Clear Channel Ups Profits More Than 50% in 3Q and Gray TV Drops to 3Q Loss on Ad Decline
Clear Channel Ups Profits More Than 50% in 3Q and Gray TV Drops to 3Q Loss on Ad Decline
City of Industry, CA –(www.FinancialNewsUSA.com)– 11/09/2007 - Broadcasting industry news provided by Financial News USA (OTC: FNWU). Gains in its outdoor advertising segment drove Clear Channel Communications Inc.’s (NYSE: CCU) third-quarter profits past Wall Street’s expectation. The media company owns eight Cincinnati radio stations, including WLW-AM and WEBN-FM. It also owns WKRC-TV, which will be sold to a Rhode Island company as part of the divestiture of its TV station group.
Hearst-Argyle Television, Inc. (NYSE: HTV) recently announced third quarter 2007 net income of $9.7 million and earnings per diluted share of $0.10 compared to net income of $16.5 million and earnings per share of $0.18, in third quarter 2006. Results were impacted by $3.6 million of expenses incurred during the quarter associated with Hearst Corporation’s recently expired tender offer for the 27% of HTV it does not already own. Excluding tender offer-related expenses, earnings per share would have been $0.13.
Gray Television Inc. (NYSE: GTN) said recently it swung to a third-quarter loss, as revenue declined with the loss of political ads from a year ago. The Atlanta company reported a loss of $4.2 million, or 9 cents per share, versus a profit of $519,000, or 1 cent per share, in the year-ago period. Analysts expected a loss of 6 cents per share, according to Thomson Financial.
247MGI Inc. (OTC: TOFS) (”247MGI”), recently wanted to update shareholders on several issues concerning the company such as; the 10Q, the uplist to the OTCBB, the 14C for the authorized share reduction, 247Broadcast Network, and the release of our proprietary player. 247MGI has been trying to resume trading on the OTCBB since September 27 when a Form 211 Exemption was filed. We have had several delays until we received a response indicating the company needed to use a certain Item number in the 211 that would negate the use of the Exemption.
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