• by Erik Sass  @eriksass1, August 12, 2011

Cumulus Media rounded out a mixed series of quarterly results from the radio business this week, revealing that total revenues were basically flat, slipping 0.8% from $69.7 million in the second quarter of 2010 to $69.2 million this year.

Revenues were also basically flat for the first half of the year, edging up 0.7% from $126.1 million to $127 million.

The radio group, currently in the process of acquiring rival Citadel Broadcasting for $37 per share or about $2.5 billion, attributed the lackluster second-quarter results -- a 0.7% revenue dip -- to the absence of political advertising. That sector buoyed ad spending for many big radio companies in the lead-up to the hotly contested 2010 midterm elections.

The Citadel acquisition, which is expected to close in mid-September, will create one of the nation's largest radio networks, with more than 570 stations in 120 markets around the U.S. directly owned by Cumulus and over 4,000 station affiliates.

Pre-merger, Citadel owns 225 stations in 50 markets nationwide, while Cumulus owns 365 stations in 68 markets.

As noted, other radio groups have reported mixed results from the second quarter, reflecting broader economic concerns.

Clear Channel Radio, the nation's largest broadcast radio group, saw radio revenues increase 4% to $780.9 million, largely because of its recent acquisition of Westwood One's traffic business, which accounted for some $28 million of the roughly $32 million increase.

Saga Communications -- which owns 91 stations in 26 markets -- reports basically flat revenues for the second quarter, while Radio One -- which owns 54 stations in 17 urban markets targeting minority listeners -- saw total radio revenues decline a few percentage points.