Political Pushes Cumulus Positive
Cumulus reported net revenues for the three months ended December 31, 2012 increased $2.9 million, or 1.0 percent, to $284.2 million, compared to $281.3 million for the three months ended December 31, 2011. The increase was due to political advertising. Cumulus CEO Lew Dickey said the three strongest categories for Cumulus in Q4 were Auto, Real Estate, and Banking.
Dickey also said pacing in the first quarter is down about 2% with January and February down 3% each and March looking a little better. He said consumer spending was "lethargic," with advertisers deferring orders, especially at the network level. In the second quarter, Dickey says, pacing is up about 5% with network business still pacing negative.
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