Kagan: Radio M&A Slides To Historic Norms

Weighed Down By Soft Ads (gulp!)

"The top 10 operators went from owning 4% of radio stations in 1996 to 22% by 2005," says Kagan analyst Michael Buckley. "With so many small operators still running stations, further consolidation is possible and, according to some executives, highly desirable. But even if that were to occur, the radio industry would not be nearly as concentrated as other media sectors such as movie theaters, where one company alone—Regal Cinemas—owns 18% of all U.S. screens."