Meredith Local Media Fiscal 4Q Rev Up 20%

Meredith Corp.’s Local Media Group — which consists of 15 television stations and a video content creation unit that produces national broadcast and custom programming — generated $111 million in revenue in its fiscal fourth quarter, up 20% from the same period a year ago.

The company said growth was driven by by strong performance from Meredith television stations in Phoenix, Las Vegas and Greenville; the addition of KMOV St. Louis; record digital/mobile advertising revenues; and higher retransmission-related revenues and profit.

Local Media Group operating profit in the quarter was $25 million ($32 million excluding special items, a record for a fiscal fourth quarter), compared to $28 million in the prior-year period.

“Our Local Media Group delivered another quarter of record performance,” said Meredith Chairman-CEO Stephen M. Lacy. “We were particularly pleased with the performance of KMOV in St. Louis in its first full quarter under Meredith’s ownership. We also completed the acquisition of KTVK in Phoenix, and announced an agreement to purchase WGGB, the ABC affiliate in Springfield, Mass.”

For Meredith’s full fiscal 2014 year, Local Media Group operating profit was $113 million ($122 million excluding special items, a record for a non-political year), compared to $124 million ($126 million excluding special items) in the prior year. Total Local Media Group revenue rose 7% to a record $403 million. 

Read the company’s report here.