Lew Dickey Jr., CEO of Atlanta-based Cumulus Media Inc., said sputtering advertising plus the upheaval in the stock market will cause a major shakeup in the land scape of broadcast radio over the next several years.
“I think there’s going to be a pretty big shakeout and I think that half the companies in business today will be gone within 36 months,” Dickey said. Cumulus is the nation’s second-largest broadcaster with 344 stations owned and operated.
Atlanta is the nation’s seventh-largest radio market, according to Arbitron.
Many radio companies are steeped in debt following the consolidation rush of the late 1990s and early 2000s and are witnessing precipitous declines in advertising as the economy falls toward recession.
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