More dour news for the radio business, which seems to get get less relevant with every passing day. Radio Ink:
Reacting to the RAB’s report that overall radio revenue declined 6%, Wachovia Securities analyst Marci Ryvicker today issued a report in which she described the result as a “horrible start to the new year” for the industry. In the report, Ryvicker also cut her Q1 forecast for the industry.
Whereas she previously had expected the industry to be flat versus year-ago levels, Ryvicker now predicts that the industry will post a 0.8% revenue decline for 2008.
One exception: CBS Radio, which has enjoyed a modest turnaround in recent months. While Ryvicker cut her revenue estimates for most radio companies she covers, she bumped up her predictions for CBS: Rather than seeing revenue drop 2.9% in the next quarter, she’s now estimating a 2.3% drop
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