The rise is powered by higher core and political money, a 17% gain in retrans revenue plus 11% more digital revenue. Looking ahead, the company says it expects third-quarter ad revenue to be up by 30% due to Olympics and political.
Gannett Co. reported today that its television revenue in the second quarter increased 11.2% to $197.7 million, compared to $177.7 million in the second quarter last year.
A $9 million increase in politically related ad demand, as well as significantly higher core advertising led by auto, drove the revenue growth.
Retransmission revenues totaled $22.7 million, a 17.1% increase from the second quarter a year ago and television station digital revenues were 11.5% higher.
Total adjusted television revenues, defined to exclude the incremental impact of even-year political ad demand, were up 6.2%.
The company said that “based on current trends, we expect the percentage increase in television advertising revenues to be in the low-30s for the third quarter of 2012 compared to the same quarter last year, benefiting from the Summer Olympic Games and political advertising. However, it is too early in the quarter to gauge results, particularly for political spending which will be placed primarily late in the quarter.”
Gracia Martore, Gannett president-CEO, said: “Gannett is making measurable progress in implementing our growth strategy. We are pleased with the early results of these efforts and look forward to strong progress in the second half of the year.
“All of Gannett’s business segments remained solidly profitable in the second quarter, with broadcasting and digital operations delivering strong revenue growth. Broadcasting results were positively impacted by significantly higher core and politically related ad demand and retransmission revenue.”
Read the company’s report here.