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By Emily Greenhalgh
PBN Web Editor
PROVIDENCE – LIN TV Corp.’s second-quarter revenue increased 20 percent to $121 million during the three months ended June 30 when compared with the same period in 2011, the company announced Tuesday.
The local multimedia company saw its profits rise to $27.1 million, or 48 cents per diluted share, during the quarter from $1.1 million, or 2 cents per diluted share, during the same quarter in 2011.
In a release company President and CEO Vincent L. Sadusky attributed the increase in revenue to “a healthy rebound in automotive advertizing, our unique multiplatform advertising solutions and strong political demand.”
Net political revenue was $7.6 million during the three months ended June 30, compared with $1.8 million during the same period in 2011.
The company’s interactive revenue, including revenue from RMM and Nami Media, increased 50 percent to $10.5 million during the quarter.
Local revenue, including net local advertising revenue, retransmission consent fees and TV station website revenue, increased 14 percent to $74.3 million during the second quarter of 2012, compared with $65 million during the same 2011 period.
“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.
On May 4, LIN Television Corp., a subsidiary of LIN TV, entered into a definitive agreement to purchase broadcast and other assets for 13 network affiliates from New Vision Television for $330.4 million.
After the New Vision agreement goes into effect, LIN’s reach will jump from 7.3 percent of U.S. television households to 10.6 percent.
LIN Media expects the deal to close in late 2012, pending regulatory approval.