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Radio One’s losses in the fourth quarter widened substantially over the same period the previous year due to the challenging advertising market.
The company lost $386 million in the fourth quarter compared to a loss of $25 million in the quarter the previous year, writes the Baltimore Business Journal. Particularly challenging markets included Baltimore, Cleveland, Detroit, Houston and Philadelphia.
The Los Angeles market played a big part in the company’s results following Urban AC KRBV’s flip, from Urban KKBT, in 2006. “Last year Los Angeles lost $5 million, and the only reason we lost was because we changed the format,” says CFO Peter Thompson (via Radio Ink).
Thompson says that the company is seeing definite signs of improvement in Los Angeles.
Radio One division president Barry Mayo is feeling “cautiously optimistic” about the start of the new year, despite the fact that some of the company’s markets are being adversely affected like the rest of the industry. He believes the company has hit its bottom and will be on the rise in 2008.
Marcy Ryvicker yesterday predicted a down year for radio. She predicted the first quarter would be down 0.8 percent.
Katz Media Group has added another new client, Lincoln Financial Media, and will sell ad time on the company’s 15 stations beginning immediately.
Katz also added CBS Radio and Entercom last week, picking them off from Interep’s list.
Katz has also…
Time magazine ousted Cosmo as the top magazine for college students in this year’s Anderson Analytics fall survey.
Time also jumped past People, which was last year’s No. 2, writes Ad Age. A Time spokesperson said the magazine did not run…
Out-of-home companies are bracing for the recession like everyone else, but they may not feel the sting as badly as other media.
Though the third quarter brought negative growth to the nation’s three largest OOH companies - Clear Channel Outdoor,…
CNN plans to offer newspapers a wire service as an alternative to the Associated Press. CNN, which already runs an internal wire service, will explain its new, expanded service to editors from about 30 papers who are visiting Atlanta this…
Regulatory filings reveal that billionaire hedge-fund manager Carl Icahn bought nearly 7 million additional shares — about $67 million worth — of Yahoo.
The investor paid an average of $9.92 for each share over the course of three days, bringing…
Email, news gathering and paying bills continue to be the most widely used online activities among U.S. adults, but downloading TV programs, watching videos and making web phone calls posted the biggest overall growth, according to data from Mediamark Research…
