Radio and Music Industry News

WHAT? Cox Radio posts $404 million loss

Weaker advertising revenue and an impairment charge to reduce the carrying value of licenses and goodwill dragged Cox Radio Inc. into the red for 2008.

The Atlanta-based owner and operator had a net loss of $404 million and a loss per share of $4.80, compared with net income of $1.9 million and earnings of 2 cents a share in 2007.

The results for 2008 include a non-cash $749.3 million charge for write-downs of impaired Federal Communications Commission licenses and goodwill.

Annual revenue plunged 18.3 percent to $146.2 million. Revenue dropped in the majority of â„¢s markets relative due to continued weakness in the general economy and particularly the advertising market. Local revenue decreased 7.2 percent, national revenue dropped 11.7 percent and other revenue dipped 3 percent. Markets with lower revenue included Atlanta; Orland o, Fla.; Miami; Tampa, Fla.; San Antonio; southern Connecticut; Jacksonville, Fla.; and Richmond, Va.

(NYSE: CXR) owns, operates or provides sales or marketing for 86 stations (71 and 15 AM) in 19 markets. In San Antonio, the company owns KCYY Y-100 FM, 99.5 FM, KKYX AM, KONO 101.1 FM, .7 FM and MAGIC 105.3 FM.

via Cox Radio posts $404 million loss – San Antonio Business Journal:.

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