Graham 2Q TV Revenue Increases 2%
The rise is attributed to $4.8 million in higher retransmission revenues, partly offset by a $3.4 million decrease in political advertising revenue.
Graham Holdings Co. has reported second quarter earnings that included revenue from its television broadcasting division, Graham Media Group, of $116.6 million, an increase of 2% from $114.1 million in the same quarter of 2018.
That increase was tagged to $4.8 million in higher retransmission revenues, partly offset by a $3.4 million decrease in political advertising revenue.
In the second quarter of 2019 and 2018, the television broadcasting division recorded $7.8 million and $0.8 million, respectively, in reductions to operating expenses related to property, plant and equipment gains due to new equipment received at no cost in connection with the spectrum repacking mandate of the FCC.
Operating income for the second quarter of 2019 increased 8% to $44.5 million, from $41.1 million in the same period of 2018, due to increased property, plant and equipment gains, partially offset by higher network fees.
The company as a whole, Graham Holdings, had 2Q revenue of $737.6 million, up 10% from $672.7 million in the second quarter of 2018, largely due to the acquisition of two automotive dealerships that closed in January 2019.
Revenues grew at television broadcasting, healthcare, and SocialCode, partially offset by declines at the education and manufacturing divisions.
The company reported operating income of $58.0 million for the second quarter of 2019, compared to $65.6 million for the second quarter of 2018. The operating income decline is driven by lower earnings in the education and manufacturing divisions, partially offset by improvements in television broadcasting, health care and other businesses results.
Read the company’s report here.