November 9, 2007
Sox Win, Entercom Loses
By Cory Hopkins
Pennsylvania-based Entercom Communications Corp., owners of the 1440 WVEI-AM sports talk radio station in Worcester, reported a 13 percent decline in net income in the third quarter over the same period last year, due in large part to hefty fees associated with broadcasting your World Champion Boston Red Sox baseball games.
Entercom took in $14.06 million in net income in the quarter ended Sept. 30, down from $16.16 million last year.
The decrease comes as net revenues in the quarter actually increased 8 percent, to $123.06 million from $114.34 million last year. The gain in revenues was not enough to offset a 4 percent increase in same station operating expenses, which the company attributed to Red Sox rights fees.
The company announced a quarterly dividend of $0.38 per share for the fourth quarter, payable December 17.
WVEI generally re-broadcasts content aired by its hugely successful Boston sister station, WEEI 850 in Boston. WVEI, however, had broadcast rights to all Red Sox games this year, while WEEI only broadcast games on Wednesday nights.
Entercom took in $14.06 million in net income in the quarter ended Sept. 30, down from $16.16 million last year.
The decrease comes as net revenues in the quarter actually increased 8 percent, to $123.06 million from $114.34 million last year. The gain in revenues was not enough to offset a 4 percent increase in same station operating expenses, which the company attributed to Red Sox rights fees.
The company announced a quarterly dividend of $0.38 per share for the fourth quarter, payable December 17.
WVEI generally re-broadcasts content aired by its hugely successful Boston sister station, WEEI 850 in Boston. WVEI, however, had broadcast rights to all Red Sox games this year, while WEEI only broadcast games on Wednesday nights.
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