Paxson Communications, parent company to fledgling broadcast net Pax TV, Wednesday posted a narrowed second-quarter loss amid revenue gains attributed in part to a new relationship with NBC.
The West Palm Beach, Fla.-based company posted a loss of $34.7 million in the latest quarter, compared with red ink of $64.9 million in the same period last year.
Revenue jumped 35% to $78.2 million.
“Our partnership with NBC is starting to yield real benefits,” CEO Jeff Sagansky said.
A 32% stake holder in Paxson, NBC has begun helping Pax TV with advertising sales. Partly on that basis, Pax enjoyed a 36% increase in its upfront ad sales this spring, Sagansky noted.
Paxson reported its financial results after the close of market trading. Paxson shares closed up 56¢ at $10.25 on Wednesday.