Most radio companies were able to report at least flat earning for Q2. Not Citadel. As Cumulus enters the final stages of taking over the company, CEO Farid Suleman will hand him the keys to a company losing revenue not adding it. Revenue from Q2 decreased 5% for Citadel and Suleman blamed the decrease on the "overall advertising environment and a reduction in political advertising revenue." He did say "The Company remains focused on working toward the consummation of the merger.?
Net revenue for the second quarter of 2011 was $185.0 million as compared to $194.4 million for the second quarter of 2010, a decrease of $9.4 million, or 4.8%. This decrease was due to a $6.8 million revenue decrease at our Radio Markets segment and a $2.7 million revenue decrease at our Radio Network segment. Our revenue at the Radio Markets was negatively impacted by lower local and national revenues as well as a decrease in political revenues and the termination of a local marketing agreement to operate a station in Knoxville, TN. Generally, our stations in medium to small metropolitan markets performed better than those stations in larger metropolitan markets. The decrease in Radio Network revenue was due in part to lower sales representation revenues and lower revenue from our Hispanic and news-related networks.
