LBI reports multi-million losses

Liberman Broadcasting, Inc (LBI) has touted its expansion in the midst of a dire economy with the recent launch of Estrella TV, but the media company is not exempt from losses.

LBI reported yesterday that its revenues have gone down $3 million to $27.5 million in the third quarter of this year, compared to $30.5 million in the same period in 2008. Net revenues in the 9 months ending Sept. 30 saw a bigger drop – $13.1 million, to $77.1, from the same period in 2008. The largest revenue losses stemmed from the company’s TV properties. The changes are attributed to a drop in advertising revenue.