• by Wayne Friedman , May 9, 2019

TV station group Tegna grew revenues 3% to $517 million in the first quarter -- despite strong comparisons to the year-ago period, when political, Winter Olympics and Super Bowl advertising was strong.

Much of its growth came from strong first-quarter subscription revenue -- up 18% ($36 million) to $242 million.

Distribution revenues helped offset Tegna’s lower advertising/marketing services revenue. Those results sank 7% in the quarter, due to comparisons against the Olympics, Super Bowl and political advertising. Excluding this, advertising/marketing was flat.

Taking out the sports programming comparisons of a year ago, Tegna’s overall revenue was up 8%.

Political advertising sank 64% to $2.7 billion.

For the second quarter, Tegna says subscription revenue is estimated to grow about the same level as the first quarter, around a “mid-teens” percentage. Overall revenue -- including advertising/marketing -- is expected to rise by “low single digits.”

Net income soared 34% to $74 million, largely due to a $12 million gain related to the sale of its interest in Captivate --  a digital media company elevator and lobby-display network.

Mid-day trading of Tegna stock was up 1.1% to to $15.69.