Entercom Revenue Down 7% In Q4, 2% In 2011
'Open To A Deal' With iHeartRadio
February 28, 2012 at 2:36 PM (PT)
ENTERCOM COMMUNICATIONS reported that its Net revenues for the quarter decreased 7% to $95.1 million. Topline revenue was $95.1 million, down from $102 million. For the year, Net revenues for the year decreased 2% to $382.7 million.
"2011 was a year of extensive strategic investment for ENTERCOM, during which we launched four new station brands and established FM simulcasts of three core AM stations in SAN FRANCISCO, BOSTON, SACRAMENTO, KANSAS CITY and BUFFALO," CEO DAVID FIELD said. "These moves significantly enhance our future growth potential and are expected to contribute positively to revenue growth commencing in second quarter. However, they diluted our fourth-quarter revenues by 4%. Excluding political and stations reformatted in 2011, fourth -quarter revenues were flat. We are optimistic on 2012 growth, bolstered by improving economic conditions, accelerating performance from newly reformatted stations, and political advertising. And we are highly encouraged by strong industry fundamentals as innovation accelerates, audience usage trends remain outstanding, and radio remains the most cost-effective major advertising medium."
Would Entercom Join iHeartRadio?
CEO DAVID FIELD, in responding to a question during his financial meeting, answered about the possibility of ENTERCOM streaming its audio through iHEARTRADIO. "If the terms are right, we are open to a deal," he said.