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.
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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.