Stern's banishment could cost stations millions
Wednesday, March 03, 2004
NEW YORK -- Some financial analysts are projecting that a continued shift away from shock radio and the ripple effects of such a move could cost radio owners millions of dollars.
CNN reports that some experts are predicting Clear Channel's losses could near $12.4 million due to Howard Stern's banishment. They also concede that a financial hit in that range for a company the size of Clear Channel would have a minimal effect on the media giant's bottom line.
While the local Clear Channel stations were not directly affected by last week's cancellation of the Howard Stern Show, which continues to air locally on Citadel-owned 95X (WAQX), a caller to the show this morning, who would only identify himself as a Syracuse businessman, said he plans to drop advertisements he's running on local Clear Channel stations in protest.
CNN has more on the national outlook concerning the controversy...
Click here for the complete CNN article.
Story source: CNN