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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).