That non-political ad increase is led by the automotive, retail and media categories and drove its Local Media Group revenue to $71 million.
Meredith Core Ad Revenue Grows 5%
Meredith Corp. today reported fiscal 2011 third quarter results that included Local Media Group revenue of $71 million and operating profit of $13 million, both increases over the year-ago period. Local Media Group non-political advertising revenues grew 5% to $64 million.
Eight of Meredith’s 10 largest advertising categories grew revenues, led by automotive, retail and media.
Meredith said its television stations “delivered strong year-over-year ratings growth in the important adults ages 25 to 54 demographic during the most recent February measurement period.”
During the quarter, Better, the daily women’s lifestyle show produced by Meredith Video Studios, launched in Boston, the nation’s seventh-largest market. Better now reaches eight of the top 10 markets, and its carriage now stands at more than 90 markets reaching 70% of U.S. television households.
On March 28, Meredith’s WGCL Atlanta CBS affiliate began managing the day-to-day operations of Turner Broadcasting System’s WPCH there. “This strategic partnership with Turner provides Meredith with access to a larger share of the growing Atlanta advertising marketplace because of [WPCH]’s younger viewership; a strong lineup of sports programming; and increased inventory in both access and primetime dayparts,” said Meredith Chairman-CEO Stephen M. Lacy. “Additionally, it raises our overall profile in Atlanta, the No. 8 television market in the country.”
Read the company’s report here.