Providence-based LIN TV
Corp., the owner of more than 24 U.S. television stations,
withdrew its financial forecasts because of war-related
advertising losses and higher programming costs.
The trends may continue into the second quarter, the
company said in a statement on
Business Wire. LIN TV was expected to have a loss of 5 cents a
share in the first quarter and a profit of 64 cents for the year,
according to a Thomson Financial survey of analysts.
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TV networks have preempted some regular programming to cover
the U.S. invasion of Iraq, leading advertisers to pull campaigns
to avoid being associated with war coverage, the company said. LIN
TV said it won’t provide revised earnings forecasts until the ad
losses are calculated.
The stock had declined 11 percent this year.
Bloomberg News
