Roger R. Smith / Published - 03 Nov 08

Hearst-Argyle Television (HTV), one of the largest operators of US network affiliates, reported third quarter 2008 results yesterday. As the owner or manager of 29 TV stations, including 12 ABC affiliates as well as 10 NBC and two CBS outlets, NYSE-listed HTV's performance can be seen as a reasonable proxy for the overall broadcast industry. As such, GMI thinks these results are very instructive about where the broadcast TV ad market is: weak, to be sure, but hardly falling apart.