LIN TV announced second quarter revenue of $82.5 million, a 20% decrease from the same quarter last year. Digital revenue increased 52% to $10.2 million. Retransmission consent revenue, which is part of LIN's digital revenue, rose 67% in the quarter.
General operating expenses at LIN decreased 12% in the quarter.
"The economic recession continued to significantly impact our advertisers during the second quarter," said LIN President/CEO Vincent Sadusky. "During these tough times, we are focused on the rigorous execution of several new strategic initiatives, including our multi-platform, newsgathering and cost efficiency plans, which will help make us a leaner and more focused multi-media company."
"Furthermore, the agreement we have reached with our lenders to amend our senior secured credit facility provides the financial covenant relief needed to navigate through the current uncertain economic environment," added Sadusky.
Core local and national ad sales, which excludes political advertising, decreased 22% to $78.7 million in the quarter, compared to the same quarter last year.
LIN sees a comparable decline occurring in the third quarter. "Based on current sales order pacings, which reflect the challenging economic environment, the market decline for both local and national advertising spending and reduced political advertising this year, the company expects that third quarter 2009 net revenues will decrease in the range of 18.0% to 24.1% (or $17.8 million to $23.8 million), compared to net revenues of $98.8 million for the third quarter of 2008," it said in a statement.