LIN Media reported second-quarter net revenue of $121 million, a 20% increase over the same quarter last year. Local revenues, which includes retransmission consent fees and Internet advertising, were up 14%. Net national revenues increased 7% to $25.4 million, compared to $23.8 million in the second quarter of 2011.
Net political revenues were $7.6 million, compared to $1.8 million in the second quarter.
"A healthy rebound in automotive advertising, our unique multiplatform advertising solutions and strong political demand were the major drivers for our 20% increase in net revenues, which exceeded the high-end of our revenue guidance," said Vincent Sadusky, president and CEO. "In addition, interactive revenues increased 50% and continue to be a significant source of growth and opportunity."
Core advertising, which excludes political spots, increased 6% in the second quarter. Automotive increased 25%.
In May, Lin agreed to acquire the New Vision stations for $330.4 million. The closing is subject to regulatory approval and is expected to close late in 2012.
LIN expects that net revenues for the third quarter of 2012 will increase 26% to 33% (or $25.2 million to $32.2 million). "The third quarter is trending well as a result of strong automotive, Olympics and political advertising, as well as our ability to generate interactive sales," said Sadusky.