Media General reported net revenues of $321 million in the second quarter, up a whopping 108% over the same quarter from last year. Digital revenues increased 512% to $36 million, compared to $6 million in the prior year. The broadcaster completed its merger with LIN Media in December 2014, so the 2014 second quarter earnings do not reflect the LIN addition.
“Our team continues to make terrific progress on our integration and operating initiatives, and we delivered record net revenues despite the lack of political advertising,” said Vincent Sadusky, president and CEO. “The investments we are making to grow our business, while delivering strong cash flow and integration synergies, are positioning our company to capitalize on numerous opportunities in 2016 and deliver strong shareholder value.”
In an effort to provide a more apples-to-apples comparison, Media General has provided Supplemental Combined Company Financial Information, which shows the historical financial results of LIN Media and Media General on a combined basis. By that measure, net revenues increased a much more modest 1% to $321 million in the second quarter, with net local revenues up 9% to $220 million and net national revenues down 2% to $53 million.
On a Supplemental Combined Company basis, Media General expects that net revenues for the third quarter of 2015 will range from a decrease of 3% to an increase of 1%, primarily as a result of lower political revenue and higher pay-TV subscriber fees.