Loss of Braves Hurts Cox in Q3

Bob Neil says he’s pleased with his company’s latest financial reports, with Cox Radio “producing operating leverage in a soft revenue environment.”
The company president/CEO said, “Excluding the impact of the discontinuation of the Atlanta Braves broadcasting agreement, our net revenues increased 2% for the quarter, outpacing the revenue growth of our markets, as well as the industry as a whole. We actively managed our costs, spent dollars where we needed to, and delivered station operating income growth of almost 6%.”
But Cox net revenues for the third quarter were down 3.2% from a year ago to $113.2 million. The loss of the Braves broadcasting agreement cut $5.8 million in revenue in the quarter.
Cos stations in Miami, Tampa, Houston and San Antonio delivered “solid growth,” while results were off in Orlando, Jacksonville, Southern Connecticut, Louisville and Richmond.
For the first nine months of the year, Cox Radio net revenue is up a fraction of a percent to $329.1 million. The publicly traded company has 79 stations in 18 markets.