Liggins: Latest Quarter Was a ‘Perfect Storm’

Radio One, the seventh-largest commercial group by revenue, reported its quarterly financials. Net broadcast revenue fell 4% from the same quarter last year, to approximately $97.8 million.
President/CEO Alfred C. Liggins III said he thinks the quarter may have been “the perfect storm of bad news and that better days are ahead.”
“We are clearly facing some challenges in certain markets, over and above the ongoing softness in the radio industry, and are taking active steps to address those challenges,” he said in the company’s summary. He also said the numbers should be viewed in the context of the group’s stronger performance compared to the industry a year ago, and said Radio One will benefit from current investment spending and “ongoing management realignment.”