Revenue decline for Lincoln Financial Media


Parent company Lincoln Financial Group reports that Q2 revenues declined 20.5% to $22.9 million for its radio division, Lincoln Financial Media. Operating expenses for the quarter rose 1.3% to $15.4 million. The parent, which is primarily an insurance company, reported that Q2 net income plunged to $125 million, or 48 cents per share, from $376 million, or $1.37 per share, a year earlier. Part of the Q2 decline was the result of a non-cash impairment charge for the value of its media assets, which amounted to an after-tax write-down of $139 million, or 54 cents per share. Many other companies with broadcast holdings have also been taking write-downs for the value of their FCC licenses and goodwill in light of current economic conditions.