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Posts Tagged ‘Vincent L. Sadusky’

Media General’s Merger with LIN Complete

media general_304x200Media General says its “business combination” with LIN Media has closed, which means the two are now one company.

“We are pleased to have finalized the merger transaction that delivers numerous strategic and financial benefits, including a strong balance sheet, significant free cash flow, enhanced scale and a diverse geographic footprint that will provide important opportunities to continue growing our business,” said Media General’s president and CEO, Vincent L. Sadusky. “We look forward to a smooth integration, capitalizing on our new, combined strength and achieving our synergy goals.”

The merger was approved by the FCC Last week.

Sadusky, the former head of LIN and new head of the merged company, told the Richmond Times-Dispatch he plans on keeping the company headquarters in Richmond.

He and other top executives will be mobile and spend a lot of time traveling to the company’s offices and TV stations around the nation, he said. The combined company will have 71 stations in 48 markets, reaching 27.5 million, or 23 percent, of U.S. television households. Read more

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LIN Posts 3Q Loss As WISH Set to Lose CBS Affiliation

LIN Media GLIN Media, which operates 43 television stations, reported a third quarter loss of $20.4 million, the company announced Thursday.

The loss comes despite an increase in revenues, and was the result of LIN station WISH, the Indianapolis station that will lose its CBS affiliation next year–described in the 3Q statement as a “non-cash impairment charge” of $60.9 million:

Commenting on third quarter 2014 results, the Company’s President and Chief Executive Officer Vincent L. Sadusky said: “Continued growth and expansion of our digital media business, robust political advertising and increasing subscriber fees helped drive our strong results during the third, and likely final quarter before we close on our merger with Media General. This is an exciting time as we prepare to combine and create one of the largest broadcast companies in the U.S., with the largest and most diversified digital business in our industry. I have great confidence in our ability to successfully execute our integration plans and capitalize on numerous growth opportunities.”

LIN Media and CBS Renew Affiliation Agreements in Ten Markets

linmedia_304x200LIN Media announced today it has signed a “comprehensive, long-term” agreement to renew affiliation agreements with CBS in 10 markets.

The agreement includes WIAT in Birmingham, AL, WIVB in Buffalo, NY, KRQE, KBIM and KREZ in Albuquerque, NM, WPRI in Providence, RI, WANE in Fort Wayne, IN, WTHI in Terre Haute, IN, KIMT in Mason City, IA, KOIN in Portland, OR, WKBN in Youngstown, OH and WLFI in Lafayette, IN.

“We are pleased to have reached long-­term agreements with CBS,” Vincent L. Sadusky, president and CEO of LIN Media said in a statement. “Our stations are important assets to our local communities and these new agreements ensure that LIN Media and CBS will continue to serve local viewers with high-­‐quality network programming.”

LIN recently lost the CBS affiliation at its Indianapolis station WISH, the Indianapolis Star reported, LIN stands to lose as much as $100 million after its proposed deal with Media General was revalued after the loss.

Q2 Earnings: LIN Media Net Revenues Rise 15%

lin media logoLIN Media reported $188.8 million in net revenues during the second quarter of 2014, a 15% increase compared to the year-ago quarter. The company’s net broadcast revenues were also up 8% compared to the second quarter of 2013.

Operating income was $32.7 million in the second quarter, an increase of 22% year-over-year. Net digital revenues, net political revenues and local revenues were also up, while net national revenues were down and net core advertising revenues were flat.

“Our strong results were driven by continued growth of our digital media business, higher pay-television subscriber fees and a 3% increase in automotive advertising. We are making progress on our pending merger with Media General, and I am excited about the numerous opportunities for the combined company,” LIN Media president and CEO Vincent L. Sadusky said in a statement.

Q1 Earnings: LIN Media Net Revenues Up 18%

lin media logoLIN Media reported $166.2 million in net revenues for the first quarter of 2014, an 18% increase compared to the year-ago quarter.

Local revenues, which include net local advertising revenues, retransmission consent fee revenues and station website revenues, were up 9% for the quarter. Net national revenues, net political revenues and operating income were also up.

“Our results were driven by an increase in television advertising, higher pay-television subscriber fees and significant growth in digital revenues, which now comprise 15% of our net revenues and has its own reportable segment,” LIN Media president and CEO Vincent L. Sadusky said in a statement. “Our diverse group of assets helped us maximize revenues from the winter Olympics and the Super Bowl and achieve the high end of our first quarter revenue guidance. I am excited about the expansion of our digital portfolio with the addition of Federated Media and the future scale and synergy opportunities from the pending merger with Media General.”

Q4 Earnings: LIN Media Net Revenue Down 6%

lin media logoLIN Media reported $183.9 million in net revenues for the fourth quarter of 2013, a 6% drop compared to the fourth quarter of 2012. Net political revenues were down significantly, from $45.5 million in Q4 2012 to $2.9 million in Q4 2013, in the non-election year.

Local revenues for the company, which include net local advertising revenues, retransmission consent fee revenues and station website revenues, were up 14% year-over-year for the quarter. Net national revenues and interactive revenues were also up, increasing 10% and 107%, respectively, compared to the fourth quarter last year. Operating income was down 61%.

“Significant growth of our digital media business and pay TV subscriber fees helped offset comparisons to the prior year
when we earned record political revenues. Excluding political revenues, we increased net revenues by 20% in the fourth quarter
and 35% for the full year,” LIN Media CEO Vincent L. Sadusky said in a statement. “Looking ahead, we are confident in the evolution of our company and our ability to capitalize on our recent acquisitions, this year’s non-presidential elections and the winter Olympics.”

Q3 Earnings: LIN Media Net Revenues Up 23%

lin media logoLIN Media reported $163.1 million in net revenues for the third quarter of 2013, an increase of +23% on the year ago quarter.

Local revenues, including net local advertising revenues, retransmission revenues and station website revenues, were up +44% to $105.5 million. Net national revenues increased +26% to $32.8 million. Political revenues were down in the non-election year, as was operating income.

“We achieved another quarter of significant growth in revenues from our digital businesses and pay TV subscriber fees and our core time sales continue to gain momentum. Excluding record political revenues and our estimate of incremental Olympic revenues in 2012, core advertising revenues increased 3% on a same station basis in the third quarter,” LIN Media president and CEO Vincent L. Sadusky said in a statement.

Q2 Earnings: LIN Media Net Revenue Up 36%

LIN Media reported a $164.3 million in net revenues during the second quarter of 2013, a 36% increase on the year-ago quarter.

Local revenues, including net local advertising revenues, retransmission consent fee revenues and television station website revenues, rose to $107.1 million, an increase of 44% compared to the second quarter of 2012. Net national revenues were also up 28% for the quarter.

In the non-election year, net political revenues decreased to $1.5 million from $7.6 million in Q2 2012. LIN Media president and CEO Vincent L. Sadusky said in a statement that the absence of political revenues will “negatively impact growth for the remainder of 2013.”

“Our results were driven by our recent television station acquisitions, higher pay TV subscriber fees and signficiant growth in our digital business, both organically and by adding HYFN and Dedicated Media to our portfolio,” Sadusky said. “…We will continue to remain focused on executing our strategy that has helped transform LIN Media into a more diversified, multimedia company with superior content and marketing solutions for every screen.”

Net Revenues For LIN TV Corp. Rise 37%

LIN TV Corp. reported net revenues of $141 million in the first quarter of 2013, a 37% increased on $103.2 million in the year-ago quarter.

Local revenues, which include net local advertising revenues, retransmission revenues and station website revenues increased 47% to $99.4 million. Net national revenues were also up to $29.5 million, a 28% increased on the year-ago quarter. As expected in a non-election year, political revenues were down.

“After achieving record results last year, ad revenue is off to a slower start in 2013. However, retransmission revenues and the continued growth and contribution of our digital business more than offset declines,” president and CEO Vincent L. Sadusky said in a statement.

Q3 Earnings: Lin TV Net Revenue Up 36%

Lin TV Corp. reported $133.1 million in net revenue for the third quarter of 2012, a +36% increase compared to the year-ago quarter.

The company had $20.4 million in net political revenues this quarter. Local revenues, which include net local advertising revenues, retransmission consent fees and station web site revenues, increased +17% to $73 million, compared to $62.3 million int he third quarter of 2011.

“In addition to record political spending on our leading local news stations, local revenues increased 17% and interactive revenues were up 60% from the prior year,” Lin TV president and CEO Vincent L. Sadusky said in a statement. “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.”