Granada Crashes to Pounds 69m Loss as Advertising Slump Bites ; NEWS ANALYSIS: Even `Coronation Street' Stars Asked to Take a Pay Cut as Falling Revenues Hit TV Group
McIntosh, Bill, The Independent (London, England)
ONLY A YEAR ago the future for big broadcasting groups - spurred on by expectations of never-ending growth from digital convergence - looked unremittingly positive. Twelve months on, however, plunging advertising revenue and rising digital investment costs have left TV groups wallowing in red ink.
The latest casualty is Granada, which yesterday reported a loss of pounds 69m for the six months to March, from a pro-forma pre-tax profit of pounds 289m a year ago. For Britain's largest commercial broadcaster, which also produces mass-market soaps like Emmerdale, the reversal took place just 11 months after it was separately floated.
At the time of the float, the …
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Publication information: Article title: Granada Crashes to Pounds 69m Loss as Advertising Slump Bites ; NEWS ANALYSIS: Even `Coronation Street' Stars Asked to Take a Pay Cut as Falling Revenues Hit TV Group. Contributors: McIntosh, Bill - Author. Newspaper title: The Independent (London, England). Publication date: June 14, 2001. Page number: 17. © 2009 The Independent - London. Provided by ProQuest LLC. All Rights Reserved.
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