<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the quarterly period ended Commission file number 0-14702
September 30, 1995
Infinity Broadcasting Corporation
(Exact name of registrant as specified in its charter)
Delaware 13-2766282
(State of incorporation) (I.R.S. Employer
Identification No.)
600 Madison Avenue
New York, NY 10022
(Address of principal executive offices)
(212)750-6400
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No
_____ _____
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date: 49,415,381 shares of Class A
Common Stock, 5,550,031 shares of Class B Common Stock and 744,171 shares of
Class C Common Stock as of November 8, 1995.
<PAGE>
INFINITY BROADCASTING CORPORATION
INDEX
Page No.
________
Part I. Financial Information
Item 1. Financial Statements
Condensed Consolidated Balance Sheets ............ 1
Condensed Consolidated Statements of Operations .. 3
Condensed Consolidated Statements of Stockholders'
Equity (Deficiency) .............................. 4
Condensed Consolidated Statements of Cash Flows .. 5
Notes to Condensed Consolidated Financial
Statements ...................................... 6
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations .............. 8
Part II. Other Information
Item 6. Exhibits and Reports on Form 8-K ................ 10
i
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<TABLE>
INFINITY BROADCASTING CORPORATION AND SUBSIDIARIES
ITEM 1. FINANCIAL STATEMENTS
_______ ____________________
<CAPTION>
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
Sept. 30, Dec. 31,
1995 1994
_________ ________
(Unaudited)
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 9,214 $ 7,720
Receivables, net 79,696 76,549
Prepaid expenses and other current 5,362 536
assets _______ _______
Total Current Assets 94,272 84,805
Property and equipment, net 20,811 22,288
Intangible assets, net 461,115 441,187
Other assets 13,890 13,873
_______ _______
$ 590,088 $ 562,153
======= =======
See accompanying Notes to Condensed Consolidated Financial Statements
</TABLE>
1
<PAGE>
<TABLE>
INFINITY BROADCASTING CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS, CONTINUED
(Dollars in thousands)
<CAPTION>
Sept. 30, Dec. 31,
1995 1994
___________ _________
(Unaudited)
<S> <C> <C>
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)
Current Liabilities:
Accounts payable and other accrued expenses $ 18,126 $ 16,035
Accrued compensation 5,542 6,142
Accrued interest 3,540 9,605
Income taxes 5,235 7,927
Other current liabilities 16,485 16,219
___________ __________
Total Current Liabilities 48,928 55,928
___________ __________
Long-term debt, less current portion 552,600 531,750
___________ __________
Stockholders' equity (deficiency):
Preferred stock, $0.01 par value:
1,000,000 shares authorized, none issued -- --
Class A Common Stock, $.002 par value:
200,000,000 shares authorized; issued
43,561,727 shares in 1995 and 43,153,400
shares in 1994. 87 86
Class B Common Stock, $.002 par value:
17,500,000 shares authorized; issued and
outstanding 5,550,031 shares in 1995
and 5,767,731 in 1994. 11 12
Class C Common Stock, $.002 par value:
30,000,000 shares authorized; issued and
outstanding 744,171 shares in 1995 and
1994. 1 1
Additional paid-in capital 260,663 260,061
Retained earnings (deficit) (217,220) (250,841)
___________ __________
43,542 9,319
Less treasury stock at cost, 2,644,245 shares
in 1995 and 1,956,600 shares in 1994. (54,982) (34,844)
___________ __________
Total stockholders' equity (deficiency) (11,440) (25,525)
___________ __________
$ 590,088 $ 562,153
=========== ==========
See accompanying Notes to Condensed Consolidated Financial Statements
</TABLE>
2
<PAGE>
<TABLE>
INFINITY BROADCASTING CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in thousands except per share amounts)
<CAPTION>
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1995 1994 1995 1994
_________ __________ _________ _________
<S> <C> <C> <C> <C>
Total revenues $ 95,785 $ 85,470 $ 264,947 $ 219,506
Less agency commissions 11,687 10,829 33,958 27,988
__________ __________ _________ _________
Net revenues 84,098 74,641 230,989 191,518
Station operating expenses
excluding depreciation
and amortization 41,008 37,469 119,124 101,332
Depreciation and
amortization 13,342 12,272 37,342 34,322
Corporate general and
administrative expenses 1,487 1,367 4,154 3,786
__________ __________ _________ _________
Total operating expenses 55,837 51,108 160,620 139,440
__________ __________ _________ _________
Operating income 28,261 23,533 70,369 52,078
__________ __________ _________ _________
Other income (expense)
Interest expense (12,046) (11,809) (35,929) (32,715)
Interest income 107 28 268 117
__________ __________ _________ _________
Earnings before income
taxes 16,322 11,752 34,708 19,480
Income taxes 401 202 1,087 404
__________ __________ _________ _________
Net income 15,921 11,550 33,621 19,076
========== ========== ========= =========
Net income per share $ .24 $ .17 $ .50 $ .28
========== ========== ========== ==========
Average shares and
equivalents outstanding 67,108,832 67,385,879 67,219,643 67,251,363
========== ========== ========== ==========
See accompanying Notes to Condensed Consolidated Financial Statements
</TABLE>
3
<PAGE>
<TABLE>
INFINITY BROADCASTING CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIENCY)
(UNAUDITED)
(In thousands)
<CAPTION>
Class A Class B Class C
Common Stock Common Stock Common Stock
------------ ------------ ------------
Shares Amt Shares Amt Shares Amt
------ --- ------ --- ------ ---
<S> <C> <C> <C> <C> <C> <C>
Balance at December
31, 1994 43,153 $ 86 5,768 $ 12 744 $ 1
Net income for the
nine months ended
September 30, 1995
Issuance of Class A
Common Stock 191
Conversion of Class
B Common Stock to
Class A Common
Stock 218 1 (218) (1)
Treasury Stock acquired
------ --- ------ --- ------ ---
Balance at September
30, 1995 43,562 $ 87 5,550 $ 11 744 $ 1
====== === ====== === ====== ===
<CAPTION>
Add'l Retained
Paid-in Earnings Treasury Stock
_______ ________ ______________
Capital (Deficit) Shares Amt Total
_______ _________ ______ ___ _____
<S> <C> <C> <C> <C> <C>
Balance at December
31, 1994 $260,061 $(250,841) 1,957 $(34,844) $(25,525)
Net income for the
nine months ended
September 30, 1995 33,621 33,621
Issuance of Class A
Common Stock 602 602
Conversion of Class
B Common Stock to
Class A Common
Stock
Treasury Stock acquired 687 $(20,138) (20,138)
________ __________ ______ _________ _________
Balance at September
30, 1995 $260,663 $(217,220) 2,644 $(54,982) $(11,440)
________ __________ ______ _________ _________
See accompanying Notes to Condensed Consolidated Financial Statements
</TABLE>
4
<PAGE>
<TABLE>
INFINITY BROADCASTING CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(In thousands)
<CAPTION>
Sept. 30, Sept. 30,
1995 1994
_________ _________
<S> <C> <C>
Net cash flow from (used in) operating activities:
Net income $ 33,621 $ 19,076
Depreciation and amortization 37,342 34,322
Amortization of deferred financing costs 1,528 1,332
_________ _________
72,491 54,730
Increase in receivables (3,147) (10,660)
Decrease (increase) in other current assets (4,826) 495
Increase (decrease) in accounts payable
and accrued expenses (1,201) 2,755
Decrease in accrued interest (6,065) (2,177)
Other, net (3,901) 643
_________ _________
Net cash flow from operating activities 53,351 45,786
_________ _________
Investing Activities:
Capital expenditures 1,757 1,213
Acquisitions:
Intangibles 52,837 206,725
Property and Equipment 200 5,920
Less liabilities (2,415) (10,884)
_________ _________
Net cash used for investing activities 52,379 202,974
_________ _________
Cash provided (required) before
financing activities 972 (157,188)
========= =========
Financing Activities:
Borrowings under debt agreements 50,000 227,000
Reduction of debt (29,150) (48,312)
Proceeds from issuance of stocks 602 320
Financing costs (792) (1,707)
Repurchase of Class A Common Stock (20,138) (21,611)
Other, Net -- 1,200
_________ _________
Net financing activities 522 156,890
Decrease (increase) in cash and cash
equivalents (1,494) 298
_________ _________
Total financing activities $ (972) $ 157,188
========= =========
See accompanying Notes to Condensed Consolidated Financial Statements
</TABLE>
5
<PAGE>
INFINITY BROADCASTING CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of Presentation
_____________________
In the opinion of management the unaudited interim financial statements
contain all adjustments, consisting of normal recurring accruals, necessary to
present fairly the financial position, results of operations and cash flows
for the periods presented.
Interim periods are not necessarily indicative of results to be expected
for the year. It is suggested that these financial statements be read in
conjunction with the Consolidated Financial Statements and the notes thereto
of the Company for the year ended December 31, 1994.
The condensed consolidated financial statements include the accounts of
the Company and its subsidiaries, which are all wholly owned. All significant
intercompany balances and transactions have been eliminated in consolidation.
Earnings per common share are based on the weighted average number of
common shares and common equivalent shares outstanding during the period.
Effective May 12, 1995, the Company declared a three-for-two stock split
in the form of a stock dividend payable on May 19, 1995 to shareholders of
record at the close of business on May 12, 1995. The accompanying financial
statements reflect the effect of the stock dividend.
2. Public Stock Offerings
______________________
On October 24, 1995, the Company sold through a public offering 8,500,000
shares of Class A Common Stock resulting in net proceeds, after expenses, to
the Company of approximately $269 million. The net proceeds from this
offering were used to pay down bank borrowings under the Company's bank credit
agreement (the "Credit Agreement").
3. Acquisitions
____________
In February 1994, the Company acquired Los Angeles radio station KRTH-FM
from Beasley FM Acquisition Corp. for approximately $116 million, plus costs.
In June 1994, the Company acquired Washington, D.C. radio stations
WPGC-AM/FM from Cook Inlet Radio Partners, L.P. and Cook Inlet Radio License
Partnership, L.P. for approximately $61 million, plus assumption of certain
liabilities and costs.
In June 1994, the Company acquired Detroit radio station WXYT-AM from
Fritz Broadcasting, Inc. for approximately $23 million, plus costs.
In April 1995, the Company acquired Dallas/Ft. Worth radio station
KLUV-FM from TK Communications, Inc. for approximately $51 million, plus
costs.
6
<PAGE>
The purchase price of the above acquisitions was funded by borrowings
under the Company's Credit Agreement.
The operating results of these acquisitions are included in the Company's
consolidated results of operations from the date of acquisition. The
following unaudited pro forma summary presents the consolidated results of
operations as if the acquisitions had occurred as of the beginning of 1995 and
1994, after giving effect to certain adjustments, including amortization of
intangible assets and interest expense on the acquisition debt. These pro
forma results have been prepared for comparative purposes only and do not
purport to be indicative of what would have occurred had the acquisitions been
made as of those dates or of results which may occur in the future.
<TABLE>
<CAPTION>
Nine Months Ended Sept.
30,
1995 1994
_____________ _____________
(Unaudited)
<S> <C> <C>
Net revenues............. $ 232,930 $ 209,006
Net earnings............. 32,484 15,753
Net earnings per common
share.................... .48 .23
</TABLE>
On September 22, 1995, the Company entered into an agreement to acquire
seven radio stations located in Dallas, San Francisco, Detroit and Seattle
from various entities affiliated with Alliance Broadcasting, Inc. for $275
million, including working capital. The radio stations are KYNG-FM and
KSNN-FM in Dallas, KFRC-FM, KFRC-AM and KYCY-FM in San Francisco, WYCD-FM in
Detroit and KYCW-FM in Seattle. The purchase price will be funded by
borrowings under the Credit Agreement.
On February 3, 1994, the Company, Unistar Communications Group, Inc.
("Unistar") and Westwood One, Inc. ("Westwood One") completed the purchase by
Westwood One of the radio network business of Unistar for approximately $101.3
million. Westwood One is the nation's largest producer and distributor of
nationally sponsored radio programs. In connection with the transaction, an
affiliate of the Company received 5 million newly issued shares of common
stock of Westwood One for $3 per share (which represents approximately 15.86%
of the issued and outstanding capital stock of Westwood One) and an option to
purchase an additional 3 million shares of Westwood One's common stock at a
purchase price of $3 per share, subject to certain vesting requirements. In
connection with the transactions, the Company's Chief Executive Officer and
Chief Financial Officer became the Chief Executive Officer and Chief Financial
Officer, respectively, of Westwood One pursuant to a management agreement
between the Company and Westwood One. Under the management agreement, the
Company will receive a base management fee plus a bonus based on
achieving cash flow targets and additional warrants to acquire up to 1.5
million shares of Westwood One's Common Stock at a purchase price from $3 to
$5 per share in the event that Westwood One's Common Stock trades above
certain target price levels. In September 1994 and August 1995, pursuant to
such provision, the Company received warrants to purchase 500,000 shares of
Westwood One's Common Stock at an exercise price of $3 per share and 500,000
shares at an exercise price of $4 per share, respectively.
7
<PAGE>
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
___________________________________
RESULTS OF OPERATIONS
_____________________
THIRD QUARTER OF 1995 COMPARED TO THIRD QUARTER OF 1994
_______________________________________________________
Net revenues for the third quarter of 1995 were $84,098,000 as compared
to $74,641,000 for the third quarter of 1994, an increase of approximately
$9,457,000 or 13%. The increase was due principally to higher advertising
revenues at the Company's stations, and the acquisitions of radio stations
KRTH-FM (Los Angeles) effective February 15, 1994, WPGC-AM/FM (Washington,
D.C.) effective June 17, 1994, WXYT-AM (Detroit) effective June 27, 1994 and
KLUV-FM (Dallas/Ft. Worth) effective April 21, 1995. On a pro forma basis,
assuming the above acquisitions had occurred as of the beginning of 1994, net
revenues for the third quarter of 1995 would have increased by approximately
10%.
Station operating expenses excluding depreciation and amortization for
the third quarter of 1995 were $41,008,000 as compared to $37,469,000 for the
third quarter of 1994, an increase of $3,539,000 or approximately 9%. The
increase was principally due to the acquired stations, expenses associated
with higher revenues and higher programming expenses. On a pro forma basis,
assuming the above acquisitions had occurred as of the beginning of 1994,
station operating expenses for the third quarter of 1995 would have increased
by approximately 8%.
Depreciation and amortization expense for the third quarter of 1995 was
approximately $13,342,000 as compared to $12,272,000 for the third quarter of
1994, an increase of approximately $1,070,000 or 9%. The increase was
principally due to the depreciation and amortization expense associated with
the acquired stations.
Operating income for the third quarter of 1995 was $28,261,000 as
compared to $23,533,000 for the third quarter of 1994, an increase of
approximately $4,728,000 or 20%. The increase was due principally to improved
results at the Company's radio stations.
Net financing expense (defined as interest expense less interest income)
for the third quarter of 1995 was $11,939,000 as compared to $11,781,000 for
the third quarter of 1994, an increase of approximately $158,000 or 1%. The
increase was due principally to additional borrowings in connection with the
acquired stations.
Net income for the third quarter of 1995 was $15,921,000 as compared to
$11,550,000 for the third quarter of 1994, an increase of approximately
$4,371,000 or 38%.
NINE MONTHS ENDED SEPTEMBER 30, 1995 AS COMPARED TO NINE MONTHS
_______________________________________________________________
ENDED SEPTEMBER 30, 1994
________________________
Net revenues for the nine months ended September 30, 1995 were
$230,989,000 as compared to $191,518,000 for the nine months ended September
30, 1994, an increase of approximately 21%. The increase was due principally
to higher advertising revenues at the Company's stations, and the acquisitions
of the radio stations KRTH-FM (Los Angeles), WPGC-AM/FM (Washington, D.C.),
WXYT-AM (Detroit), and KLUV-FM (Dallas/Ft. Worth). On a pro forma basis,
assuming the above acquisitions had occurred as of the beginning of 1994, net
revenues for the first nine months of 1995 would have increased by
approximately 11%.
8
<PAGE>
Station operating expenses excluding depreciation and amortization for
the nine months ended September 30, 1995 were $119,124,000 as compared to
$101,332,000 for the nine months ended September 30, 1994, an increase of 18%.
The increase was principally due to the acquired stations, expenses associated
with higher revenues and higher programming expenses. On a pro forma basis,
assuming the above acquisitions had occurred as of the beginning of 1994,
station operating expenses for the nine months ended 1995 would have increased
by approximately 9%.
Depreciation and amortization expense for the first nine months of 1995
was $37,342,000 as compared to $34,322,000 for the first nine months of 1994,
an increase of approximately $3,020,000 or 9%. The increase was due to the
depreciation and amortization expense associated with the acquired stations.
Operating income for the first nine months of 1995 was $70,369,000 as
compared to $52,078,000 for the first nine months of 1994, an increase of
approximately 35%. The increase was due principally to improved results at
the Company's radio stations.
Net financing expense (defined as interest expense less interest income)
for the first nine months of 1995 was $35,661,000 as compared to $32,598,000
for the first nine months of 1994, an increase of approximately 9%. The
increase was due principally to additional interest expense associated with
the additional borrowings incurred to finance the acquired stations.
Income taxes for the first nine months of 1995 were $1,087,000,
representing principally state and local income taxes, as compared to $404,000
for the first nine months of 1994. No federal income taxes have been provided
as a result of available tax loss carryforwards.
Net income for the first nine months of 1995 was $33,621,000 ($0.50 per
share) as compared to $19,076,000 ($0.28 per share) for the first nine months
of 1994, an increase of approximately $14,545,000.
LIQUIDITY AND CAPITAL RESOURCES
_______________________________
For the first nine months of 1995, net cash flow from operating
activities was approximately $53,351,000, as compared to $45,786,000 for the
first nine months of 1994, an increase of approximately $7,565,000. The
increase was principally due to improved earnings in 1995 offset in part by
higher working capital requirements. The operating cash flow was used
principally to pay down debt and purchase treasury stock. During the nine
months ended September 30, 1995, the Company purchased 687,645 shares of its
Class A Common Stock at a total cost of approximately $20 million.
During the first nine months of 1995, the Company borrowed approximately
$50 million under the Credit Agreement to finance the purchase of radio
station KLUV-FM in Dallas.
As of September 30, 1995, the Company had undrawn borrowing capacity of
approximately $347 million under the Credit Agreement.
On October 24, 1995, the Company sold through a public offering 8,500,000
shares of Class A Common Stock resulting in net proceeds, after expenses, to
the Company of approximately $269 million. The net proceeds from this
offering were used to pay down bank borrowings under the Company's Credit
Agreement.
9
<PAGE>
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K
________________________________
(a) Exhibits.
Exhibit
Number Description of Exhibit
_______ ______________________
2(a) __ Purchase Agreement, dated as of June 16, 1993, among Beasley FM
Acquisition Corp., Infinity Broadcasting Corporation of
California and the Company. (This exhibit can be found as
Exhibit 2(e) to the Company's Quarterly Report on Form 10-Q for
the quarter ended June 30, 1993 (File No. 0-14702) and is
incorporated herein by reference.)
2(b) __ Asset Purchase Agreement, dated as of October 4, 1993, between
Cook Inlet Radio Partners, L.P. and Cook Inlet Radio License
Partnership, L.P. and Infinity Broadcasting Corporation of
Maryland and the Company. (This exhibit can be found as Exhibit
2(f) to the Company's Quarterly Report on Form 10-Q for the
quarter ended September 30, 1993 (File No. 0-14702) and is
incorporated herein by reference.)
2(c) __ Asset Purchase Agreement, dated as of March 8, 1994, by and
between Fritz Broadcasting, Inc., Infinity Broadcasting
Corporation of Detroit and the Company. (This exhibit can be
found as Exhibit 2(h) to the Company's Annual Report on Form
10-K for the year ended December 31, 1993 (File No. 0-14702)
and is incorporated herein by reference.)
2(d) __ Asset Purchase Agreement, dated as of September 12, 1994, by and
between TK Communications, Inc. and Infinity Broadcasting
Corporation of Dallas. (This exhibit can be found as Exhibit 2(f)
to the Company's Quarterly Report on Form 10-Q for the quarter
ended September 30, 1994 (File No. 0- 14702) and is incorporated
herein by reference.)
2(e) __ Purchase Agreement, dated September 22, 1995, among each of the
entities identified in Schedule 1.0(a) thereto, Alliance
Broadcasting, L.P., each of the entities identified in Schedule
1.0(b) thereto, Infinity Broadcasting Corporation of Los Angeles
and Infinity Broadcasting Corporation. (This exhibit can be found
as Exhibit 2(a) to the Company's Report on Form 8-K, dated
September 27, 1995 (File No. 0-14702) and is incorporated herein
by reference.)
4(a) __ Amendment No. 1, dated as of June 23, 1995, to the Second Amended
and Restated Credit Agreement, dated as of December 22, 1994,
between the Company and the banks that are signatories thereto.
(This exhibit can be found as Exhibit 10.01 to the Company's
Registration Statement of Form S-3 (Registration No. 33-61081)
and is incorporated herein by reference.)
10
<PAGE>
10(a)* __ Seventh Amendment, effective as of May 19, 1995, to the Employment
Agreement, dated September 10, 1990, between the Company and Mel
Karmazin. (This exhibit can be found as Exhibit 10(a) to the
Company's Quarterly Report on Form 10-Q for the quarter ended
March 31, 1995 (File No. 0-14702) and is incorporated herein by
reference.)
27 __ Financial Data Schedule.
* Denotes management contract or compensatory plan or arrangement required
to be filed as an exhibit to item 6(a) of Form 10-Q.
(b) Reports on Form 8-K
The Company filed a Report on Form 8-K, dated September 27, 1995, with
the Securities and Exchange Commission and the New York Stock Exchange,
reporting in response to Items 5 and 7 of the Form 8-K. It reported, under
Item 5, an agreement by the Company and several of its wholly owned
subsidiaries to purchase radio stations KYNG-FM, KSNN-FM, KFRC-FM, KFRC-AM,
KYCY-FM, WYCD-FM AND KYCW-FM from various entities affiliated with Alliance
Broadcasting, L.P. Item 7 contained the financial statements of Alliance
Broadcasting, L.P. at December 31, 1993 and 1994 and June 30, 1995 and for
each of the three years in the period ended December 31, 1994 and for the six
months ended June 30, 1994 and 1995.
11
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
INFINITY BROADCASTING CORPORATION
_________________________________
(Registrant)
/s/ Farid Suleman
__________________________________
Farid Suleman,
Vice President-Finance/
Chief Financial Officer
Dated: November 14, 1995
12
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000792863
<NAME> INFINITY BROADCASTING CORP
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 9214
<SECURITIES> 0
<RECEIVABLES> 81654
<ALLOWANCES> 1958
<INVENTORY> 0
<CURRENT-ASSETS> 94272
<PP&E> 34665
<DEPRECIATION> 13854
<TOTAL-ASSETS> 590088
<CURRENT-LIABILITIES> 48928
<BONDS> 0
<COMMON> 99
0
0
<OTHER-SE> (11539)
<TOTAL-LIABILITY-AND-EQUITY> 590088
<SALES> 0
<TOTAL-REVENUES> 230989
<CGS> 0
<TOTAL-COSTS> 119124
<OTHER-EXPENSES> 41496
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 35929
<INCOME-PRETAX> 34708
<INCOME-TAX> 1087
<INCOME-CONTINUING> 33621
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<CHANGES> 0
<NET-INCOME> 33621
<EPS-PRIMARY> .50
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