Interep, a national radio rep firm, saw radio commission revenues fall 20% in the third quarter, to $21.6 million from $27 million in the year earlier period. Net loss increased 691% to $5.5 million, over $694,000 in the third quarter of 2000. The loss includes a $2 million charge against the company's minority Internet investments.
Chasing non-radio advertisers
Interep, which earlier this year invested $1.5 million in a sales and marketing campaign to bring non-radio advertisers to the medium, expects radio commission revenue for 2001 to be between $80 million and $82 million, down from the $100 million in 2000.
Westwood One, a radio network managed by Viacom-owned Infinity Broadcasting Corp., reported a decrease in net revenue of 11%, to $124 million from $139 million. The company attributed the drop to the faltering economy, the Sept. 11 terror attacks and a non-recurrence of ad revenue from the 2000 Summer Olympics.
Westwood's net income rose 3% in the third quarter, to $10.1 million from $9.8 million last year.