• by Wayne Friedman , August 7, 2018

Against lower second-quarter advertising results, TV station group Tegna posted overall mid-single-digit percentage revenue gains in the period. Revenues were up 7.1% to $524 million, with net income from continuing operations at $92.5 million versus $78.4 million. 

The McLean, Virginia-based TV group credits $29 million in higher subscription revenue and an $18 million gain in political advertising.

Total advertising and marketing services revenue -- which includes traditional advertising and digital advertising, as well as revenue from the company's digital marketing services business -- declined 5% to $281.9 million.

Dave Lougee, president-CEO, Tegna, said in its earnings release that one of the company’s near-term efforts was in boosting its non-advertising revenue business: “Our business mix continues to evolve toward predictable and profitable subscription-based revenue streams. Contrary to conventional wisdom, our paid subscriber base is very stable, and in fact, our total number of paid subscribers were up year-over-year for the first time in recent years.”

Premion, the Tegna advertising sales group for a number of OTT platforms, is projected to pull in $75 million revenues for the full year -- up from the company’s $60 million estimate.

For the upcoming period, total company revenue is projected to grow by mid-teens percentage year-over-year from higher political revenue, subscription revenue growth and Premion.

Tegna stock was up just under 1% to $11.24 during mid-day Tuesday trading.

Tegna has 47 television stations and two radio stations in 39 markets.