Young Broadcasting’s stock dropped 7% on the news that its earnings would fall short of expectations.
The TV station group disclosed late Friday that continuing problems at San Francisco independent station KRON and its national sales operations will take a toll on financial results.
Sales for the year are now expected to come in between $200 million-$204 million, down from the $205 million-$209 million projected in May.
Young cut its operating earnings forecast to between $40 million-$42 million, down from its earlier projection of $47 million-$50 million.
KRON has been operating as an independent since 2002, when NBC moved its affiliation from the station to KNTV San Jose after Young beat out NBC in a bid for KRON.