Meredith Corp. reported this morning that advertising revenue from its station division grew 10% in the the first quarter of 2016 (its fiscal third quarter), rising from $88 million to $96.5 million.
The Local Media Group, as the division is called, comprises 17 TV stations reaching 11% of U.S. TV households.
Bolstered also by gains in retransmission consent fees and digital media (up 15%), the company reported, total revenue for the group increased $14.7% to $140.9 million.
“We delivered an excellent third quarter, growing non-political advertising and delivering strong political advertising, as well as benefitting from growth in net retransmission contribution,” said Meredith Local Media Group President Paul Karpowicz. “Looking to the balance of calendar 2016, we expect to deliver significant revenues from the strong political advertising environment and our recent retransmission agreements.”
Meredith, which also includes a national magazine division, as a whole reported fiscal 3Q revenue of of $423 million, an increase of 6%. Net earnings were $81 million compared to $25.3 million in the year-ago quarter.
Read the company’s report here.
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