The increase to $108.8 million came from Winter Olympics money at Graham Media’s NBC affiliates as well higher retrans revenue.
Graham Holdings Co. reported first quarter earnings that included revenue from its television broadcasting division, Graham Media Group, of $108.8 million, an increase of 19% from $$91.5 million in the same period of 2017.
The company said the increase was due primarily to $8.6 million in 2018 incremental Winter Olympics-related advertising revenue at the company’s NBC affiliates and an $8.2 million increase in retransmission revenues.
Operating income for the first quarter of 2018 increased 53% to $40.5 million, from $26.5 million in the same period of 2017 due to higher revenues.
The company’s television broadcasting stations operate under a retransmission contract with Comcast that was effective on April 1, 2017.
The company as a whole had revenue for the first quarter of $659.4 million, up 13% from $582.7 million in 1Q 2017. The revenue increase was due largely to growth at the television broadcasting and manufacturing businesses.
Operating income was $44.2 million for the first quarter of 2018, compared to $10.3 million for the first quarter of 2017. The operating income increase was driven by higher earnings at the education, television broadcasting and manufacturing businesses.
Read the company’s report here.