Graham 4Q TV Revenue Slips 7%

Graham Holdings Co. reports fourth quarter earnings that included revenue from its television broadcasting division, Graham Media Group, of $95.2 million, a decrease of 7% from $102.4 million in the same period of 2014. For the full year, revenue for the television broadcasting division decreased 1% to $359.2 million in 2015, from $363.8 million in 2014.

The company said the quarterly drop was due to a $14.6 million decrease in political advertising revenue, offset by $4.7 million in increased retransmission revenues. For the full year, the decrease was attributed to a $27.7 million decrease in political advertising revenue and $9.5 million in incremental winter Olympics-related advertising revenue at the company’s NBC affiliates in 2014, offset by $16.1 million in increased retransmission revenues, revenues from the Super Bowl at the company’s NBC affiliates in February 2015 and an increase in advertising revenue in several key sectors.

TV operating income for 4Q 2015 was down 19% to $43.8 million, from $54.4 million in the same period of 2014. For the year, TV operating income dropped 12% to $164.9 million, from $187.8 million in 2014.

The company as a whole reported revenue for the fourth quarter of $616.4 million, down 15% from $727.6 million in 2014. Full-year revenue was $2,586.1 million, down 6% from $2,737.0 million in 2014.

Graham Holdings reported an operating loss for 2015 of $80.8 million, compared with operating income of $232.7 million in 2014. Fourth quarter operating income was $67.8 million, down 31.6% from $99 million in 2014.

Read the company’s report here.