Wall Street analysts tried to get Entercom and Cox Radio to tip their hands yesterday on how interested they are in bidding for the Lincoln Financial Media radio stations – but they didn't learn much. Entercom CEO David Field allowed as how he would like to do a Lincoln deal if the deal is attractive, but he also said he was willing to get nothing if the price isn't right. At Cox Radio, CFO Neil Johnston said the stations are well run, so any buyer will basically be buying cash flow. But he said Cox does not comment on potential acquisitions.
Lincoln Financial Group reported its Q2 results this week. Revenues were down 0.2% to 57.4 million for the broadcasting subsidiary and station operating income declined 5.1% to 26.3 million. But interest costs and general and administrative expenses were down substantially, so income from operations rose 14.3% to 13.6 million. For the entire company, Lincoln reported that Q2 income from operations rose to 386.7 million from 351.4 million a year earlier.