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.
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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.