Gray Television, which owns 36 television stations, reported a 14 percent drop in revenue today, and a $8.9 million loss. Last year during the same time period the company lost over $3 million, and the situation appears to be getting no better.
Meanwhile, GateHouse Media, which publishes 92 community dailies, reported a 15 percent decline in revenue and a $10.3 million loss. The company had a $200,000 profit last year (talk about tiny margins). Revenue dropped because ofwhat else?a decline in classified advertising.
And Scripps Networks Interactive (HGTV, Food Network, etc) saw a 7 percent decline in revenue but a profit of $139 million, compared with $154 million in the prior-year period. The lifestyle media segment saw a $3 million increase in profit from $143 million to $146 million. In a recession, people are more interested in learning to cook and do their own housework..go figure.