Meredith Local Media Revenue Up 9%

Meredith Corp.’s Local Media Group — which consists of television stations and a video content creation unit that produces national broadcast and custom programming — generated fiscal 2013 fourth quarter revenue of $92 million, up 9% from the year-earlier period.

Fiscal 2013 Local Media Group revenues rose 19% to $376 million.  Operating profit grew 41% to $124 million.  Both results represent record highs. Some details:  

• Non-political advertising revenues in fiscal ’13 were $269 million, compared to $271 million in the prior year. The automotive (+8%), furnishings (+6%) and media (+18%) categories were stronger.

• Political revenues were a record $39 million

• Other revenues and operating expenses both increased, due primarily to growth in retransmission revenues from cable and satellite television operators, and programming fees paid to affiliated networks.

• EBITDA margin was 40%.

Digital traffic was strong in fiscal 2013, driven by initiatives to improve content and search engine optimization, as well as continued focus on mobile apps aimed at news, sports and weather-related information.

“Our record financial performance speaks to the fundamental strength of our television broadcasting business,” said Local Media Group President Paul Karpowicz. “We continue to engage viewers with compelling content across media platforms to position ourselves for ongoing growth.”

Read the company’s report here.