Young Reports Narrower Loss

Aug 4, 2004  •  Post A Comment

Young Broadcasting on Wednesday reported a narrowed second-quarter loss, boosted by an improvement in advertising, political campaign spending and ratings gains at San Francisco independent television station KRON-TV.

The New York-based owner of 11 TV stations, posted a net loss of $23.8 million, or $1.21 a share, compared with year-earlier red ink of $30.9 million.

Revenue rose 8 percent to $58.3 million, $4 million of which was related to political advertising.

KRON, which became an independent station after Young failed to sell the station to NBC, to which the station was affiliated, continued to be a strong performer for Young, recording a 44 percent surge in spot sales in the second quarter.

Young officials also said they are reaping the benefits of what they are calling their “third leg” of advertising revenue, a campaign started last year to tap into would-be advertisers who don’t usually do business with television stations. Chairman and CEO Vincent Young said the effort has generated $1 million or more annually at the company’s stations, and is expected to make up for any lower payments from the networks as Young irons out new network affiliate agreements.