Graham 3Q TV Revenue Moves Up 28%
On Feb. 23, Graham Holdings Co. reported third quarter earnings that included revenue from its television broadcasting division, Graham Media Group, of $130 million, an increase of 28% from $101.3 million in the same quarter of 2017.
That increase was tagged to a $20.7 million increase in political advertising revenue and a $10.2 million increase in retransmission revenues.
Operating income for the third quarter of 2018 increased 66% to $55.5 million, from $33.5 million in the same period of 2017 due to higher revenues. (In the third quarter of 2017, the company’s television stations in Texas and Florida ran extensive news programming coverage of hurricanes Harvey and Irma; this adversely impacted revenues by an estimated $2.1 million and resulted in $0.6 million in additional expenses during the third quarter of 2017.)
The company as a whole, Graham Holdings, had 3Q revenue of $674.8 million, up 3% from $657.2 million in the third quarter of 2017. Revenues grew at the television broadcasting and manufacturing businesses, offset by lower revenue at the education division.
The company reported operating income of $60.7 million for the third quarter of 2018, compared to $27.0 million for the third quarter of 2017. The operating income increase was driven by higher earnings in television broadcasting, education and SocialCode, offset by the decline in health care results, largely due to the intangible asset impairment charge.
Read the company’s report here.