Retrans was the big driver, climbing 26% to $110 million and offset a 2% drop in core and much lower political.
Gannett Co. released first quarter earnings today that include Broadcasting Segment revenues of $396.8 million, 3.8% higher compared to the first quarter last year at $382.3 million.
The increase was driven by a 26% increase in retransmission revenue to $110.2 million compared to $87.5 million in the first quarter of 2014. Digital revenues in the Broadcasting Segment were up 11.2% reflecting continued growth in digital marketing services revenue.
The Broadcast Segment revenue broke down as follows:
- Core (local and national) — $253.1 million, -2%
- Political — $2 million, -79%
- Retransmission — $110 million, +26%
- Other —$31.4 million +15%
Operating revenues in the Digital Segment increased substantially in the quarter to $332.7 million , up 85.1%, compared to the first quarter of 2014. The growth was fueled by the acquisition of and very strong results at Cars.com.
Gracia Martore, president-CEO, said: “We’re off to a great start in 2015 with strong first quarter results and each of our businesses successfully executing on their strategic plans as we approach our separation into two publicly traded companies mid-year. Broadcasting continues to make strong progress as we continue to successfully integrate our newer stations and expand our digital and other revenue opportunities.
“In our Digital Segment, CareerBuilder and Cars.com continue to surpass expectations as they evolve and innovate to meet the dynamic needs of their customers.”