Core TV ad revenue, which excludes political advertising, dropped 2% over the first quarter of 2010. Digital revenue was up 31% and now accounts for 19% of the company's total revenue.
LIN Net Revenue Inches Up 1% In 1Q
LIN Media, a pure-play TV station group, reported today that its net revenue in the first quarter grew just 1% over the same period last year.
Core TV ad revenue, which excludes the political advertising, was down 2%. Auto advertising, accounting for 23% of total TV revenue, was flat quarter-over-quarter. [Editor’s note: In the original posting, this story mistakenly said that core was up 2%.]
The bright spot was digital revenue, which grew 31% and now accounts for 19% of the company’s total net revenue.
“We delivered another strong performance in the first quarter, in spite of significant uncertainty that continues to weigh on the economy,” said CEO Vincent Sadusky in a prepared statement.
“Our growth in digital revenues, strength of our local brands and multiplatform strategy, helped offset the decrease in political revenues to begin this non election year and contributed to our overall growth.”
The company said it expects net revenue to grow 3% to 6% in the second quarter.
For the complete earnings release, click here.