Cox boss sees Clear Channel polishing image

Cox Radio CEO Bob Neil blames missteps by Clear Channel Communications for some of the heat the industry is feeling on Capitol Hill over consolidation. But, speaking at a Bear Stearns conference in Palm Beach, FL, Neil also said the radio giant is working to improve its image.

Complaints about consolidation really don't make much sense, Neil told the gathering of investors. "If you ever wanted a lesson in why politics is a bunch of baloney, you'd listen to politicians talk about how radio is a consolidated business. Radio is not a consolidated business compared to just about any other business you'd like to look at - - the airline business, the banking business - - there are a lot of businesses that are considerably more consolidated than radio. It just happens to have gotten a lot of attention, politically. Some of that is because the number one operator needs to be a little better steward - - or, as I like to say, they want to be the Jolly Green Giant, instead of the ogre, and I think they've had to learn to deal with that a little bit - - and they're working hard to do that," Neil said.

"That's a little bump in the road that the industry has had to work its way through, and is still trying to work through with the indecency issues," he added.

As for expansion by Cox and others, Neil said he didn't expect to see many station owners selling while ad sales are flat. "They're going to hold onto those stations until they see a better advertising and cash flow trend, because they're going to want to get a multiple of cash flow. I think as the economy improves and you see those cash flows increase, you're going to see some people decide that they're going to cash their chips in," Neil said. He said he sees that happening perhaps in late 2004, or into '05.