×
You will be redirected back to your article in seconds

Financial briefs

Young Broadcasting Inc. reported a 2% boost in third quarter net revenues of $64 million, while posting a loss of $5.4 million, compared to a $12.8 million of operating income for the same period in 1998.

Broadcast cash flow increased 0.4% for the period ended Sept. 30, to $27.4 million.

“The most positive aspect of the third quarter was the stellar performance of our largest station, KCAL-TV, in Los Angeles,” said Vincent Young, chairman of Young Broadcasting. “The station’s share of market revenue in the third quarter was at a record level. KCAL’s revenues grew 11% in an otherwise flat Los Angeles market, and the momentum of the station should be further enhanced by the addition of the National Basketball Assn. revenue in the fourth quarter.”

Young Broadcasting operates 12 TV stations and the national TV representation firm Adam Young Inc.

* * *

AMFM Inc., the nation’s largest radio broadcaster, reported a record 72% surge in third-quarter revenues of $592 million, while generating net income of $48.6 million, compared with a net loss of $15.4 million in 1998.

The Dallas-based company also said its operating cash flow rose 74% to $275 million for the three-month period ended Sept. 30.

The earnings include the results of Capstar Broadcasting Corp. from July 13, the date the merger between Chancellor Media and Capstar Broadcasting was completed. The combined entity was renamed AMFM Inc. at that time.

The company’s radio division also reported a 14% increase in net radio broadcasting revs.

James E. de Castro, vice chairman of AMFM and prexy and CEO of AMFM Radio, attributed the positive quarter to the strategic changes the company initiated in the last seven months, “including the integration of the Capstar stations, the sale and ongoing equity participation in the outdoor advertising assets, and our efforts to continue generating industry-leading financial results from our well-clustered radio operations.”

AMFM Inc. consists of the AMFM Radio Group (with more than 440 stations), including the AMFM Radio Networks and the Chancellor Marketing Group, and the AMFM New Media Group, including Katz Media and AMFM’s Internet operations.

More Biz

  • China's Alibaba to Take Majority Control

    Alibaba to Take Majority Control of Alibaba Pictures

    Chinese e-commerce giant Alibaba is to take majority control of its films unit Alibaba Pictures. The $160 (HK$1.25 billion) deal was announced on Monday. The companies said that Alibaba will increase its stake in Hong Kong- and Singapore-listed Alibaba Pictures, through a share subscription. It will lift the parent company’s stake from 49% to 51%, [...]

  • Guy Moot

    Is Sony/ATV’s Guy Moot Headed for Top Job at Warner/Chappell?

    Ever since Jon Platt announced in September that he will be stepping down from his post at the helm of Warner/Chappell Publishing to take the top job at Sony/ATV when Martin Bandier’s contract is up at the end of March, speculation has been rife about who will take over for him. One name has been [...]

  • The King Eric Clapton A Life

    Rashida Jones, Lili Zanuck Talk Grammy Nominations and the Music-Documentary Gold Rush

    Nothing takes you back to time and a place like the music of a particular era. That’s one big reason why music documentaries are flourishing at a time of enormous demand for high-end docu productions. This year’s five Grammy Award nominees for best music film reflect the appetite for stories about renowned and beloved musical figures, [...]

  • il bussetto best business card holder

    Office-Appropriate Gifting: The Best Gifts For Your Colleagues and Bosses

    You can do better than a handshake or bottle of wine to wish your boss a Happy Holiday this season. Here are 10 gifts that show your appreciation for your colleagues or manager, while also helping you stand out from the card and cookie-wielding pack. 1. Personalized Beer Growler Whether they are using it for [...]

  • viceroy-los-cabos-review

    Winter Hotel Guide: Where The Stars Stay in Los Angeles, New York and Beyond

    Whether for a business meeting, a private event, or an intimate celebration for family and friends, these are the hotels that Hollywood keeps on its list. From storied properties that are rich in film and fashion lore, to new players on the hospitality scene, here’s where to book your next stay. 1. Hotel Shangri-La (Santa [...]

  • best tech gifts ipad apple

    Retail Analysts Reveal Top Tech Gifts of 2018

    It’s shaping up to be a busy holiday season for tech and electronics companies, as gaming consoles, streaming devices and televisions top the list of most anticipated gifts, according to retail analysts. New data from Adobe Analytics forecasts that the holiday shopping season (the period from November 1 to December 31) will see more than [...]

  • best harry potter gifts art

    Harry Potter 20th Anniversary: The Best Gifts For Harry Potter Fans

    2018 marked a big milestone for “Harry Potter,” as the franchise celebrated the 20th anniversary of “Harry Potter and the Sorcerer’s Stone” release in the U.S. Since that first book was summoned onto store shelves, the Wizarding World has become a phenomenon not just in America, but around the world, spawning a successful film franchise, [...]

More From Our Brands

Access exclusive content