CMP Susquehanna Radio Revs Down 9% in 2008
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CMP Susquehanna reported net revenues of $204.3 million in 2008, down 9% from $223.4 million in 2007 in a 10-K filing with the SEC. The company cited a decrease in demand for advertising "due to the impact of the current economic recession" for the decline in revenue, which was partly offset by $2.8 million in 2008 political revenue. The company's loss from continuing operations widened to $525.629 million from $185.29 million.
"Management is focused on preserving our operating income and cash flows from operations by reducing our variable costs in an effort to keep pace with the current downturn in demand for advertising," the filing stated.
CMP Susquehanna Radio owns 32 outlets in nine markets, comprised of the stations acquired from Susquehanna Radio (San Francisco, Dallas, Atlanta, Indianapolis, Cincinnati and York, PA) and Cumulus outlets in Houston and Kansas City in May, 2006.