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Young sees sharp revenue drop

Young Broadcasting reported a 45% drop in pro forma broadcast cash flow to $27 million on a 23% revenue decline to $79 million in the third quarter.

For the first nine months the comparable numbers: revenue down 16% to $272 million and cash flow down 28% to $105 million. The soft economy and the Sept. 11 attacks were blamed for the declines, along with tough comparisons to 2000, a record political and Olympics year.

The company said it reached agreement with its lenders to amend its loan covenants to avoid going into technical default on those loans.

Company chairman Vincent Young said at the start of a conference call with analysts Wednesday that he would not comment on recent reports that he was shopping KRON-TV San Francisco and possibly the entire station group.
- Steve McClellan