Even Hearst-Argyle Television’s record high $93 million in political advertising and a 24.4 percent increase in retransmission consent fees, couldn’t offset a 9 percent drop in fourth quarter revenue to $197.1 million. For the year, revenue declined 4.7 percent o $720.5 million.
In addition to the recession, the TV group, which reported its fourth-quarter and year-end earnings Wednesday (Feb. 25), attributed the revenue drop to decreased spending among several major ad categories including automotive, retail, telecommunications, movies, restaurants, health services and furniture.
“Unfortunately,
WORK SMARTER - LEARN, GROW AND BE INSPIRED.
Subscribe today!
To Read the Full Story Become an Adweek+ Subscriber
Already a member? Sign in