New SEC rule could cut radio’s financial transparency in half

What President Trump floated on Truth Social in 2025 is now a formal SEC rulemaking, and could present a tradeoff: publicly traded radio companies could file half as many financial reports, while investors and the industry at large get half as many chances to see inside.

Last month, the Securities and Exchange Commission proposed rule and form amendments that would give public companies the option to file semiannual reports in lieu of quarterly reports to meet their interim reporting obligations under federal securities laws. Eligible companies could choose to file one semiannual report and one annual report per fiscal year on a new Form 10-S, replacing the current requirement of three quarterly 10-Q filings.

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