This story was written by David Kaplan.
TV station owner Hearst-Argyle (NYSE: HTV) saw revenues decline 2.6 percent in Q1 to $165.1 million as the softening economy held back spending from automakers, the broadcaster's largest ad category. And although it's still a small part of the company's activity, spending continued to flow to the interactive side, as digital media revenue was up 22 percent to $4.9 million. Overall, though, net ad sales fell 13.7 million, or 9 percent, decrease in net ad sales - excluding political - to $132.9 million during the quarter. Earnings per diluted share were $0.11 compared to $0.05 and $0.14 in Q107 and Q106, respectively.
Earnings release | Webcast
By David Kaplan