LIN Third Quarter Revenue Up 23%Big gain in local and interactive revenue offsets political spending shortfall 11/06/2013 11:55:28 AM Eastern
LIN Media reported third quarter net revenues of $163.1 million, up 23% from the same quarter a year ago. Local revenues, which include advertising, retransmission consent and website revenues, increased 44% to $105.5 million, while net national revenues increased 26% to $32.8 million.
LIN's interactive revenues, which include revenues from LIN Digital, Nami Media, Dedicated Media and HYFN, Inc., increased 81% to $19.5 million in the quarter. Net political revenues were $2.6 million, compared to $20.4 million during the third quarter of 2012. Core local and national time sales combined, which excludes political time sales, increased 31% in the third quarter of 2013 for LIN, compared to the third quarter of 2012.
"We achieved another quarter of significant growth in revenues from our digital businesses and pay TV subscriber fees and our core time sales continue to gain momentum," said Vincent Sadusky, president and CEO. "Excluding record political revenues and our estimate of incremental Olympic revenues in 2012, core advertising revenues increased 3% on a same station basis in the third quarter. Looking forward, our long-term strategy and the increased demand for our innovative multi-screen advertising solutions position us well for the remainder of 2013 and the political year ahead."
Providence-based LIN closed on its $330 million acquisition of the New Vision TV stations in October 2012. LIN expects that net revenues for the fourth quarter of 2013 will decrease 7%- 9%, primarily as a result of the broadcaster's record political revenue in 2012. On a same station basis, LIN expects that net revenues will be down 16%-17% compared to the fourth quarter of 2012.