Retransmission consent fees led the increase, they were up 70% to $58.1 million. Political ad gains were offset by lower core ad revenue.
Tribune Media today reported third quarter 2014 results that included Television and Entertainment segment revenues of $417.2 million, an increase of $169 million, or 68%, as compared to $248.2 million in the third quarter of 2013.
Factoring out the acquisition of Local TV last December, Television and Entertainment segment revenues were $417.2 million in the third quarter of 2014, compared to $390 million in the third quarter of 2013. This represents an increase of $27.2 million, or 7%.
Retransmission consent fees in third quarter of 2014 were $58.1 million, compared to $34.2 million in the third quarter of 2013, an increase of $23.9 million, or 70%.
Advertising revenues increased to $321.1 million in the third quarter of 2014 as compared with $319.2 million in the third quarter of 2013, representing an increase of $1.9 million, or 0.6%.
Increases in political advertising revenues of approximately $17.1 million in the quarter were offset by declines in core advertising of $17.7 million, or 5.9%.
Television and Entertainment adjusted EBITDA was $132.6 million in the third quarter of 2014, compared to $138.0 million in the third quarter of 2013. Adjusted EBITDA in the third quarter of 2014 included $24 million of costs associated with new original programming at WGN America.
Revenue for the company as a whole grew 69% to $474.9 million compared to the third quarter of 2013. Consolidated operating profit grew 21% to $55.3 million compared to a year earlier. Consolidated adjusted EBITDA grew 52% to $146.1 million compared to the year-ago quarter.
“We are pleased to see many of the long-term initiatives we have put in place since early 2013 begin to take shape,” said Peter Liguori, Tribune Media’s president-CEO. “Our recently achieved scale has put us in a competitive position to drive affiliate fees, expand our capabilities to maximize political advertising revenues and fortify our relationships with our network partners. The strong cash flows generated by our business have enabled us to develop a general entertainment cable network, pursue a content ownership strategy and invest in building our data business. I am confident that the combination of our media assets and strong operational focus will keep us on the path for continued success.”
Read the company’s report here.