That's the way CNBC put it this afternoon in a report on Clear Channel, Cumulus, listening levels, and advertising. Of course, the lead was whether the CCU privatization deal would eventually close and Mr. Hogan's now infamous Q1 budget cut memo--which they outlined in great detail.
They note how the consumption of radio remains "surprisingly strong" and throws off a ton of cash; but is suffering from double digit declines in national advertising due to increased competition from a variety of competitors. None of this is a surprise to any of us in the business, but it seems so much more bleak when it's broadcast in living color.
Here's the CNBC Video.