Will Good News At GM Turn Into Good News For Radio?
May 18, 2010 at 4:04 AM (PT)
In what should be good news for both traditional and satellite radio, auto giant GENERAL MOTORS brought home its first profit in three years and plans to reopen nearly 700 shuttered showrooms for its anticipated comeback, reports THE NEW YORK POST. GM earned $865 million in Q1, helped by a 40% jump in revenue due to selling more vehicles while giving back smaller rebates and discounts to customers.
MEDIA MONITORS reports that the top-10 radio spots aired nationally for the week of 5/10-16, included only FORD LINCOLN MERCURY at #7 (NET NEWS 5/17). Seeing GM on that list would bring smiles to the faces of Sales Managers throughout the business.
GM reported $1 billion in free cash flow in the first quarter. It has more than doubled its available cash to $35.7 billion following a disastrous year in which the feds bailed it out with $50 billion, in exchange for a 61% stake.