Post-Newsweek 1Q TV Revenue Climbs 24%

Graham Holdings Co. today reported earnings results that included a 24% increase in revenue at Post-Newsweek, the television broadcasting division. Revenue rose to to $85.7 million in the first quarter of 2014, from $68.9 million in the same period of 2013.

Operating income for the first quarter of 2014 was up 52% to $44.4 million, from $29.1 million in the same period a year earlier.

The company said the increases in TV revenue and operating income is due to a $3.1 million increase in political advertising revenue, $9.5 million in incremental winter Olympics-related advertising revenue at the company’s NBC affiliates and $4.7 million in increased retransmission revenues.

Cable division revenue increased 2% in the first quarter of 2014 to $203.9 million, from $200.1 million for the first quarter of 2013. The revenue increase for the first three months of 2014 is due to growth of the division’s Internet and commercial sales revenues, recent rate increases for many subscribers and a reduction in promotional discounts. The increase was partially offset by a 2% decline in total customers and a 4% decline in total PSUs, as the cable division continues to increase its focus on high-value customers and decrease its focus on marginal customers.

For the company as a whole, revenue for the first quarter of 2014 was $840.6 million, up 2% from $820.6 million in the first quarter of 2013. The company reported operating income of $79.5 million in the first quarter of 2014, compared to $47.1 million in the first quarter of 2013.

Read the company’s report here.