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FNN qtr. loss hits $34 mil, surpasses projections

The Financial News Network reported a loss of $34.3 million for its first quarter ended Sept. 30, up from the loss of $12.8 million for the same period in 1989. The loss represents roughly $1.88 per share versus 540 a share loss in 1989.

FNN had anticipated a loss of $25 million for the quarter; however, since that projection, company sold its majority stake in the Learning Channel. FNN recently entered into an agreement to be purchased by a partnership of Dow Jones and Westinghouse Broadcasting for an estimated $90 million.

Revenues for the quarter were about $16.2 million, compared to $8.2 million in 1989.

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