KRON Channel 4 has lost viewers and advertising revenue after dropping its “Nine O’Clock News” in favor of primetime soap operas from Fox Broadcasting’s MyNetwork TV, the chairman of KRON owner Young Broadcasting told financial analysts today. However, Vince Young said that the spots the station is selling in primetime are “dramatically” more profitable than before because MyNetworkTV is free to KRON. Producing a news show obviously costs a station money. While the ratings are down, Young said KRON is still often the No. 1 most-watched MyNetworkTV affiliate nationwide, he said.
Young Broadcasting owns 10 TV stations, nine of which are in small markets. KRON is the company’s biggest asset and it dominated the conversation during today’s conference call. Young Broadcasting announced that it narrowed its net loss for the third quarter to $15 million compared to $21 million in the same quarter a year ago. Revenue rose 13 percent to $53 million during the quarter.
One reason revenue increased was political advertising. The company expects it will sell $30 million in political advertising this year, which is double what it was expecting, Vince Young said. The company’s stations are selling so many political ads that other customers are being pushed aside.