• by Erik Sass  @eriksass1, March 12, 2012

Revenues at the country’s second-largest broadcast radio group decreased 4% to $67 million in the fourth quarter of 2011, Cumulus Media reported. Including the acquisition of Citadel Broadcasting, total revenues declined 5.6% to $290.2 million.

For the full year, including Citadel revenues, total revenues slipped 3.3% to $1.14 billion in 2011. Excluding the impact of the Citadel acquisition, total revenues were basically flat, slipping 0.8% to $261.2 million.

Cumulus attributed both the full-year and fourth-quarter declines to the absence of political advertising following the 2010 mid-term elections, noting that these declines were partially offset by gains in key advertising categories including automotive and retail, reflecting a gradually improving economic situation.

Commenting on the impact of the Citadel acquisition -- which made Cumulus one of the largest radio groups in the country, second only to Clear Channel -- Cumulus CEO Lew Dickey stated, "we have built a true platform company with multiple organic growth drivers, including compelling new content, that will enable us to generate significant free cash to rapidly de-lever our balance sheet.”

Excluding the Citadel acquisition, the Cumulus results were roughly in line with the rest of the radio industry in the fourth quarter, although its full-year performance was worse than average.

According to the Radio Advertising Bureau, total radio ad revenues decreased 2% in the fourth quarter of 2011, to $4.5 billion, while full-year revenues grew 1% to $17.4 billion.