. • A greater allocation to AM/FM radio brings younger 18 - 54 audiences into the campaign .

15 Thank You The intellectual property included in the this presentation is property of CUMULUS MEDIA, including Westwood One, and may not be used without permission. Any details are subject to change. 2017 - 2018 CUMULUS MEDIA, Inc.

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