Retransmission consent money was the big driver, climbing 82% to $9.6 million and boosting TV revenue to $47.9 million.
Journal Communications today announced results for its second quarter that were powered by a 22.8% increase in television revenue, to $47.9 million, up from $39 million in the same period of 2013.
Steven J. Smith, Chairman and CEO, said: “We are pleased to report that Journal Communications third quarter revenue of $105 million grew more than 8%, driving an operating earnings increase of 40%. Earnings per share in the quarter were $0.14 compared to $0.09 last year.
“Journal benefitted from continued growth in television retransmission revenue along with significant political and issue advertising spending in a number of our markets.
“Our focused broadcast sales efforts grew both television and radio revenue, excluding retransmission and political, by approximately 3% and drove television and radio digital revenue up 22% and 31%, respectively.
TV segment revenue broken down:
- Retransmission revenue was up 82% to $9.6 million.
- Political advertising revenue was $3.9 million compared to $300,000.
- Local advertising revenue, excluding political, increased 1.8%.
- Digital revenue, which is reported in local revenue, was $1 million, up 22.4%.
- National advertising revenue, excluding political, decreased 4.2%, primarily due to a decrease in the professional services and telecommunications advertising categories.
- Total revenue, excluding political and retransmission revenue was $34.4 million, up 2.8%.
Operating earnings from television were $12.1 million, an increase of 134.8%. Television operating expenses increased 5.8%, primarily due to higher network fees.
Read the company’s report here.