The company said the decrease is due to a $1.7 million decrease in political ad revenue compared to the first quarter of 2014 and $9.5 million in incremental winter Olympics-related ad revenue at its NBC affiliates booked in the prior year. On the plus side, retrans money grew by $2.3 million.
Strong political advertising money and increased retransmission revenue drive quarterly revenue up 20% to $102 million and 2014 revenue up 18% to $364 million.
Cable One will become an independent, publicly traded company.
The former CEO of Living Social will oversee investments and acquisiitons at Graham Holdings.
The boost to $88.3 million is driven by political advertising dollars and increased retransmission consent revenue.
Graham Holdings Co. says the rise is due to a $3.1 million increase in political ad revenue, $9.5 million in incremental winter Olympics-related advertising revenue at the company’s NBC affiliates and $4.7 million in increased retransmission revenues.
Berkshire Hathaway’s acquisition of Post-Newsweek’s ABC affiliate in Miami is part of a larger $1.2 billion deal involving a stock swap between Berkshire Hathaway and Post-Newsweek parent Graham Holdings and some cash. The deal values WPLG at $364 million. Post-Newsweek President Emily Barr reassures employees that the group’s other five stations are not for sale .”When you are asked (and you will undoubtedly be asked) if Post-Newsweek Stations is for sale, you can emphatically state we are not,” she says.
Warren Buffett is in talks to exit his $1.1 billion investment in Graham Holdings Co., the owner of Post-Newsweek Stations and former publisher of The Washington Post, after owning the stock for more than four decades. Graham may swap assets including a business, and possibly shares it holds in Buffett’s Berkshire Hathaway Inc., according to a regulatory filing Wednesday.
Graham Holdings, formerly The Washington Post Co., on Wednesday announced the sale of its downtown Washington, D.C., headquarters to Carr Properties for $159 million.
Effective Nov. 29, the company that comprises Post-Newsweek stations, Kaplan and other non-Washington Post interests, will become Graham Holdings Co., trading under the symbol GHC.