Meredith Station Quarterly Revenue Up 22%

Meredith Corp. this morning reported that its Local Media Group (station group) posted fiscal fourth quarter (ended June 30) revenue of $203.9 million, up 22% from $167.3 million in the same quarter a year ago.

Local Media Group political spot was $1.7 million, down from $6.4 million; non-political spot was $72.6 million, up from $48.5 million; digital was $5.2 million, up from $4.2 million; and third-party sales came in at $24.3 million, up from $14 million.

Retransmission consent revenue was $95.9 million, a 5.4% increase from $91 million in the year-ago quarter.

In June, Meredith agreed to sell its stations to Gray Television for $2.8 billion. That deal has not yet closed.

The company as a whole reported quarterly total revenue of $717.9 million, up 17.4% from $611.2 million.

Meredith Chairman-CEO Tom Harty said: “We delivered strong operational performance in fiscal 2021 despite the many challenges presented by the COVID-19 pandemic, ending the year in a stronger financial and competitive position than when we started.

“From a strategic standpoint, fiscal 2021 was transformative. Our digital businesses are delivering record performance, and our agreed sale of the Local Media Group significantly strengthens our financial position.”

Read the company’s report here.