McDavid Offers Oilers Hope For Turnaround Sabres Fans Celebrate Drafting Jack Eichel Coyotes Unveil First New Unis In 12 Years Ressler Will Have Final Say For Hawks Tribune Weighs In On Wrigley Renovations Knicks Rebuild Begins With Porzingis Pick 76ers Rebuild Takes Shape With Okafor Pick Hornets Unveil Black Alternate Uniform MLS Club To Be Called Atlanta United FC Down Season Hurting Red Sox Sponsors' Businesses
DENVER'S ASCENT SHOWS STEEP 1ST QUARTER LOSSES
Published April 22, 1996
The Ascent Entertainment Group, owners of the Nuggets and Avalanche, reported a net loss of $4.3M for the first quarter, a 23% increase over the $3.5M first quarter loss of a year ago. Emily Narvaes of the DENVER POST reports that Ascent officials feel the teams will not show a profit until the company builds the $150M Pepsi Center planned for downtown (DENVER POST, 4/21). Ascent said most of the shortfall was due to the operating losses of the Avalanche and its TV and film production company, Beacon Communications. Ascent also acquired pay-per-view company SpectraVision, which is operating under Chapter 11 bankruptcy protection ("Sports View," CNBC, 4/19). ANOTHER CORPORATE REPORT: Tribune Co., owner of the Cubs, announced its first quarter profits rose to $29M from $28.7M. Revenues increased 6% to nearly $187M from $176.4M in the year- earlier period due to TV stations in New York, Chicago and Denver and the first-quarter acquisition of KHTV-TV in Houston (CHICAGO TRIBUNE, 4/20).