According to Media Matters’ count, at least 48 advertisers had cancelled their ads by Thursday afternoon.

Limbaugh played the controversy down on Wednesday, telling listeners that “everything’s cool.”

“Nobody is losing money here, including us, in all this,” he said. “[The advertisers] are not canceling the business on our stations. They’re just saying they don’t want their spots to appear in my show. We don’t get any revenue from ‘em anyway. The whole effort is to dispirit you.”