The dissipated ad market struck Granite Broadcasting's bottom line, which sustained a 19% drop in net revenue for the second quarter.
Granite grabbed $30.5 million in revenue for the quarter ended June 30, compared to $37.6 million for the same period last year. A 39% increase in expenses for Granite's San Francisco station KNTV-TV during the quarter also contributed to the drop. KNTV is preparing to become an NBC affiliate in January.
Revenues for Granite's past six months dropped commensurately, to $57.3 million from $71 million through the first six months of 2000. - Richard Tedesco