"The television station revenue market throughout the United States has been negatively affected by the slowdown in the economy over the last year, particularly in the first quarter of 2008," the company said in court papers that filed with the U.S. Bankruptcy Court in Delaware on May 10.
NEW YORK (Reuters) - Pappas Telecasting Inc, a private broadcasting group, filed for bankruptcy protection, citing a range of troubles from weak advertising revenue to poor network ratings that led to its current state.
"The television station revenue market throughout the United States has been negatively affected by the slowdown in the economy over the last year, particularly in the first quarter of 2008," the company said in court papers that filed with the U.S. Bankruptcy Court in Delaware on May 10.
The company said its advertising revenues were hurt by the "extraordinary downturn" in the housing market and higher energy costs.
It also blamed poor ratings at CW Network, which has shows like "America's Next Top Model" and "One Tree Hill," for part of its financial woes.
!ADVERTISEMENT!The broadcast group's troubles made the sale of its stations difficult and financing for any sale tough to come by, the company said.
It was then that Pappas decided to file for bankruptcy, it said in papers filed with the court.
(Reporting by Aarthi Sivaraman; Editing by Quentin Bryar)
