CBS Radio said revenues fell 18% in the fourth quarter and 12% for all of last year.
Fourth-quarter revenues were $366.7 million — compared to $447.1 million for the same period a year ago. Full-year radio revenues were $1.54 billion from $1.75 billion for 2007.
CBS cited the difficult advertising market and the impact of some station sales for the drop.
Wachovia analyst Marci Ryvicker said in a report following the news: “Our contacts tell us that radio” — the industry, not specifically CBS — “is pacing below Q4 in almost every market.”
