The company pre-announced Q4 2020 earnings on Thursday and says Q4 net revenue is expected to come in at $110 to $114 million, an increase of 4% to 7.7% over Q4 of 2019. Full year revenue is expected to deliver revenue of between $373 million and $377 million, a decline of between 14.8% and 13.7% over 2019.
From the company press release on Thursday: “These improved estimates are a testament to the resilience of the platform of assets we have built, and the company’s ability to protect the bottom line during the most drastic economic downturn in the company’s history. Additionally, the radio segment benefited from unprecedented levels of political advertising spending targeting African American voters. Bolstered by this revenue, we expect our radio segment fourth quarter revenue to be down a low single-digits percentage year over year, a material improvement from second quarter’s decline of -58.4% and third quarter’s decline of -31.9%. Excluding political revenue, December gross radio pacings were down a low-teen percentage compared to December 2019, which continues our sequential core radio improvement.”
