Graham Posts 25% Rise In 3Q TV Revenue

Graham Holdings Co. reported third quarter earnings that included revenue from its television broadcasting division, Graham Media Group, of $112.4 million, an increase of 25% from $89.7 million in the same period of 2015.

The company said the Graham Media revenue increase is due to $13.1 million  in incremental summer Olympics-related advertising revenue at the Company’s NBC affiliates, a $7.2 million increase in political advertising revenue and $4.4 million more in retransmission revenues.

Graham Media operating income for the third quarter of 2016 increased 46% to $59.2 million, from $40.5 million in the same period of 2015, 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 revenue of $621.6 million, down 3% from $641.4 million in the third quarter of 2015. Revenues declined at the education division, offset by an increase at the television broadcasting division and in other businesses.

The company reported operating income of $68 million for the quarter, compared to an operating loss of $213.7 million a year ago. Operating results improved at the education and television broadcasting divisions, offset by a decline in other businesses.

Read the company’s report here.