Drop to $19 million from a year ago is pegged to lower local and national sales, with lack of political ads cited as the ‘biggest factor.’
The McGraw-Hill Companies today reported Broadcasting Group, revenue in the third quarter fell by 23.6% to $19.1 million compared to the same period last year.
Both local and national time sales declined in the third quarter, the company said, but the absence of political advertising in a non-election year was the biggest factor in the year-over-year decrease.
For the company as a whole, net income for the third quarter decreased 13.9% to $336.1 million versus the same period last year. Revenue declined 8.4% to $1.9 billion.