Young Broadcasting announced fourth-quarter results today citing net revenue for the quarter at $66.5 million, an increase of 24% compared to fourth quarter 2005.
Political advertising accounted for much of that, said Chairman Vincent Young. “The recurring political revenue that is attracted by our strong news/local programming-oriented stations has translated into important revenue and income gains compared to the prior year.”
New York-based Young, which owns 10 TV stations, grew full-year 2006 net revenue to $225.2 million, up 14% from 2005. Political revenue represented $31.7 million.
Chairman Young expects a windfall in the coming presidential election as well and also hinted at activity on the retransmission front. “The strategic positions held by most of our stations will allow YBI (Young Broadcasting Inc.) to benefit from political spending in 2007 and 2008,” he stated. “The dominant ratings of many of our stations gives us a strategic advantage in the upcoming retransmission consent negotiations with cable system operators.”