MGM Holdings has reported a strong 42% third-quarter revenue hike to $380.2 million, thanks to higher television revenues. In a filling Thursday on its investor relations website, privately held MGM also disclosed that its earnings slid to $25.3 million from $114.2 million in the year-ago quarter and adjusted EBITDA declined to $34.5 million from $90.8 million.
Adversely impacted by its carriage dispute with Dish Network, the loss of World Cup ad revenue to rival Telemundo, lower ratings, and the 2018 rate increase of its agreement with long-time primetime programming supplier Televisa, Univision has reported a 17.3% plunge in revenue to $628.2 million from $759.4 million for its 2018 3rd quarter results ending Sept. 30, 2018, compared to the same period last year.
The boost to $231 million was attributed to political advertising revenue of $40 million plus $78.8 million in retrans money. Local Media profit was $67.4 million, compared to $30.4 million in the year-ago quarter.
The jump to $494.6 million was driven by a $37.3 million increase in political ad revenue, a $12 million increase in retransmission revenues and a $9.1 million increase in carriage fee revenues, partially offset by a $5.3 million, or 2%, decrease in core ad revenues.
The Walt Disney Co. beat Wall Street’s earnings and revenue forecasts for its fourth quarter. Net income for the quarter ended Sept. 29 rose 33% to $2.32 billion, or $1.55 per share, from $1.75 billion, or $1.14 per share last year. Excluding one-time items, net income totaled $1.48 per share.
The $539 million total was attributed to that higher political ad revenue plus $30 million growth in subscription revenue.
The gain to a record $693.4 million comes from higher political, retrans and digital contributions. Both local and national ad rev were down.
The local media group’s performance of $214 million is driven by $36.1 million of political money and a 17% rise in core advertising plus greater retrans revenue.
Television, which includes the broadcast network and stations, had a stellar quarter, with operating income of $168 million surging 38%, over the prior-year quarter as revenue climbed 20%. The company credited a 22% advertising upswing on World Cup soccer matches and more NFL games than in the year-ago period, plus midterm political ad spending on its O&O TV stations.