Question-and-Answer Session
Operator
(Operator Instructions) Our first question comes from the line of Marci Ryvicker with Wachovia Securities.
Marci Ryvicker – Wachovia Securities
Its sounds like your ABC stations have that worst performance of the group. I just wanted to know if you could elaborate on what happened there and then secondly also you said that closing on the Richmond transaction has been delayed, can you talk about that?
David Amy
In terms of the ABC stations I believe you are correct, but the fact of the matter is the orders that come in were pretty impressive. So, although the revenues are down, our share of the business is extremely competitive on the ABC stations. I think one of the biggest concerns that all broadcasters had was coming off of the writer’s strike and ABC got hurt a little bit more than the other networks at least in the markets where we had ABC stations. So, I don’t think it was that abnormal and again the orders that we’re enjoying in the second quarter, we’ve talked about a nice share increase overall for the company and we had ABC stations that are doing just fine.
Steven Marks
Yes I would just add a little bit to that Marci to say in Ohio; we’ve been talking about the difficulties of Ohio and a couple of our really important ABC affiliates, one in Columbus and other in Dayton are really faced with the toughness that the Ohio economies are continuing to face from last year into this year. So, like Steve says we are gaining share but those markets are having some real tough times.
As far as the Richmond delay, it’s just simply a matter of going through the regulatory process and review. Right now it’s under reviewed by the justice department based on what rate comp had met when they first bought these NBC affiliates there. They have entered into an agreement with justice department as far as their sale of the CBS affiliate and so that is currently being reviewed and these things take time, so we are looking for that to go through that course and our expectations right now would be that we wouldn’t be able to close any sooner than the first quarter of next year.
Operator
Your next question comes from the line of Bishop Cheen with Wachovia Securities.
Bishop Cheen – Wachovia Securities
Given the earnings challenge, David how do you think you can best use your balance sheet to enhance your stock?
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