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LIN Fourth Quarter Revenue Down 6% - Broadcasting & Cable

LIN Fourth Quarter Revenue Down 6%

Putting chips on digital outfits to expand portfolio and grow revenue
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LIN Media announced fourth quarter 2013 net revenues of $183.9 million, down 6% from the same quarter in the previous year. Net political revenues were $2.9 million, compared to $45.5 million in the fourth quarter of 2012. Local revenues—which include net local advertising, retransmission consent fees and web revenues—increased 14% to $115.8 million in the quarter.

Net national revenues increased 10% to $36 million, while interactive revenues—which include revenues from LIN Digital, Nami Media, Dedicated Media and HYFN—increased 107% to $26.5 million in 2013’s fourth.

LIN’s operating income decreased 61% to $28 million in the quarter, while net revenues for the full year increased 18% to $652.4 million.  

“Significant growth of our digital media business and pay TV subscriber fees helped offset comparisons to the prior year when we earned record political revenues,” said Vincent Sadusky (pictured), LIN president and CEO. “Excluding political revenues, we increased net revenues by 20% in the fourth quarter and 35% for the full year. Looking ahead, we are confident in the evolution of our company and our ability to capitalize on our recent acquisitions, this year's non-presidential elections and the Winter Olympics."

LIN recently acquired online marketing firm Federated Media Publishing for $22.4 million; Sadusky singled out the deal in the report. “We are particularly excited about expanding our digital media portfolio with Federated Media, which is the largest digital acquisition in our company’s history,” he said.

The broadcaster’s core local and national time sales combined, excluding political time sales, increased 9% in the fourth quarter and 24% for the year.

LIN anticipates net revenues for the first quarter of 2014 will increase in the range of 16% to 18% (or $22 million to $26 million), primarily as a result of growth in digital revenues and retransmission consent fees.

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