(Reuters) - Radio broadcaster Cox Radio Inc narrowed its quarterly loss as it benefited from strong local revenue growth in its largest market, Atlanta.
Atlanta local revenue for the company, which competes with Cumulus Media Inc and Emmis Communications, rose about 15 percent in the fourth quarter.
Overall local revenue increased about 3 percent, but national revenue fell about 9 percent due to weak national advertising trends.
The companys fourth-quarter net loss narrowed to 52.1 million, or 57 cents per share, from a loss of 88 million, or 93 cents per share, a year earlier. Revenue rose 1.1 percent to 114.3 million.
The results for the latest fourth quarter included a 117.1 million non-cash impairment charge to reduce the carrying value of certain intangible assets.
Analysts on average expected earnings of 19 cents a share, excluding exceptional items, on revenue of 111.8 million, according to Reuters Estimates.
Earlier in 2008, Atlanta, Georgia-based Cox agreed to buy five radio stations in the Athens, Georgia, market and another station in Washington, Georgia.
With the completion of its planned acquisitions, the company would own 86 radio stations, which include Kiss 104.1FM in Atlanta and 957 Jamz in Birmingham.
(Reporting by John Tilak in Bangalore; Editing by Pratish Narayanan)
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