Westwood One Revs Down $17.8M In Q3
November 9, 2009 at 1:29 PM (PT)
WESTWOOD ONE has reported operating results for the third quarter ended SEPTEMBER 30th.
Revenue for Q3 was $78.5 million, a decrease of $17.8 million, or 18.5%, compared to revenue of $96.3 million in the third quarter of 2008. The decrease in revenue is "primarily attributable to significant declines in advertising revenue in the radio industry that have continued throughout 2009. The revenue decrease was in line with industry trends of 19% declines in the radio business," the Cpmpany said.
Network radio revenue was $40.4 million, a decrease of $7.7 million or 16%, compared to revenue of $48.1 million in the comparable quarter in 2008.
Revenue for Metro Traffic was $38.0 million, a decrease of $10.2 million or 21%, compared to $48.2 million in the third quarter of 2008.
"WESTWOOD ONE is positioned to take advantage of an economic recovery once advertising spending in the radio industry begins to improve," said Pres./CFO ROD SHERWOOD. "Our strategic focus has been on realigning our capital structure, reducing operating expenses, and completing our operational turnaround, along with implementing revenue initiatives. We have invested in the strategic revenue drivers of the business by developing new programming, increasing our sales force and expanding our distribution channels. We are single-mindedly focused on our core mission of meeting our affiliates’ and advertising customers’ needs with quality programming and services that will help build their businesses."