In Q1, net revenue decreased $1.3 million (4.1%), the exact amount of political Saga was off by in the quarter. Saga CEO Ed Christian said additional problems in Q1 included a bad economy in the state of Illinois, where Saga has two markets, and declining income of farmers, which affects four Saga stations. So, he says, things could have been worse, and being flat is back in play for radio. Looking ahead, Christian said April was anemic but May and June do look better.
Looking at the big picture, Christian said broadcasting is alive and well. “Maybe we are not a sprinter but radio is a mass and effective medium. 275 million people listen each week. It was an uneasy four months to start the year but I’m an optimist. Radio is still a good business. This is just a difficult time.”
Christian also said there are good buying opportunities to buy radio stations and he says Saga plans to take advantage of that.
