Cox radio reported a 69% decline in earnings in the first quarter this morning while Radio One says they lost $59.4 million for Q1 as compared to the same quarter in 2008.This follows a 22% revenue drop reported by Clear Channel.  Cox is being acquired by majority owner Cox Enterprises. They reported income of $4 million compared with $12.8 million a year earlier. Revenue fell 23% to $75.5 million...local was down 21.1% and national was down 32.4%.

Meanwhile, Radio One's first quarter revenue was down 16% from the same period in 2008..$60.7 million from $72.5 million.  CEO Alfred Liggins said the company was continuing to cut costs with their push for new revenue in thedigital and on line world.
Post comment ...
Anonymous comments are disabled. Login