CBS Radio Says Ad Sales Improving
Thanks to improved ratings in some of its major markets, CBS Radio is seeing an improvement in advertising sales in the second quarter. The good news is largely the result of new and returning ad clients and growing interest in its online streaming.
In the first quarter, revenue at CBS Radio fell 29% to $259.7 million. Operating income plunged 62%. Now, however, trends are improving, as some advertisers who had held back on spending during the fourth quarter and the first two months of the year feel the need to return to the public's attention, says CEO Dan Mason.
"What we're seeing is that our [advertising] inventory is becoming very tight in New York, Los Angeles and San Francisco," says Mason. "About a year ago, there was a glut in the marketplace," but with fewer available radio ads, the company should be able to command higher rates for its commercials, he says.