SBS underperforms


Spanish Broadcasting System disappointed investors with revenues down 2% overall to 47.8 million. Radio was down 5% to 45.3 million, with gains in New York unable to offset declines in other key markets. Revenues for Mega TV in Miami rose 87%, but that's still only a total of 2.6 million, so the new TV operation continued to post an operating loss of 2.5 million, improved from a loss of 5.3 million a year ago. Operating income for radio declined 18% to 17 million.