Paxson Reports Q2 Results

Aug 9, 2005  •  Post A Comment

Paxson Communications, the debt-laden broadcaster that recently changed its programming strategy to focus on independently produced television content, reported Tuesday that it narrowed its second-quarter loss, helped by a one-time tax gain.

The West Palm Beach, Fla.-based company, which, in addition to its massive debt load has struggled to find a working programming strategy, reported a net loss of $41.8 million for the period, compared with red ink of $48.8 million a year ago. The 2005 second quarter benefited from a $34.8 million tax gain.

Revenue fell 9 percent to $63.3 million-the result of lower ratings, which have led to lower network spot revenues.

Paxson announced this summer its intention to launch a new format for Pax, its flagship network, renamed the network “i” and phased out sales of spot ads that rely on audient ratings in favor of direct-response advertising or other forms of entertainment programming in which third parties pay the network for airtime.