TV-station ad sales to auto makers dropped Q2, but some local dea...
TV-station ad sales to auto makers dropped Q2, but some local dealers are still spending to clear their inventories, executives of Nexstar and LIN TV told investors on separate earnings teleconferences Tuesday. “We've worked very hard on the local…
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dealer side and that may be why by comparison our automotive results might look a little better than others,” Nexstar CEO Perry Sook said. In general, local ad sales are holding up better than national ads, said LIN TV CEO Vincent Sadusky. “Local is clearly pacing better than national. It’s been pacing better than national all year and that continues into the third quarter as well, but it’s weak.” Both companies cited political ad sales, retransmission consent fees and online sales as revenue sources that help make up for the shortfall in national ad spending. Nexstar’s Q2 sales increased 2.9 percent from a year earlier to $70.7 million. The company swung to a $3.8 million profit from a $1.2 million loss a year earlier on lower interest costs. Nexstar shares gained 6 percent Tuesday. LIN TV Q2 sales gained 2 percent from a year earlier to $103.7 million. It swung to a $215.9 million net loss from a $3.5 million profit a year earlier after writing down $297 million of the value of its broadcast licenses and goodwill. LIN TV shares gained 16 percent.