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Miller: Radio Stocks Show ‘Jekyll and Hyde’ Performance

Miller: Radio Stocks Show ‘Jekyll and Hyde’ Performance

Radio stock performance over the past four years has been exhibiting “Jekyll and Hyde” behavior with consecutive double-digit swings up and down every few months. That’s according to Victor Miller, senior managing director, Radio/TV Broadcast Analyst, Bear Stearns as he dubbed the theme of Interep’s mid-year radio meeting last week “Will the real radio please stand up?”
Interep said the symposium drew more than 250 attendees from the financial and media sectors. Panelists discussed factors impacting radio: inventory and clutter reduction, emerging formats, the impact of competing technologies, and advances in research and technology
Joel Hollander, Chairman and CEO, Infinity Broadcasting, said his company would continue to be aggressive in developing new formats, and investing in new delivery technologies such as streaming and HD Radio conversion. He said it’s important for companies to invest in their properties. “If we do this, we can get back to solid growth.”
Pat Walsh, CFO, Ibiquity Digital, outlined the capabilities of HD Radio and its potential impact on the industry, and said that broadcasters converting stations to digital at a rate of one to two stations per day.
Drew Marcus, vice chairman, Media and Telecom Group, Deutsche Bank Securities, said, “I have never seen the industry more focused on creating programming, developing research that will change advertisers’ perceptions of radio, and on inventory control to improve pricing…new technology threats do not always eat away at the pie, they can expand the pie. I believe radio’s future is much brighter than the naysayers would have you think.”