YTTV yesterday issued a results warning that it was likely to report a loss for the year to 30 September, as a result of ‘lower than expected advertising and substantial exceptional costs.’ City speculation over the size of the loss range from £20m to £5m.
The financial difficulties faced by the combined Yorkshire Tyne Tees station had been predicted as far back as October 92, when the franchise winners were declared and it became apparent that the then separate Yorks. Tyne Tees stations had paid well over the odds for their franchises. To compound these problems in September it came to light that YTTV has greatly oversold airtime in that month, leading to a shortfall in revenue and an inability to meet ratings targets offered to agencies.
Laser Sales, which took over the airtime sales for YTTV on October 1st, have been offering agencies several different options in an attempt to weather the financial and reputation damaging situation it has inherited. Some buyers are estimating YTTV’s revenue performance for Sept/Oct/Nov to be £9m/£16m/£10m respectively.
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