Increases in retransmission consent revenue can’t offset the decrease in political ad money compared to the year-ago quarter.
McGraw-Hill 2Q TV Revenue Falls 6%
The McGraw-Hill Companies today reported that its broadcasting group revenue declined 6% to $23.8 million in the second quarter compared to last year. For the company as a whole, revenue rose 7.2% in the quarter to $1.6 billion, while net income increased 10.5% to $211.1 million.
The company said the group’s results were affected by the decline in political advertising in a non-election year, which offset an increase in retransmission revenue.
“In the first quarter, we said a promising year was off to a good start and our second quarter results bear that out,” said Harold McGraw III, chairman, president and chief executive officer.
He added: “There has been a strong response from financial and non-financial buyers to the announcement in June that we planned to divest our Broadcasting Group. That divestiture is part of a continuing portfolio review across the company to re-evaluate our strategic core. G&A costs are also being reviewed to ensure efficiency.”
Read the company’s report here.