Belo Corp. reported third quarter revenue of $163.9 million, a 17% increase over the same quarter a year ago. President/CEO Dunia Shive called it Belo's "best quarter of the year in terms of year-over-year revenue growth."
The increases resulted from an improved advertising environment led by the automotive category, which was up 30%, and political revenue. Belo's station adjusted EBITDA was $59 million-up 35% over 2009's third quarter.
"The strong revenue performance was due primarily to continued recovery in our core spot advertising business and $11.2 million in political revenue," Shive said. "The majority of our political revenue came from our television stations in Washington, Missouri and Texas. Core spot advertising revenue, which excludes political, increased 10% in the third quarter of 2010 compared to the third quarter of 2009."
Shive expects political advertising for the full year to finish at $54-$55 million.
Total spot advertising revenue is expected to increase 20% in the fourth quarter of 2010.
Belo owns 20 TV stations.
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