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Posted: 3:05 p.m. Tuesday, Aug. 5, 2014

Austin-based LIN Media reports 15 percent jump in revenue 



By Gary Dinges

Austin-based broadcaster LIN Media saw a 15 percent increase in net revenue during the second quarter, the company said Tuesday.

LIN Media, which is in the process of being acquired by Richmond, Va.-based Media General, operates nearly 50 TV stations nationwide, including KBVO, KNVA and KXAN in Austin.

The $1.6 billion deal must still be approved by the Federal Communications Commission. After the purchase is complete, Media General plans to keep its headquarters in Virginia, but some corporate-level employees will remain in Central Texas.

“We’re making progress on our pending merger with Media General, and I’m excited about the numerous opportunities for the combined company,” LIN Media president and CEO Vincent Sadusky said in a written statement.

LIN Media’s second quarter revenue hit $188.8 million, up from $164.3 million during the same three months in 2013.

Net income per diluted share was 20 cents, compared to 13 cents last year.

Executives credited growth in local advertising — particularly in the automotive sector — and retransmission fees paid by cable and satellite providers for the increases in revenue. Combined, the two were up 10 percent. National advertising, however, was down 5 percent.

“Looking ahead, national advertising continues to negatively impact core advertising growth,” Sadusky said, “but we anticipate strong political advertising demand in the third and fourth quarters and we are well positioned to capture a significant share of this revenue.”

LIN Media’s forecast for the third quarter calls for net revenues to grow between 16 and 20 percent year over year, coming in somewhere between $189 million and $195 million.

Gary Dinges

About Gary Dinges

Gary Dinges covers bars/restaurants, movies, music, radio and TV -- plus a bunch of other fun stuff -- for the Austin American-Statesman.

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