Emmis Revs Slip 7%
Emmis Communications saw total revenues slip 7% from second quarter of 2011 to $56.8 million in the second quarter of 2012, per the company. The decline was due mostly to a decline in radio revenues, from $45 million to $40 million -- an 11% drop over this period.
The company’s publishing revenues edged up 3.8% from $15.8 million to $16.4 million.
The company noted that the revenue decline in its radio business was largely due to the sale in September 2011 of three radio stations to Merlin Media, the new radio broadcast group founded by former Tribune CEO Randy Michaels in June 2011. Had these three stations, Chicago and New York City been excluded, total revenues would actually have risen by about $700,000.
Emmis CEO Jeff Smulyan also attributed the revenue drop in part to a weak performance at WRKS (98.7 FM, Kiss-FM), a former Emmis flagship in New York City, which was sold off and merged with longtime adult urban rival WBLS (107.5 FM), owned by YMF Partners, in April of this year.
Last month, Emmis announced a deal with Clear Channel Entertainment and Media (formerly Clear Channel Radio) bringing 20 Emmis stations in six markets to Clear Channel’s iHeartRadio platform, making Emmis station programming available to iHeartRadio listeners via the Web, mobile devices, and in automobiles with smartphone hookups.
The list of stations participating includes high-profile properties like Emmis’ Hot 97 in New York City and Power 106 in Los