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By PBN Staff
PROVIDENCE – LIN TV Corp.’s first quarter net revenue increased 15 percent to $103.2 million during the three months ended March 31 when compared with the same 2011 period, the company announced Wednesday.
Year over year, the local multimedia company saw a 1.4 percent rise in profits during the first quarter of 2012. The company’s net income was $4.3 million, or 8 cents per diluted share, during the first three months of 2012, compared with $1.6 million, or 3 cents per diluted share during the 2011 first quarter.
“2012 is off to a great start as a result of strong first-quarter results and revenue increases in all areas of out business,” LIN TV President and CEO Vincent L. Sadusky said in prepared remarks.
Local revenue, including net local advertising revenue, retransmission consent fees and TV station website revenue, increased 16 percent to $67.7 million during the first quarter of 2012, compared with $58.3 million during the same 2011 period.
The company’s net national revenue increased 4 percent to $23.1 million, compared with $22.3 million during the first quarter of 2011, and interactive revenue – including revenue from RMM and Mani Media – increased 41 percent to $7 million compared with $5 million during the first quarter of 2011.
“We continue to see the benefits of our long-term strategy, and we are excited about the potential opportunity to capitalize on numerous synergies that would result from out agreement with New Vision Television,” said Sadusky.
LIN Television Corp., subsidiary of local multimedia company LIN TV Corp., entered into a definitive agreement to purchase broadcast and other assets for 13 network affiliates from New Vision Television on Monday.
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.