Graham 4Q TV Revenue Up 42%

The increase to $175.2 million is due to a $50.3 million increase in political advertising revenue and $5.2 million increase in retransmission revenues, partially offset by reduced local and national advertising demand related to the COVID-19 pandemic.

Graham Holdings Co. reported fourth quarter 2020 earnings that included revenue from its television broadcasting division, Graham Media Group, of $175.2 million, an increase of 42% from $123.5 million in 4Q 2019.

The revenue increase is due to a $50.3 million increase in political advertising revenue and a $5.2 million increase in retransmission revenues.

In 4Q 2020 and 2019, the television broadcasting division recorded $400,000 and $1.1 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 fourth quarter of 2020 improved to $82.4 million, from $35.8 million in the same period of 2019, due to higher revenues and the 2019 intangible asset impairment charge, partially offset by higher network fees.

In 2020, significant political advertising revenues have largely driven strong operating results, while the postponement of the 2020 summer Olympics, the reduction and uncertainty surrounding broadcast sporting events, and overall reduced advertising demand related to the COVID-19 pandemic have adversely impacted advertising revenue and the operating results at the television broadcasting division. However, local and national advertising revenues have improved steadily through 2020 since the onset of the pandemic.

The company as a whole, Graham Holdings, had 4Q revenue of $787.0 million, up 3% from $763.5 million, largely due to the significant political advertising revenue at television broadcasting and increases at manufacturing and healthcare, partially offset by declines at the education division and other businesses.


The company reported operating income of $46.2 million in the fourth quarter of 2020, compared to $30.3 million in 2019. Operating results improved at television broadcasting and healthcare, partially offset by declines at education, manufacturing and other businesses.

Read the company’s report here.

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