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Young’s Q2 Losses Put It Deeper Into the Red

Aug 8, 2005  •  Post A Comment

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.