Political revenue drives Lin TV’s 3Q profits

LIN TV Corp.'s third-quarter profit rose to $19.6 million from $3.1 million thanks, in part, to record political spending.
Posted 11/8/12

PROVIDENCE – LIN TV Corp.’s third-quarter revenue rose 36 percent to $133.1 million during the three months ended Sept. 30 when compared with the same period in 2011, the company announced Thurdsay.

The local multimedia company saw its profit rise to $19.6 million, or 36 cents per diluted share, during the quarter from $3.1 million, or 5 cents per diluted share, during the same quarter in 2011, a 531 percent increase.

Company President and CEO Vincent L. Sadusky attributed the increase in revenue to record political spending increases in both local revenue and interactive revenue. According to Sadusky, Lin Media saw strong growth in all major revenue streams and reported the highest third-quarter revenue and EBITDA in the LIN’s history as a public company.

Net political revenue was $20.4 million during the three months ended Sept. 30, compared with $2.3 million during the same 2011 period.

The company’s interactive revenue, including revenue from RMM and Nami Media, increased 60 percent to $10.9 million during the quarter.

Local revenue, including net local advertising revenue, retransmission consent fees and TV station website revenue, increased 17 percent to $73 million during the third quarter of 2012, compared with $62.3 million during the same 2011 period.

“Looking forward, our long-term strategy and the increased demand for our innovative multimedia advertising solutions position us well for the remainder of 2012 and beyond,” said Sadusky.

For the first nine months of the year, the company reported a 777 percent increase in profit to $50.6 million, or 91 cents per diluted share, compared with $5.8 million, or 10 cents per diluted share, during the first nine months of 2011.

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