LIN Media reported first quarter net revenues of $91.8 million, up 23% from the same quarter last year. Political revenues increased $2.9 million to $3.4 million in the quarter, compared to $0.5 million for the same quarter in 2009.
Digital revenues, including web and retransmission consent revenue, increased 47% to $13.2 million. Retrans fees alone were up 16% in the first quarter, compared to the same quarter last year.
LIN's operating income was $16.3 million, well up from $4.8 million in the first quarter last year.
LIN President/CEO Vincent Sadusky was pleased with the performance. "As the U.S. economy continues its recovery, advertisers are investing their marketing budgets in TV," he commented. "Significantly increased demand for TV ad time, coupled with the growth of our digital business, has led to a strong start in 2010."
The broadcaster forecasts similar growth in the second quarter. "Based on current sales order pacings, which reflect an accelerating broadcast advertising recovery, the company expects that second quarter 2010 net revenues will increase in the range of 20% to 26% (or $16.4 million to $21.4 million), compared to net revenues of $82.5 million for the second quarter of 2009," LIN said in its earnings report.
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