LIN TV’s net revenue for the third quarter was $98.8 million, up 5% from the same quarter in 2007. LIN cited political-ad ($11.4 million) and digital ($8.1 million) revenue for the growth. Incoming from continuing operations for the quarter was $10.2 million, up from $2.6 million in the same quarter last year.
Operating income in the third quarter was $24.5 million, a 39% increase over operating income in the same quarter of 2007.
Local ad sales, excluding political advertising, at the LIN stations was down 15%, while retransmission fees climbed 91%. LIN recently wrapped up protracted negotiations with Time Warner Cable that saw the LIN signal go dark in several markets. Internet/interactive revenue jumped 81% in the quarter.
LIN TV President/CEO Vincent L. Sadusky was pleased with the results. “Our leading news stations capitalized on significant political spending in a number of our markets and focused on maximizing digital revenue growth,” he said. “Also in the third quarter, we reduced debt by $23 million, further strengthening our balance sheet. We remain focused on our cost-discipline program and initiatives that drive bottom line growth, including securing retransmission consent fees and building our new media business.”