ACME Communications reported station net revenue of $5.8 million in the third quarter, a 24% decrease from the same quarter last year. The company's net revenue was $6.7 million, a 21% slide from the $8.5 million it banked in the third quarter last year.
Revenues from ACME's The Daily Buzz syndicated program increased 5%, driven by "broadening advertiser acceptance and support of the show," the company said in a statement.
"Market conditions continue to be challenging, especially coupled with our larger competitors' efforts to recapture share coming off a record 2008 political year," said ACME Chairman/CEO Jamie Kellner. "We expect, however, market revenues to decline less severely in the fourth quarter of 2009."
Kellner said a plan to reduce base compensation among corporate management will save the company around $525,000 a year. "We will continue to look for ways to further reduce operating expenses without jeopardizing asset value in an effort to dampen the adverse impact of reduced market and station revenues," said Kellner.
ACME owns six TV stations: five CWs and a MyNetworkTV outlet. ACME also produces The Daily Buzz, which airs on more than 150 TV stations nationwide.