The gain is pegged to higher retransmission consent revenue minus lower political advertising money..
Graham Holdings Co. today reported second quarter earnings that included revenue from its television broadcasting division of $90.8 million, an increase of 3% from $88.3 million in the same period of 2014.
TV operating income for 2Q 2015 was down 5% to $42.0 million, from $44.1 million in the same period of 2014.
The company said the increase in revenue is due to $4.4 million in increased retransmission revenues, offset by a $2.5 million decrease in political advertising revenue compared to the second quarter of 2014.
The decline in operating income is due, it said, to an increase in spending on digital initiatives, offset by the revenue increase.
The company as a whole reported revenue for the second quarter was $879.6 million, up 1% from $874.4 million in the second quarter of 2014. Revenues increased in other businesses and at the television broadcasting division, while revenues were down at the education and cable divisions.
The company reported operating income of $88.9 million for, compared to $101.6 million for 2Q 2014. Operating results were down at the education, cable and television broadcasting divisions, offset by improvement in other businesses.
Read the company’s report here.