LIN 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.”
Advertisement