Factoring out contributions from the Belo acquisition, core is up 6.5%, while retrans grows 66.4% and digital rises 23%.
Gannett Same-Station TV Revenue Up 19.6%
Gannett Co. today released first quarter financial results that included strong performance from its Broadcasting Segment.
On a same-station basis, Broadcasting Segment revenues were 19.6% higher compared to the first quarter in 2013. A 6.5% percent increase in core revenues was driven by $41 million of advertising associated with the Winter Olympic Games on the 16 NBC stations the company owns or services, partially offset by the loss of Super Bowl revenues that aired on the company’s CBS stations in the first quarter in 2013.
On the same basis, retransmission revenues were 66.4% higher in the quarter and totaled $87.5 million.
Politically related advertising demand totaled $10 million compared to $1.9 million in the first quarter of 2013.
Pro forma digital revenues in the Broadcasting Segment were 22.9% higher in the quarter reflecting continued growth in digital marketing services.
When including revenue from the recently acquired Belo stations, Gannett’s Broadcasting Segment revenues totaled $382.3 million in the quarter, an increase of 99.5%.
Operating revenues in the Digital Segment were $179.7 million in the quarter, up 2.8% compared to the first quarter in 2013 due primarily to solid revenue growth at CareerBuilder reflecting accelerating sales growth of talent management software, according to the company.
Gracia Martore, president-CEO, said, “This was a terrific first quarter for Gannett, in which the fundamental changes we’ve been making to our business meaningfully impacted our top and bottom lines.
“An outstanding performance by our new broadcast stations fueled double-digit increases in both revenue and profitability in our Broadcast Segment and contributed to total company pro forma revenue growth and a robust level of free cash flow in the first quarter. Our Broadcast group achieved exceptional ratings, particularly throughout the Sochi Winter Games as Gannett stations took the top two spots in prime time and in every Olympic day-part among major market NBC stations.”
Read the company’s report here.