A shortfall in political advertising plagued some station groups last fall, but not Meredith’s.
The company today reported that its station group’s ad revenue was up 27% in the fourth quarter (its fiscal 2017 second quarter) compared to a year earlier, thanks to strong political and digital spending.
Political generated $40 million, up from $800,000 in the fourth quarter last year and up 37% from the fourth quarter of 2014, the last election year, with spending “particularly strong” in Las Vegas, St. Louis, Phoenix and Kansas City because of down ballot races.
However, at $92 million, core was down $11.6 million or 11.2% compared to the same quarter last year, in part because of “crowding out” by the political spots, the company said.
Digital advertising grew 18% year over year.
Overall, the station group, which operates 17 stations covering 11% of TV homes, grew revenue 31% to $183 million in the quarter. That boosted operating profit 90% to $77 million and EBITDA 71% to $86 million.
Including the results from the national division, mostly magazines, Meredith’s combined revenue for the quarter increased 9% to $442.6 million, up 9% from $406.4 million in the same quarter last year.
Here’s the press release with all the results.
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