Cumulus Media Partners 2008 Revenues Fall
April 17, 2009 at 4:56 AM (PT)
CMP SUSQUEHANNA RADIO HOLDINGS CORP. (CUMULUS MEDIA PARTNERS), the company formed by CUMULUS to take over the SUSQUEHANNA stations, reported yearly net revenues falling from $223.437 million in 2007 to $203.412 million in 2008 in a 10-K annual report filed with the SEC this week. The company's loss from continuing operations widened from $185.29 million to $525.629 million.
The decline was explained by the company as due to "a decrease in demand for advertising due to the impact of the current economic recession partially offset by a $2.8 million increase in political revenue. Management has implemented numerous sales initiatives nationwide in an effort to facilitate growth primarily by targeting new industries and markets for penetration."