LIN Media reported net revenues of $188.8 million in the second quarter, up 15% from the same quarter in 2013. Net broadcast revenues shot up 8% to $155.6 million, while net digital revenues skyrocketed 59% to $33.2 million.
"Our strong results were driven by continued growth of our digital media business, higher pay-television subscriber fees and a 3% increase in automotive advertising,” said Vincent Sadusky, LIN president and CEO. “We are making progress on our pending merger with Media General, and I am excited about the numerous opportunities for the combined company. Looking ahead, national advertising continues to negatively impact core advertising growth but we anticipate strong political advertising demand in the third and fourth quarters and we are well positioned to capture a significant share of this revenue.”
LIN and Media General announced their merger in March.
Local revenues, which include net local advertising revenues, retransmission consent fee revenues and television station website revenues, increased 10% to $117.3 million in the second quarter. National revenues slipped 5% to $31 million. Core ad revenues were flat and political was $4.6 million.
LIN shareholders will meet August 20 to vote on the merger, which would create a group comprised of 74 stations across 46 markets, reaching 23% of U.S. households.
The broadcaster expects net revenues for the third quarter to be up in the range of 16% to 20% as a result of growth in digital revenues, retransmission consent fees and political revenues.
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