| Cumulus Media CEO Lew Dickey said yesterday that the advertiser boycott against Rush Limbaugh cost his company millions of dollars in revenue for the first two quarters of the year.
"It hit us pretty hard," Dickey said during a call with financial analysts yesterday. "A couple of million bucks in the first quarter and a couple of million bucks in quarter two." Dickey would not give exact figures, but said the "millions" accounted for "about one percent" of the roughly $245 million in first quarter revenues, and said he expected revenue to return to normal in June. Cumulus owns just 38 of the 600 stations that air the Rush Limbaugh Show, which is nationally syndicated by Cumulus's competitor, Clear Channel Media. For its part, Clear Channel saw total revenues increase 6 percent the first quarter of 2011 to $671.5 million in the first quarter of 2012, according to MediaPost. |
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