Digest: Sinclair Q3 plummets
EmptyTV station operator Sinclair Broadcasting Group reported a 56% drop in third-quarter earnings Wednesday as higher revenue was more than offset by higher operating expenses. Profit fell from $22.6 million a year ago to $9.9 million, which exceeded Wall Street estimates. Sinclair's revenue increased 6% to $176.7 million. However, operating expenses jumped 12% to $143.8 million. The company said its local ad revenue was unchanged, but national ad revenue fell 13% in the latest quarter.
HSN shows life for IAC
IAC, the Internet juggernaut controlled by Barry Diller, on Wednesday reported a third-quarter profit decline of 4.2%, but its HSN home shopping network showed signs of recovery. Profit fell from $74.9 million a year ago to $71.8 million. Revenue rose 7.4% to $1.5 billion. HSN revenue edged up 5%. Goldman Sachs analyst Anthony Noto said the HSN revenue gain bodes well for IAC's future growth outlook. IAC chairman and CEO Diller wasn't on Wednesday's conference call because of what the company said was a scheduling conflict.
TiVo, Windstream in DVR pact
TiVo has struck a deal with Windstream to offer its DVR service bundled with Windstream's broadband Internet service. The companies didn't disclose financial terms of the deal Wednesday. Windstream plans to start marketing TiVo in the first half of next year.