Alfred Liggins reported in his numbers and they were down a touch compared to a year ago. Radio One (radio revenue) was $58.7 million compared to $57.9 million in the third quarter of 2010. Liggins also told investors he expected Q4 to be worse for Radio One, stating it is pacing down 10%. National is pacing down 17%. Radio President Barry Mayo attributed the negative pacings on some of the 2012 comps.
The obvious non-returning comp is political advertising. However, Radio One also received a $1.3 million buy from Comcast related to the merger and aimed at minority owned businesses. Kodak also placed a $903,000 buy targeting ethnic markets. When those 2012 comps are backed out, Radio One is pacing down 4% and all of that is national advertising.
Liggins also said recent changes the company has made were geared toward better performance in the 2nd quarter of 2012. Radio One announced a format flip in Houston to all news, the first all news station in that city. And, it swapped Urban frequencies in Philly. Typically format flips are not big revenue generators until, and if, ratings can be developed. Liggins says the news station in Houston give Radio One more inventory to monetize his assets in that market. He says the company is making "strategic d
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