Journal Communications reported its TV station revenue at $24.5 million for the third quarter, a 24.1% drop from the same quarter last year. Its radio station revenue was $17.9 million, down 17.3%. Overall, Journal broadcast revenue decreased 21.4% for the quarter to $42.4 million.
Journal reported that local advertising revenue in broadcast was down 13.2% and national ads off 25.3%. The company tallied $1.2 million in retransmission consent revenue, compared to $.4 million in the third quarter last year.
Television operating expenses were 13.2% slimmer, thanks to "the reduction in employee related costs and other cost reduction initiatives." Journal Communications Chairman/CEO Steven J. Smith said the cost reductions would continue until the economy picks up.
"Although the advertising environment remains challenged, we did see some improvements in broadcast revenues as the quarter progressed," he said.
Smith forecasted "modest improvement" in fourth quarter ad revenue, and said "our focus on expense and debt reduction will continue."
Overall Journal revenue was $105.1 million for the quarter, down 22.9% from the same quarter last year.
Milwaukee-based Journal owns over 50 newspapers, 13 TV stations and 33 radio stations.
Journal President/Journal Broadcast CEO Doug Kiel announced late last month that he'll retire Dec. 27.