Westwood One Reports Decreased Revenues
March 7, 2007 at 5:43 AM (PT)
WESTWOOD ONE INC. has reported revenues for the full year 2006 were $494 million compared with $557.8 million in 2005, a decrease of 11.4%. The decrease in revenues is primarily attributable to adverse market conditions, a reduced demand for the company's products and services and increased competition.
For the full year 2006, WESTWOOD experienced a 7.8% decline in revenues from national commercial advertisements and a 14.6% decline in revenues from local/regional commercial advertisements. For the fourth quarter 2006, revenues declined 11.7% to $129.8 million, compared with $147 million in the fourth quarter of 2005. For the fourth quarter 2006, revenues derived from national commercial advertisements and local/regional sources declined 14% and 9.4%, respectively, when compared to the fourth quarter 2005.