DENVER'S ASCENT SHOWS STEEP 1ST QUARTER LOSSES
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