Hearst-Argyle reported net income of $17 million for thesecond quarter of 2007 down from $25 million in the same quarter last year. Total revenue was essentially flat at $193 million. A 3% decline in net advertising revenue was offset by a 48% increase in net digital revenue, and a 35% jump in retransmission consent fees.
A decline in political spending hindered 2007 performance, as did a 13% dip in automotive. Offsetting that was the acquisition of WCKF Orlando in the third quarter of 2006.
At the station level, Hearst-Argyle’s ABC and CBS outlets grew revenue 2%, while its NBC affiliates were down 10%. Hearst’s CW and MyNetworkTV stations were down a combined 20%.
"The challenge of replacing record levels of political revenue is, of course, daunting, as is the ongoing weakness in the automotive sector," said President/CEO David Barrett. "But there are many positive indicators that our company is effectively competing for audience, revenue and profitability in our diverse markets. May 2007 Nielsen ratings again reflect excellence and dominance for many of our stations--in news, prime and syndicated dayparts."
The television industry's top news stories, analysis and blogs of the day.