B'caster posts nearly 50% gain
On-the-block Young Broadcasting reported record results Thursday for its second quarter, including a 49.8% earnings increase on a 9% revenue gain.
Earnings of $7.8 million, beating analyst expectations by 17%, came on revenues of $77.2 million.
The quarterly results include a full contribution from Adam Young, the national television representation firm acquired by Young Broadcasting in February.
Young’s broadcast cash flow, meanwhile, rose a modest 3% to $37.6 million.
Company chairman Vincent Young noted that foremost among the quarter’s highlights was a seven-year extension of rights to broadcast the Los Angeles Lakers at Young-owned KCAL.
In addition, Young Broadcasting owns 11 other TV stations, which are expected to fetch as high as $1.7 billion once management concludes the exploration of “strategic alternatives.”