The news that revenue derived from sports coverage is buoying the US networks adds weight to the counter argument to the view that the sector's rights fees are crippling the recession-hit media industry.
New figures published by Ernst & Young LLP showed that combined total revenues for ABC, CBS and NBC for the third quarter of this year rose 7.5 percent on the same period in 2001 to $2.37billion (EUR2.35bn).
Of all the sectors, sports coverage recorded the largest single increase for the third quarter with revenues totalling $380m (EUR376.5m), up 31.6 percent ($90m/EUR89.2m) on the previous year.
Over the first three quarters of the year, combined revenues for the 'Big Three' networks are up 1.57 percent on 2001, totalling $9.05bn (EUR8.97bn). Of this figure, the income from sports coverage totals $2.35bn (EUR2.33bn) up 39.6 percent ($667m/EUR661m) on the previous year.
Ernst & Young LLB stated that the year-to-date figures for the three networks were still being 'propped up' by the revenue derived from the Winter Olympics, held in February.
Sports coverage was the driver behind third quarter increases in the total revenues of the major US TV networks, according to the latest financial figures.
