Revenue off 19% at Granite
Granite Broadcasting said revenue dipped 19% in the first quarter, to $26.8 million, and revenue may be down as much as 22% in the second. The company lost $22.7 million in the first quarter, vs. a $13.8 million loss for first quarter 2000, and attributed the revenue dip in part to less political and Internet advertising.
Turnaround at Fox network
Ratings gains at the Fox network this season have been partially offset by the weak economy, and the network posted a pretax $1 million profit for the quarter ended March 31, compared with a $5 million loss a year ago. Its owned TV stations logged an 8% drop in pretax earnings, to $122 million.
Fox News Channel posted a profit for the second consecutive quarter, while Fox's cable networks reported combined profits rose 25% from a year ago, to $35 million. Pretax earnings for the Fox Entertainment Group totaled $218 million, down 17% due to the declines at the TV stations and the film unit, where profits dropped to $63 million in the quarter from $111 million.
Gabelmann out at Paramount
Paramount Domestic Television has eliminated the position held by Bobbee Gabelmann, executive vice president of current programming. With her contract expiring early next year, it's unclear when her official last day at the company will be. All programming staff will report to new programming chief Greg Meidel.