The boost to $87.4 million is driven by political advertising dollars and increased retransmission consent revenue.
Graham Media Group 3Q Revenue Rises 19%
Graham Holdings Co. today reported third quarter financial results that included a 19% increase in revenue at its television broadcasting division Graham Media Group (formerly Post-Newsweek Stations). Revenue rose to $87.4 million.
Operating income for the quarter was up 37% to $45 million, from $32.8 million in the same period of 2013.
The company said the increases in TV revenue and operating income are due to a due to a $9.5 million increase in political advertising revenue and $4.7 million in increased retransmission 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 3% in the third quarter of 2014 to $195.7 million from $202.4 million for the third quarter of 2013, due to 3% fewer customers and 7% fewer Primary Service Units (PSUs). Operating expenses in the third quarter declined 4%, from $162.7 million to $155.6 million, due to fewer customers and significantly reduced programming costs.
For the company as a whole, revenue was $898.9 million, up 5% from $856.1 million in the third quarter of 2013. The company reported operating income of $81.3 million in the third quarter of 2014, compared to $78.9 million in the third quarter of 2013.
Read the company’s report here.