LIN Media’s 2nd quarter revenue up 15 percent

Aug 6, 2014
Austin American Statesman

Austin-based broadcaster LIN Media saw a 15 percent increase in net revenue during the second quarter, the company said Tuesday


LIN Media, which is in the process of being acquired by Richmond, Va.-based Media General, operates nearly 50 TV stations nationwide, including KBVO, KNVA and KXAN in Austin


The $1.6 billion deal must still be approved by the Federal Communications Commission. After the purchase is complete, Media General plans to keep its headquarters in Virginia, but some corporate-level employees will remain in Central Texas


LIN Media’s second quarter revenue hit $188.8 million, up from $164.3 million during the same three months in 2013


Net income per diluted share was 20 cents, compared to 13 cents last year


Executives credited growth in local advertising — particularly in the automotive sector — and retransmission fees paid by cable and satellite providers for the increases in revenue. Combined, the two were up 10 percent. National advertising, however, was down 5 percent


LIN Media’s forecast for the third quarter calls for net revenue to grow between 16 percent and 20 percent year over year, coming in somewhere between $189 million and $195 million


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