10-29-13
Is the story radio executives have been telling repeatedly over the past year getting through to advertisers? Cumulus CEO Lew Dickey believes so and he told investors and analysts Tuesday that radio advertising is starting to experience a bit of a Renaissance. "We've started to see a much greater buzz for the medium, for audio advertising in general, and how efficiently advertisers can use it on a mass market basis. It's a terrific value for adverters and they are starting to realize that. The trend will take some time to play out but it's a tailwind rather than a headwind." As a result of this radio Renaissance, Cumulus will be adding 50 more sellers to its stable of 1400, before the end of the year
With the economy ever-so-slightly turning positive and local sales on the rise, Dickey has given the order to hire more sellers. He says Cumulus is taking share from the competition. "It's just execution. The dollars are out there and our team is doing a real good job of staying on top of it. It's blocking and tackling. It's been a huge focus inside our company. We've made a big investment in this. We have a well functioning sales organization today."
Cumulus expects Q4 revenue to come in between $278 and $281 million which is down 2% compared to 2012. That's mostly due to political revenue in 2012. When you back out political, if Cumulus hits those sales projections, they would be up 4%.
(10/30/2013 6:04:40 AM)
This clown sounds just like Bob Struble!
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