By PBN Staff
PROVIDENCE - LIN TV Corp., owner of WPRI-TV CBS 12, said Thursday its profit declined to $3.1 million in the third quarter from $8.3 million a year earlier.
LIN also reported a 3 percent revenue decrease to $100.8 million, from $103.6 million.
Digital revenue – including Internet advertising and retransmission consent fees – increased by 38 percent to $22.1 million, compared with $16 million in the third quarter 2010, Lin said.
Political revenue, however, plummeted by 78 percent to $2.8 million, compared with $12.5 million.
Core local and national advertising sales combined, excluding political advertising sales, were flat at $85 million in the third quarter.
“Our continued digital revenue growth helped offset the decrease in political revenue and current economic challenges. We are encouraged to see positive indicators for the fourth quarter and our new senior secured credit facility reduces our cost of capital and provides financial flexibility, positioning us well for 2012,” said President and CEO Vincent L. Sadusky.
The new credit agreement, which took place on Oct. 26, is made up for a $125 million term loan and a $75 million revolving credit facility.
For the nine months, Lin’s profit fell to $5.8 million from $15.4 million a year earlier. Nevertheless, revenue edged up to $297.6 million from $294.9 million.
Lin live-streamed their broadcasts to mobile devices in the Norfolk and Providence markets, it said. Its total outstanding debt was $615.6 million on Sept. 30, down from $623.3 million Dec. 31, 2010.