Graham Posts 14% Rise In 4Q TV Revenue

Graham Holdings Co. today reported fourth quarter earnings that included revenue from its television broadcasting division, Graham Media Group, of $108.8 million, an increase of 14% from $95.2 million in the same period of 2015.

The company said the Graham Media revenue increase was due to a $13.9 million increase in political advertising revenue and $4 million in increased retransmission revenues.

Graham Media 4Q operating income was up 27% to $55.9 million from $43.8 million in the same period a year ago, a gain it attributed to the revenue increase, offset by higher spending on digital initiatives and increased network fees.

The company as a whole, Graham Holdings, reported 4Q revenue of $629.6 million, up 2% from $616.4 million in 4Q 2015. Revenues increased at the television broadcasting division and other businesses, offset by a decline at the education division.

The company reported operating income of $109.5 million in the fourth quarter of 2016, compared to $67.8 million in 2015. Operating results improved at all divisions.

Read the company’s report here.