NEW YORK, NY -- (Marketwire) -- 08/31/11 -- Radio Broadcasters of all types are facing growing headwinds due to the slowdown in the US economic recovery. Traditional terrestrial broadcasters are seeing a decline in advertising revenues, while satellite radio providers are negotiating a slowdown in new car sales. The Bedford Report examines the outlook for companies in the Radio Broadcasting Industry and provides investment research on Sirius XM Radio, Inc. (NASDAQ: SIRI) and Entercom Communications Corporation (NYSE: ETM). Access to the full company reports can be found at:
Entercom Communications posted a noticeable 11 percent year on year drop in second quarter operating income. Entercom CEO David Field was quick to blame poor economic conditions for the slowdown:
"Entercom's results weakened slightly in the second quarter as revenues were impacted by sluggish economic conditions. While we do not anticipate improvement in third quarter market conditions, we continue to enhance our value to customers by developing our integrated, multi-platform marketing capabilities and leveraging the power of radio's near universal reach and our strong local brands and personalities."
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Despite concerns about how the weak economy will affect the car market, Sirius XM Radio has been helping its cause by achieving a growing rate of penetration with new car sales. During the second quarter of 2011, SIRIUS XM said it added 452,147 net subscribers, which raised the company's total subscriber base to over 21 million at the end of June 30, 2011.
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