Big City Radio Inc.
-- Broadcasting & Cable, 5/15/2000
BCF stayed in the negatives at tiny Big City Radio Inc. The company, based in New York, said last Tuesday that its first-quarter 2000 BCF deficit narrowed to $1.5 million compared with a deficit of $1.9 million in 1Q '99. The company's net loss rose from $6.2 million to $8.7 million in the same period, while net revenue grew 38.2%, to $4.6 million.
Wall Street liked something in what it saw in the results: Big City's stock price closed last Wednesday up 8.6%, at $4.75 per share.
Big City, which was formed in August 1994 by Stuart Subotnick and Michael Kakoyiannis, said losses are to be expected, as it is still "in the early stages of development." Subotnick, who with John Kluge owns Metromedia Co., is Big City's majority shareholder; Kakoyiannis suddenly and quietly left the post of president on Nov. 2, 1999.
Big City simulcasts FMs in New York, Los Angeles, Chicago and Phoenix.
