The owner of 20 radio stations in the United Kingdom reported a dismal outlook with their fiscal 2008 report. They released a statement, saying, “the year has been extremely challenging for the Group, culminating in a disappointing set of full year results.” The plan now is to raise new capital and shed poor performing assets. The report ominously says “If the company does not raise additional funds the company will be at risk of insolvency.” The problems facing radio in the US have spread abroad, as commercial radio revenues in the UK dropped 15% from 2007 to 2008. Shares of the Local Radio Company on the London Stock Exchange have plunged 90% over the last 12 months. The Local Radio Company also confirmed it will sell Jazz FM, announcing “its intention to dispose of the venture.”