Meredith Station Quarterly Revenue Up 2.7%

Meredith Corp. this morning reported that its Local Media Group (station group) posted fiscal third quarter (ended March 31) revenue of $200.5 million, up 2.7% from $195.2 million in the same quarter a year ago.

Of that, advertising revenue totaled $98.6 million, down 1.2%; “consumer related” revenue was $97.9 million (+6.2%); and “other” revenue totaled $4 million (+21%).

Local Media Group political spot was $4.3, down from $10.5 million; non-political spot was $74.5 million, up from $70.8 million; digital was $4.6 million, up from $4.4 million; and third-party sales came in at $15.2 million, up from $14 million.

Retransmission consent revenue was $97.8 million, a 6% increase from $92.2 in the year-ago quarter.

The station group saw operating profit of $50.8 million, up 108% from the same quarter last year.

The company as a whole reported quarterly total revenue of $664.5 million, down 5.4%.

Meredith Chairman-CEO Tom Harty said: “Our National Media digital business again delivered record revenue performance, including digital advertising revenues that surpassed magazine advertising for the second consecutive quarter, along with another quarter of growth in licensing and digital consumer related revenues.

“Our mature media performance was mixed as Local Media non-political spot advertising revenues exceeded our estimates, while magazine advertising revenues were adversely impacted by clients that continue to be affected by the pandemic and resulting uncertainty. Our plan and efforts to enhance financial flexibility and manage costs continue producing tangible results including debt redemption of $251 million and free cash flow of $68 million.”

Read the company’s report here.