Minority broadcasters are asking tax-cheat Treasury Secretary Timothy Geithner for financial assistance. Sounds like the financial and auto industries, and it is. These broadcasters, including the National Association of Black Owned Broadcasters, the Inner City Broadcasting Coalition, the Spanish Broadcasting System, and others say they can bounce back because “unlike the auto business, broadcasting has been healthy for many years.” Has it now?
Ad revenues for broadcasters started declining severely in late 2007 and throughout 2008 were down up to 40% in some cases. The ad decline not only impacted broadcasters, it impacted newspaper groups and many such as the Seattle Post-Intelligencer and others have gone out of business. Stock prices of some radio groups have fallen to absolutely nothing. So, minority broadcasters have a rosy picture ahead?