The boost to $88.3 million is driven by political advertising dollars and increased retransmission consent revenue.
QUARTERLY REPORT
Graham Media Group 2Q Revenue Rises 10%
Graham Holdings Co. today reported second quarter financial results that included a 10% increase in revenue at its television broadcasting division, formerly Post-Newsweek Stations, renamed Graham Media Group earlier this week. Revenue rose to $88.3 million.
Operating income for the quarter was up 12% to $44.1 million, from $39.2 million in the same period of 2013.
The company said the increases in TV revenue and operating income is due to a $3.8 million increase in political advertising revenue and $4.6 million in increased retransmission consent revenues.
The broadcasting results exclude WPLG Miami, which has been reclassified to discontinued operations, since its sale to Berkshire Hathaway Inc. was completed on June 30.
Cable division revenue declined 2% in the second quarter to $200.8 million, from $204.6 million for the second quarter of 2013, due to 4% fewer customers and 7% fewer primary service units.
For the company as a whole, revenue was $878.6 million, up 1% from $870.5 million in the second quarter of 2013. Operating income was $94.5 million in the quarter, compared to $96.3 million in the second quarter of 2013.
BRAND CONNECTIONS
Read the company’s report here.
Comments (1)
Keith ONeal says:
August 2, 2014 at 2:45 pm
The increase is simple enough for the 2 remaining Florida stations (in Jacksonville and Orlando); the nasty political ads for the Governor’s race between Charlie Crist and current Governor Rick Scott.