Pro-forma revenue for Emmis’ radio stations was down 5% in March, 6% in April, and 2% in May. The only good news is that markets Emmis operates in were down nearly 6% for the quarter. Also, due to a steady rainfall in New York during Emmis’ big Summer Jam event, ticket sales were down, which played a big role in Emmis being off 16% in June to start Q2.
CEO Jeff Smulyan says July is pacing in positive territory and August is pacing down slightly. Automotive, Emmis’ largest category, was off by 14% in the quarter. Restaurants was also a weak category.
Smulyan said there are three people kicking the tires at WLIB-AM in New York, which the company has been trying to sell. Smulyan reiterated that he would only do a deal for the station that made sense for Emmis.