Same-station revenue was down 4% for Emmis’ 3rd quarter which includes September, October, and November of 2017. The markets in which Emmis operates were down 2%. CEO Jeff Smulyan said, “There was nothing great about our performance.” He added these are challenging times in the broadcasting industry and pointed out what other companies were facing. No doubt he was referring to Cumulus in bankruptcy and iHeartMedia’s $20 billion in debt.
In the quarter, September was up 3%, October was down 13%, and November was down 4%. Healthcare replaced automotive as Emmis’ top category in the quarter as the auto category was off by 8%. Smulyan expects revenue to be flat or slightly down in Q4, which includes December of 2017 and January and February of 2018.
Smulyan said, “Overall it was a disappointing quarter, but I am encouraged going forward by the ratings trends at our radio stations. This fiscal year, our radio stations have been growing their ratings vis-à-vis our competitors, which should manifest itself in better revenue performance in Q4 and into the next fiscal year.”