Graham Posts 6% Rise In 2Q TV Revenue

Graham Holdings Co. reported first quarter earnings that included revenue from its television broadcasting division, Graham Media Group, of $96.5 million, an increase of 6% from $90.8 million in the same period of 2015.

The company said the Graham Media revenue increase is due primarily to $5.3 million  more in retransmission revenues. The increase in operating income is due to the revenue increase, offset by higher spending on digital initiatives and increased network fees.

TV operating income for the second quarter of 2016 increased 5% to $44.2 million, from $42.0 million in the same period of 2015. The revenue increase is due primarily to $5.3 million more in retransmission revenues. The increase in operating income is due 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 $628.9 million, down 8% from $680.9 million in the second 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 $74.1 million for the second quarter of 2016, compared to $56.2 million for the second quarter of 2015. Operating results improved at the education and television broadcasting divisions, offset by a decline in other businesses.

Read the company’s report here.