Granite Broadcasting reported a 19.5% drop in net revenue for its first quarter, to $26.8 million from $33.3 million for last year's first quarter.
The company primarily attributed the drop to the weak advertising market. Ad revenue for the quarter fell 21.7% to $30.4 million, from $38.9 million for the comparable period last year. Net revenue from Granite's CBS, NBC and ABC affiliates fell by $2.3 million (14%), while revenue for the WB affiliates dropped $3.3 million (19%) and KNTV revenue went down by $3.4 million as it makes its transition from independent status to NBC affiliate.
Higher programming payments for Jerry Springer, Suddenly Susan and
Maury Povich also had an impact on the WB affiliates, where expenses increased by $1.3 million.
- Richard Tedesco