Terrestrial radio’s biggest problem is retaining advertising revenues as
more ad dollars are siphoned by the internet. In 2007 total ad dollars for
radio fell to where they were in 2003. That point to an industry going
backwards, not forward, Cramer said.
The average market cap of terrestrial radio companies has declined by a
staggering 80% over the last five years. But the bottom isn’t even in yet,
as far as Cramer can tell
Either way, the bottom line remains the same. Cramer expects the terrestrial
radio companies to go down harder than almost anything else and he would not
own any of them under any condition right now.

Here's the video - http://www.cnbc.com/id/23558686/from/ET/