"Analyst: Radio Revs Will Fall 13 Percent In 2009. Or More"

NEW YORK -- January 6, 2009: Wachovia analyst Marci Ryvicker has
revised her earlier prediction of an 8 percent drop in radio revenues
in 2009 downward, and is now forecasting a 13 percent drop. Or worse:
She says even the revised prediction may be "too optimistic."

She says radio stocks have "hit bottom given the various penny stocks,
significant debt levels, nonexistent credit and significant revenue
and EBITDA declines." Ryvicker continues, "Unfortunately, however, we
see no catalyst that will favorably boost the stocks until an economic
and/or credit market recovery ensues."

Ryvicker sees Emmis and Saga as likely to be the "best performers"
this year but says groups will be focusing on avoiding delisting and
bankruptcy rather than generating revenue.

http://www.radioink.com/Article.asp?...956&spid=24698

With 2008 a real loser for radio, how far down can it go? Eduard -
lots-of-luck with any more investments in HD Radio! LOL!