Washington Post Co.’s attributes the year-over-year growth at its TV station division to an increase of $7 million in political spending.
The Washington Post Co. reported this morning that revenue at its TV station group rose 11% in the third quarter year over year to $82.2 million due to an increase of $7 million in political spending.
For the first nine months of 2006, revenue from the Post-Newsweek Stations, which operates six stations, increased 6% to $257.1 million, from $241.7 million in 2005, due to $6.3 million in incremental winter Olympics-related advertising at its NBC affiliates and an increase of $9.2 million in political.
Operating income for the third quarter and first nine months of 2006 increased 22% and 10%, respectively, to $32.9 million and $111.0 million, respectively, from $27.0 million and $100.9 million, respectively.
For the company as a whole, revenue for the third quarter of 2006 was $946.9 million, up 8% from $873.7 million in 2005. The company attributed the increase mostly to significant revenue growth at Post-Newsweek Stations and the education and cable television divisions. Revenues were down at the newspaper publishing and magazine publishing divisions, it said.
Operating income was down 3% for the third quarter of 2006 to $108.6 million, from $112.4 million in 2005, due to a $15.7 million increase in Kaplan stock compensation expense, a $9.9 million goodwill impairment charge and a reduction in print advertising revenues at The Washington Post newspaper, the company reported.