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Young Broadcasting Reports Narrowed Q1 Loss

May 6, 2005  •  Post A Comment

Young Broadcasting on Friday reported a narrowed first-quarter loss of $19.4 million, compared with a year-ago loss of $21.3 million. The company posted an 8 percent decline in revenue to $45.5 million, hurt by weak national advertising and a decline in revenue at the Young’s independent San Francisco station KRON-TV.

The New York-based owner of 10 television stations said local advertising at its nine network-affiliated stations rose 9 percent in the first quarter, with four of the stations recording increases of between 13 percent and 30 percent.

Revenue at KRON-TV sagged in the quarter due to economic weakness in the San Francisco area.

During the quarter, Young said it renewed one of its station’s network affiliation agreements with NBC for 10 years, and renewed two of its three CBS affiliates’ agreements for seven years each. The third CBS station’s affiliation agreement does not expire until September 2006.

As for the company’s ABC-affiliated stations, whose affiliate agreements ended last September, Young said it continues to hold talks with the network and that the network is continuing to make compensation payments to the station group.