Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Victor Miller with Bear Stearns.
Victor Miller - Bear Stearns
Let me ask a couple of questions. First of all, just on the revenue side, if you compare what has happened in the third quarter versus the first half of the year on a pro forma basis, there were stations that have gone from about minus 1.7% for the first half in revenue to minus 5%, Network has gone from minus 2% to plus 3%.
So can you talk about generally what has changed the dynamics that we have a 300 basis-point deceleration at the station level and a 500 basis point acceleration on the Network level?
Farid Suleman
Thanks, Victor. Really, I'm not sure that the first half to the third quarter comparison is 100% valid because the first half, 1.7%, was predominately the Citadel stations, whereas the third quarter is the first quarter including the ABC stations.
Victor Miller - Bear Stearns
I'm sorry; this is on your pro forma numbers.
Farid Suleman
I know, but the ABC stations were down almost 7% for the quarter. So in terms of answering what has happened, some of the acquired markets have contributed to an acceleration of the decline, because if you exclude Birmingham and the stations that are now in trust, all stations were down just over 2%, which is about the same as the 1.7% that we saw in the first half. So it has been sort of more of the same. And the acquired ABC stations were down just under 7%, and that sort of increases the pro forma consolidated decline.
Victor Miller - Bear Stearns
So is that the market, or do you think those stations under performed their markets in the quarter?
Farid Suleman
I believe that it is the stations and the markets were both down around the same. There may be a very slight underperformance on the market side from both of our groups. So it's more that both the stations and the markets were down.
Victor Miller - Bear Stearns
And then on the Network side, you have the 500 basis point acceleration versus the first half. What's the difference?
Farid Suleman
The Network is really just beginning to roll. When you have to make changes at the radio stations, you're looking at each day part in each market, and sometimes multiple stations in one market. At the Network, some of the changes that you make kind of benefit.
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