Graham 4Q TV Revenue Falls 23%

Graham Holdings Co. reported third quarter 2021 earnings that included revenue from its television broadcasting division, Graham Media Group, of $134.1 million, a decrease of 23% from $175.2 million in 4Q 2020.

The revenue decrease is due to a $50.9 million decline in political advertising revenue, partially offset by increased local and national advertising revenues, which were adversely impacted in 2020 by reduced demand related to the COVID-19 pandemic, and a $3.6 million increase in retransmission revenues.

Operating income for the fourth quarter of 2021 decreased 51% to $40.3 million, from $82.4 million in the same period of 2020, due to reduced revenues and higher network fees.

The company as a whole, Graham Holdings, had 4Q revenue of $862.9 million, up 10% from $787 million in the fourth quarter of 2020. Revenues increased at education, health care, automotive and other businesses, partly offset by decreases at television broadcasting and manufacturing.

The company reported an operating income of $22.5 million in the fourth quarter of 2021, compared to $46.2 million for 4Q 2020. Operating results declined at television broadcasting and other businesses, partially offset by an improvement at education and automotive.

Read the company’s report here.