HOLLYWOOD — TV station group Young Broadcasting posted a second-quarter loss of $3.8 million as soft advertising and higher operating costs undermined some revenue gains. The red ink compared with a profit of $734,000 in the same period last year.
Net revenue rose 34% to $100.2 million in the latest quarter, but operating expenses and other costs increased in the period.
“In spite of the well-documented current weakness in television advertising, in many instances our stations were still able to maintain or increase their market shares in the second quarter,” chairman Vincent Young said. “As we look to the future, we believe we will benefit from the market positions we currently enjoy, an improved advertising environment and business opportunities which will accrue through deregulation.”
Third-quarter dip foreseen
The New York-based broadcaster said it expects net revenue to decline 15%-18% over last year’s third quarter. It declined to make a full-year forecast.
Young owns 12 television stations and the national TV representation firm Adam Young Inc. Six of the properties are ABC affiliates, three are CBS affils and two are NBC stations, with L.A.’s KCAL an independent.