Westwood One Third Quarter Revenues Hit By NFL Lockout
November 16, 2011 at 4:31 AM (PT)
DIAL GLOBAL's WESTWOOD ONE filed its third quarter 2011 financial report with the SEC, and said that revenues fell 7.6% to $40.878 million, attributed to decreases in NFL-related revenue due to the pre-season lockout and the loss of license fees from 24/7 formats sold to EXCELSIOR RADIO NETWORKS, LLC, owned by DIAL GLOBAL's VERGE MEDIA COMPANIES subsidiary.
Ad revenue for network news and talk and entertainment programming rose to partially offset the losses of revenue. Operating loss widened from $2.37 million to $4.645 million. Net loss from continuing operations narrowed from $4.468 million to $682,000, based on the gain from the sale of the 24/7 networks. Net income rose from a loss of $7.239 million to a gain of $1.409 million (loss of 35 cents/share to gain of 6 cents/share).
DIAL GLOBAL completed its merger and acquisition of WESTWOOD ONE in OCTOBER.