From the Hollywood Reporter:
Stanford [Group] sees a 6% decline in U.S. advertising spending this year but said, "Large-capitalization media companies will weather the storm better than most." Among the stocks panned by Stanford were just about anything related to radio, with "sell" recommendations on Entercom Communications, Emmis Communications, Cox Radio and Cumulus Media. While 90% of Americans listen to radio, Stanford said, they are listening to less of it, and advertisers are retreating. "The combination of pressured cash flow and heavy debt burdens could render the equity value of many radio stocks worthless," the analysts warn.
The problem with this take, of course, is that it assumes "business as usual" strategies by the radio industry. Radio's reorganizations should be aimed at exploiting novel opportunities, not simply shrinking.
Time will tell.