Belo 2Q Down, Internet, Retrans Revs Up
Belo's earnings moved up to $26.3 million from $24.1 million for the period earning June 30. Advertising revenue was off 6.4%, with a 5.9% drop in local advertising and a 10% reduction in national spot advertising. Political revenues more than doubled the period before to $3.6 million from $1.4 million.
Two areas of improvement were Internet business and retransmission deals.
Advertising revenue from Belo's Internet businesses climbed 7.3% to $7.5 million. Belo says Internet revenues represent 4% of the company's entire revenue. Belo also said third-quarter Internet revenues are pacing at levels comparable to the first quarter of this year.
Retransmission revenues grew 36% to $7.6 million. The company expects to generate approximately $30 million in retransmission revenue for full-year 2008, slightly higher than the previous estimates of $28 million to $29 million.
Belo expects to benefit from next month's Beijing Olympics for its four NBC-affiliated stations. This, and improved political advertising in the period, should bring stronger third-quarter revenue results.