For the mid-size owner of 10 TV stations, net losses ballooned to $152.9 million versus $18.1 million the year before. Net revenue sank 6.7% to $37 million. For the last six months, net losses at the company stand at $167.9 million versus $43.5 million a year ago.
As with other TV station owners, the blame goes to lower automotive advertising revenues and those ad categories related to the housing industry.
"Unlike some on Wall Street that see trends continuing indefinitely on their current trajectories, I believe that television advertising revenues will recover in the near future and that YBI is well positioned to take advantage of this recovery," Vincent Young, chairman of Young Broadcasting, said in a statement.
"Historically, advertising expenditures are among the first to be cut at the start of a recession. They are also among the first to return when the economy begins its recovery," he added.
Young reiterated that traditional television advertising has lost none of its effectiveness. He also echoed other TV groups, noting that new digital media sales continue to soar--although revenues are too low to replace what the company earns on traditional TV airwaves.