Media General President-CEO Vincent L. Sadusky: “We launched the new year as a newly merged company delivering record first quarter results. On a comparable basis to the prior year, despite the absence of political and Olympic advertising, net revenues increased 3% to $297 million and adjusted EBITDA grew by 7% to $72 million.
QUARTERLY REPORT
Media General Pro Forma 1Q Rev Up 3%
Media General Inc. reported positive first quarter earnings numbers today, even without including the contributions of the stations it added from its merger with LIN Media that was completed on Dec. 19, 2014.
Media General’s President-CEO Vincent L. Sadusky said: “We launched the new year as a newly merged company delivering record first quarter results. On a comparable basis to the prior year, despite the absence of political and Olympic advertising, net revenues increased 3% to $297 million and adjusted EBITDA grew by 7% to $72 million. We continue to make progress on our integration and synergy efforts, add depth to our leadership team and execute on a number of strategic initiatives in order to drive shareholder value creation.”
Breaking down the results (minus the new stations):
- Net revenues increased 3% to $297 million in the first quarter, compared to the prior year.
- Local revenues, which include net local advertising revenues and retransmission consent fees, increased 10% to $207 million in the first quarter.
- Net national revenues decreased 4% to $49 million in the first quarter, compared to the prior year, due to the absence of the Winter Olympics revenue.
- Adjusted EBITDA increased 7% to $72 million in the first quarter.
Read the company’s report here.
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