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LIN Broadcast Revenue Up 11% - Broadcasting & Cable

LIN Broadcast Revenue Up 11%

In advance of Media General merger, LIN takes impairment charge for soon to be independent WISH
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LIN Media reported third quarter net revenues of $192.1 million, up 18% from the same quarter in the previous year, with net broadcast revenues up 11% to $159.7 million. Digital revenues increased 66% to $32.3 million.

“Continued growth and expansion of our digital media business, robust political advertising and increasing subscriber fees helped drive our strong results during the third, and likely final quarter before we close on our merger with Media General,” said Vincent Sadusky, president and CEO.

Local revenues, which include retransmission consent fees and station websites, increased 6% to $111.9 million in the quarter, while net national revenues decreased 10% to $29.5 million. Political revenues were $15.5 million compared to $2.6 million in the third quarter of 2013.

With LIN’s WISH Indianapolis splitting from the CBS fold Jan. 1, LIN performed an “interim impairment test” of the broadcast licenses and goodwill in Indianapolis as of Sept. 30, 2014, and recorded an impairment charge of $60.9 million for the third quarter.

LIN and Media General announced their $1.6 billion marriage in March.

“This is an exciting time as we prepare to combine and create one of the largest broadcast companies in the U.S., with the largest and most diversified digital business in our industry. I have great confidence in our ability to successfully execute our integration plans and capitalize on numerous growth opportunities.”

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