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Media moguls say they’re starting to see signs of a bottom to the recession and the beginnings of an upturn in the advertising market—just in time for the upfront advertising sales season. Last week, several major media companies reported they took their lumps in the first quarter, but their top executives...
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Sun, May 10 2009
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Filed under: Broadcast, Cable, Print Edition, Earnings, Leslie Moonves, CBS Corp., Scripps Networks, Rupert Murdoch, Economy, Walt Disney Co., John Lansing, Bob Iger, New Corp.
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CBS lost $55.3 million in the first quarter as the weak economy and the advertising market slump took a toll on the broadcaster. The loss of 8 cents a share compares to earnings of $244.3 million, or 36 cents a share, a year ago when programming costs were lower because of the Writers Guild of America...
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Walt Disney’s fiscal second-quarter profit fell 46%, with a slight drop in earnings from its media networks unit overshadowed by plunging profit from its studio entertainment and parks and resorts operations. Disney’s operating profit from media networks for the quarter ended March 28 fell 4% to $1.31...
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Investment firm Sanford C. Bernstein on Wednesday released a new pessimistic report on media company earnings. “The recent run-up in media stocks suggests investors are looking past the horrid near-term trends to a happier place off in the horizon,” said analyst Michael Nathanson in a report. “However...
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Wed, Apr 8 2009
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Filed under: Broadcast, Cable, Digital, Advertising, CBS, Viacom, Syndication, Research, Earnings, Time Warner, News Corp., Economy, Walt Disney Co.
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News Corp. Chairman and CEO Rupert Murdoch doesn’t think the economy will bounce back anytime soon. “I think the long-term situation is still very dangerous,” Mr. Murdoch said, responding to questions at the National Cable & Telecommunications Association’s Cable Show '09. “I don’t think anyone...
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TV revenues will continue to decline at least 15.7% in 2009, according to SNL Kagan’s “Radio/TV Station Annual Outlook.” Michigan is the market with the slowest growth as layoffs put automakers in jeopardy. The Detroit market is expected to see a 17.7% decline in TV revenues. For TVWeek's comprehensive...
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Consumers could cut back their spending on subscription television, broadband and mobile services by $5 billion in the next 12 months in response to the economic downturn, research company In-Stat reports. For TVWeek's comprehensive coverage of how the recession is affecting the TV industry, visit...
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Despite the tough economy and a deep advertising market slump that cut CBS’ fourth-quarter earnings in half and forced the company to slash its dividend, CEO Leslie Moonves said he’s looking forward to the upfront. Citing ratings growth at the company’s broadcast network during Wednesday’s earnings call...
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CBS Corp.’s profit fell 52 percent in the fourth quarter as business deteriorated at its television operations. The company cut its quarterly dividend to 5 cents a share, down from 27 cents in an effort to maintain financial flexibility in the recession. Fourth quarter net earnings declined to $136.1...
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The recession is finally having a deep effect on the national television advertising market. Last week, major media companies reported that marketers have been exercising options to cancel some of the second-quarter commercial time they bought in the upfront. For TVWeek's comprehensive coverage of...
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Sun, Feb 8 2009
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Filed under: Broadcast, ABC, Advertising, CBS, Print Edition, Upfronts, Scripps Networks, Turner Broadcasting, Peter Chernin, Fox Broadcasting, CPM, Economy, Ad Options
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Media companies just aren’t worth what they used to be. News Corp. and Time Warner last week both took billion-dollar writedowns against quarterly earnings as the economy lowered the value of some of their assets. The industry titans said the downturn was steeper than anticipated and the watchword going...
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Sun, Feb 8 2009
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Filed under: Broadcast, Cable, Advertising, Print Edition, Earnings, Scripps Networks, Time Warner, Jeff Bewkes, Rupert Murdoch, News Corp., Economy
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News Corp. took an $8.4 billion charge against earnings as the declining economy continues to take big bites out of media company valuations. As a result of the pre-tax, non-cash, impairment charge related to goodwill, News Corp., which owns , reported a second-quarter net loss of $6.4 billion, or $2...
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Thu, Feb 5 2009
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Filed under: Broadcast, Cable, FX, Fox News Channel, MyNetwork TV, Big Ten Network, Rupert Murdoch, Fox Broadcasting, Economy, Fox International Channels, Fox Broadcast, Fox TV Stations
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It’s tough times for much of the television business, but Time Warner chairman and CEO Jeff Bewkes likes the TV-production business. “We feel very good about the TV production business,” Mr. Bewkes said on the company’s fourth-quarter earnings conference call with analysts. “It’s a high-profit business...
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Wed, Feb 4 2009
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Filed under: Broadcast, Cable, Nip/Tuck, FX, TNT, The Closer, Time Warner, Jeff Bewkes, Economy, Warner Bros. TV, Production
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Ad sales executives at two major television broadcasters said they’re not alarmed over second-quarter options that advertisers have to return commercials they agreed to buy during the upfront last year. Advertisers can return as much as 50% of the ad buys they commit to during the upfront. Normally they...
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Walt Disney Co.’s first quarter profit fell 32%, driven down by weaker performance at its broadcast and cable holdings as the economy has slowed. “We faced a challenging first quarter with many of our businesses impacted to various degrees by the economic downturn,” said Robert A. Iger, Disney’s president...