Citadel Up, SBS Down in 3Q
More evidence comes this week that radio is enjoying a tentative recovery, with positive third-quarter results from Citadel Broadcasting. But findings are tempered by another quarter of declines at Spanish Broadcasting System. Citadel said total revenues increased 2.6% from $183.8 million in the third quarter of 2009 to $188.6 million in the third quarter of 2010. This was due to growth in radio station revenues, which increased 3.7% from $155.8 million to $161.5 million, more than offsetting a 3.7% drop in network radio revenues, which fell from $29.4 million to $28.3 million.
Citadel CEO Farid Suleman said: "The increase in revenue at our Radio Markets segment is primarily due to increases in both national and local advertising. Both the larger metropolitan markets as well as the medium-to-small metropolitan markets contributed to the overall growth."
However, SBS reported another round of declines with total revenue dropping 10% from $38.6 million in the third quarter of 2009 to $34.5 million, due mostly to a 12% drop in radio revenue, from $34.6 million to $30.5 million. TV revenue remained basically flat, with a 2% increase from $4 million to $4.1 million.
In a statement, SBS Chairman/CEO Raul Alarcon Jr. looked to the future: "As the economy continues to rebound and the census results are reported, we believe we are well-positioned to benefit. Advertisers see the importance of reaching the fast-growing Hispanic market."
Still, SBS was the odd man out in the third quarter as the radio industry appears to be enjoying something of a revival in the second half of the year, following several years of unremitting declines.
In the third quarter, Clear Channel Radio said total revenues increased 6% from $703.2 million to $743 million. Cumulus Media saw total revenues inch up 3.6% to $66.4 million, as Emmis radio revenues grew 4% to $51.7 million, and Entercom reported that third-quarter revenues increased 3% to $102.7 million. CBS Radio's revenues grew 9%, although the company did not release specific revenue figures.
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