The warning comes after the group, unveiling its 2008 results, reported that a strong first half of 2008 had been impacted by "increasingly negative" trading conditions in the second half of the year.
In it is preliminary report for 2008, the media company posted stable group operating profit of £28.1m, the same as 2007, with growth in its new media and radio business helping to offset falls in its TV business.
Revenue from operations in UTV Media's radio divisions increased by 13% during the year to £70.8m, which accounts for 59% of total group revenue.
This increase was primarily driven by its Irish radio operations, which recorded a 50% improvement in revenue due to the acquisition of FM104 in Dublin and the effect of a more favourable euro exchange rate.
Revenue from its UK radio stations was marginally down at £45.9m, compared to £46.2m in 2007, but it was celebrated for significantly outperforming a market decline of 6%.
Despite the depressed marketplace, TalkSport posted a 6% improvement in revenue to £22.7m. Elsewhere, revenues for the group's local radio stations were down by 6% to £23.2m.
The group's acquisition of web development company Tibus helped its new media division achieve a 44% increase in operating profit to £2m.
Meanwhile its UK television market was 5% down and ITV 1 was down by 8%. UTV reported total TV advertising revenue down 7%, or £3.2m, to £35.4m
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