The gain to $89.7 million is pegged to higher retransmission consent revenue plus increased ad sales, including automotive.
Graham 3Q TV Revenue Grows 3%
Graham Holdings Co. reports third quarter earnings that included revenue from its television broadcasting division of $89.7 million, an increase of 3% from $87.4 million in the same period of 2014.
TV operating income for 3Q 2015 was down 10% to $40.5 million, from $45.0 million in the same period of 2014.
The company said the increase in TV revenue is due to $4.8 million in increased retransmission consent revenue and an overall increase in advertising revenue in several key sectors, including automotive, offset by an $8.9 million decrease in political advertising revenue.
The decline in TV operating income is due, it said, to an increase in spending on digital initiatives and increased network fees.
The company as a whole reported revenue for the third quarter was $641.4 million, down 9% from $703.2 million in the third quarter of 2014.
Graham Holdings reported an operating loss of $213.7 million for the third quarter of 2015, compared to operating income of $41.2 million for the third quarter of 2014. Operating results were down at the education and television broadcasting divisions, offset by improvement in other businesses.
Read the company’s report here.