Young Broadcasting fell deeper into the red Monday, reporting a second-quarter loss of $36.1 million, compared with red ink of $9.6 million a year ago, hurt by a sharp decline in political revenue and continued weakness at its San Francisco-based station KRON-TV.
Revenue slumped more than 10.5 percent to $50.9 million.
Political advertising revenue came in at $700,000 during the quarter, compared with a year-earlier figure of $3.9 million.
Young was also hurt by continued weakness in the San Francisco advertising market, which has hurt KRON’s performance amid a ratings decline brought about by the arrival of the Local People Meter in San Francisco, which has cut KRON’s ratings and thus has affected advertising rates at the station.
Young’s Q2 Losses Put It Deeper Into the Red
Aug 8, 2005 • Post A Comment