September radio worse than expected?

CL King analyst Jim Boyle has warned investors that September radio revenues appear to have been weaker than expected. He thinks the tally eventually released by RAB could show a revenue decline of 3%, not the 1% gain that is the current consensus of his fellow Wall Street analysts. Based on his contacts in a range of markets, Boyle says small- to mid-markets again outperformed the big markets in September, but not by much. "Slow to no growth persists," Boyle told clients. "Our expectation is for Q3 radio industry revenue to be down 2%; the Street is looking for a flat Q3," he concluded.