Meredith Station Quarterly Revenue Dips 7%

Meredith Corp. this morning reported that its Local Media Group (station group) posted fiscal first quarter (ended Sept. 30) revenue of $209 million, down 7% from the same quarter a year ago.

Local Media Group political spot was $5.0 million, down from $51.7 in election year 2020; non-political spot grew 24% to $70.6 million, reflecting a lack of political advertising crowd out, and driven primarily by gaming, professional services, and home categories; political spot was; digital was $5.4 million, up from $18.3 million; and third-party sales came in at $27.8 million, up from $14 million.

Retransmission consent revenue was $96.7 million, a 5.7% increase from $91.4 million in the year-ago quarter.

Local Media Group operating profit totaled $46.6 million, down 27% from the year-ago quarter.

Digital Group revenue grew 24% to $200 million

The company as a whole reported quarterly total revenue of $708.6 million, up 2.17% from $693.5 million.

Meredith Chairman-CEO Tom Harty said: “We delivered total company revenue growth, as continued record digital performance and stronger non-political advertising and magazine consumer revenues overcame historically high political advertising revenues in the prior year.

“Our digital performance reflects strength across the board, including advertising, licensing, and digital consumer driven sources such as performance marketing and content commerce.”

In June, Meredith agreed to sell its stations to Gray Television for $2.8 billion and is selling its remaining operations, including its digital and magazine segments, to IAC’s Dotdash digital publishing unit. Shareholders are expected to receive approximately $42.18 in cash per share. Those deals have not yet closed. “We are extremely proud of our 120-year history of journalistic integrity and dedication to building world class brands and consumer experiences,” Harty said. “We are focused on closing both transactions and delivering value to shareholders. Looking ahead, we are enthusiastic at the opportunity to further strengthen our brands and consumer relationships as part of Gray and Dotdash Meredith.”

Read the company’s report here.