Fisher TV Revenue Up 12% in Q1Sinclair acquisition gives stations chance to "flourish" 5/03/2013 11:41:08 AM Eastern
Fisher Communications reported net TV revenue of $32.6
million in the first quarter, up 12% over the same quarter a year ago. Automotive,
financial services and retail advertising bolstered the numbers, while
retransmission consent revenue increased 82% to $6.5 million.
Fisher's total revenues were $36.8 million, up 8% from the
same quarter last year.
Last month, Sinclair Broadcast Group agreed to acquire the Fisher
group for $373 million.
Fisher's radio net revenue was down 9% year-over-year to
Colleen Brown, president and CEO, said Fisher is off to a
"strong" 2013, with the TV stations leading the way. "This momentum
reflects the quality and value of our local brands and is the direct result of
solid execution across our group of broadcast stations," she said.
"At the same time, we coupled operational execution with financial
excellence, delivering substantial year-over-year improvements in TV cash flow
and adjusted EBITDA."
Brown believes the acquisition by Sinclair
"will deliver significant value to our shareholders. In addition, the
combined entity will provide our stations, team members and business partners
with new opportunities to flourish."