The increase to $106 million comes primarily from higher retransmission consent money.
Graham Posts 10% Rise In 2Q TV Revenue
Graham Holdings Co. today reported second quarter earnings that included revenue from its television broadcasting division, Graham Media Group, of $106.1 million, an increase of 10% from the same quarter in 2016.
Excluding revenue from two stations the company acquired in January (WCWJ Jacksonville, Fla., and WSLS Roanoke, Va.), revenue increased 3% due to $5.8 million in higher retransmission revenues, offset by a $1.3 million decrease in political advertising revenue and lower network revenue.
Graham Media 2Q operating income decreased 11% to $39.3 million, from $44.2 million in the same period of 2016 due primarily to the significantly higher network fees. The company’s television broadcasting division stations are operating under a new retransmission contract with Comcast effective April 1, 2017.
The company as a whole, Graham Holdings, reported 2Q revenue of $676.1 million, up 7% from $628.9 million in the second quarter of 2016.
The company reported operating income of $68.4 million for the second quarter of 2017, compared to $74.1 million a year earlier.
Read the company’s report here.