Somewhere, Howard Stern is probably saying, no, shouting, ''I told you so!'' Ever since the self-proclaimed ''King of All Media'' left terrestrial radio -- CBS Radio, to be precise -- the station has been in a state of free-fall while Sirius satellite today announced smaller 4Q losses. CBS Corporation released their fourth quarter and 2007 full year revenue figures, which show that even after selling 39 radio stations and slashing the workforce, these are challenging times for the radio division. From CNNMoney via Dow Jones:

''A particular sore spot is the company's radio division, where revenue declined 7% in the fourth quarter after accounting for sold stations. Analysts also are skeptical CBS can deliver on its promise of growth in the radio division this year.

'''There's little to no chance that CBS Radio will show positive revenue growth in 2008,' said Stanford Group analyst Fred Moran.

''The radio division has improved ratings and trimmed costs under new leadership, but the industry overall is in a slow decline as marketers find other places to spend their ad dollars. CBS said advertising related to political elections this year is helping its radio stations.''

In this morning's earnings call CBS President/CEO Leslie Moonves touted on-demand music streaming service Last.fm. At post time CBS Class B shares are down $0.11, or 0.44% at $24.89.

(image via clipart)