Revenue Flat At Hearst-Argyle10/31/2008 08:00:00 PM Eastern
Healthy political advertising and a weak economy essentially canceled each other out at the Hearst-Argyle stations in its third quarter, the 26-station group reported. Total third-quarter revenue was $176.2 million—flat compared with the same quarter last year. A $16.9 million (11.5%) drop in net ad sales, excluding political ads, countered a $16.7 million increase in net political revenue, which boosted the political total to $23.7 million at Hearst-Argyle. For the quarter, net income rose to $11.55 million, up from $9.7 million for the third quarter 2007.