The past 12 months have seen a drop in CBS Radio revenue of 6%.
Same-station radio revenue fell by that amount compared to 2006. Overall radio revenue (including the impact of divestures) was down 11% to $1.75 billion for the year.
In the company’s fourth quarter, “same station” revenue fell 7%, and overall radio revenue decreased 10%, reflecting weakness in ad sales as well as the impact of radio divestitures in 10 markets.
Parent company CBS Corp. said revenue for the fourth quarter was down 3%. For the year revenues of $14.07 billion were down 2% from 2006. CBS Corp.’s other businesses include broadcast and cable TV, television production and syndication, outdoor, publishing, interactive media, music, licensing and merchandising, video/DVD in-store media and motion pictures.
Executive Chairman Sumner Redstone said he was pleased by the company’s recent quarter and said CBS had made “significant strides in the expanding interactive marketplace.”
President/CEO Leslie Moonves said the company had used a “prudent portion of our cash to invest in higher-growth properties like the online social networking community Last.fm and digital outdoor displays both domestically and overseas.”
JP Morgan analysts John Blackledge and Aaron Chew said the quarterly results were in line with expectations.