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Ad market hurts Emmis

Radio and TV revs, cash flow down

Broadcaster Emmis Communications Corp. Tuesday lowered its financial guidance for the second quarter as a weak ad market continues to take a toll on the media sector.

Emmis sees its radio revenue down 4%-6% with radio broadcast cash flow off 9%-11% — below previous estimates.

On the TV side, net revenue for the quarter is seen easing by 6%-8% and cash flow by 11%-13%, the Indianapolis company said in a statement.

“The economy has not improved as most people originally predicted, and our guidance needed to reflect that,” said chairman-CEO Jeff Smulyan.

Emmis also said it’s still exploring ways to separate its radio and TV biz and looking at a spin-off of the TV division. The company also owns a magazine group.

Shares of Emmis fell 0.44% to $25.

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