Weak radio segment throws Emmis for loss

January 9, 2008

A sluggish radio market continued to plague Emmis Communications Corp., which today reported a fiscal third-quarter loss of $2.1 million. The locally based media company showed a $946,000 profit a year earlier.

Revenue in the three months ended Nov. 30 was $91.7 million, up slightly from $91.2 million last year.

Radio revenue fell 3.2 percent, hurt primarily in the United States in its New York and Los Angeles markets.

During the quarter, Emmis acquired a 13-radio station chain in Bulgaria for $8.8 million. Emmis also took a one-time, non-cash termination fee of $15.3 million to change national sales representation firms.

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