Owner of KXAN posts third-quarter loss
Even though revenue increased, Austin-based LIN Media reported a third quarter loss of $20.4 million, the company said Thursday.
LIN owns or operates 43 TV stations nationwide, including three in Austin: NBC affiliate KXAN, CW affiliate KNVA and MyNetworkTV affiliate KBVO.
The loss was the result of a revaluation of WISH, a station LIN owns in Indianapolis, Ind., that will lose its long-standing CBS affiliation next year.
The impending change, which will strip the station of valuable network programming such as “The Big Bang Theory” and “CSI: Crime Scene Investigation,” decreased WISH’s value by $60.9 million, LIN said.
The net loss per diluted share works out to 49 cents, compared to net income per diluted share of $2.63 during the same quarter last year.
LIN, which is in the process of being acquired by Virginia-based Media General, reported third quarter revenue of $192.1 million, an 18 percent year-over-year increase.
“Continued growth and expansion of our digital media business, robust political advertising and increasing subscriber fees helped drive our strong results during the third, and likely final quarter before we close on our merger with Media General,” LIN president and CEO Vincent Sadusky said in a written statement. “This is an exciting time as we prepare to combine and create one of the largest broadcast companies in the U.S., with the largest and most diversified digital business in our industry. I have great confidence in our ability to successfully execute our integration plans and capitalize on numerous growth opportunities.”
LIN stock closed at $23.48 Thursday, up 23 cents.