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.