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  • Ad glut rocks radio

    06/20/2004 6:52:15 PM PDT · by Diddle E. Squat · 58 replies · 2,261+ views
    yahoo news ^ | 6/20/04 | Jill Goldsmith
    The strategy of stuffing commercial radio full of ads has backfired, as a handful of investment banks predicted slower growth, downgrading six key radio stocks -- Clear Channel, Emmis, Cox Radio, Entercom, Citadel and Westwood One -- and the sector as a whole. Wall Street's piling on the industry comes two weeks after the sector's most outspoken advocate, Mel Karmazin, exited Viacom. The media conglom subsequently hinted that it may consider selling its giant Infinity radio division. Karmazin built Infinity and repeatedly predicted over the years that consolidation meant radio would be able to snatch an ever bigger piece of...