We reported yesterday, based on our own sources in the radio advertising world, that as a result of the backlash to Limbaugh’s 2011 “slut” comment about Sandra Fluke, “ the vast majority of national advertisers” refuse to air their commercials during The Rush Limbaugh Show. A report in Radio Ink Magazine suggests those advertising woes are even worse than previously thought.

Sources close to Cumulus Media told Radio Ink: 48 of the top 50 network advertisers “exclude Rush and Hannity” orders; and “every major national ad agency has same dictate.”

While its unclear how many advertised with the shows in the past, this revelation is significant because it is the first time Limbaugh’s #2 competitor Sean Hannity has been brought into this conversation about advertiser aversion; and because, if true, a 48 out of 50 (96%) rate of top advertisers wanting nothing to do with the shows represents a rather striking figure.

Limbaugh’s camp has made it clear in recent days that they are unhappy with Cumulus CEO Lew Dickey‘s blaming of any revenue shortfalls on his show; and, again, it’s unclear how many of these 48 companies advertised with Limbaugh and Hannity in the past. But these industry sources seem to indicate that perhaps Dickey’s accusations are credible.