Stronger political and automotive advertising performance boosts TV station revenue to $103 million.
Washington Post 4Q TV Revenue Up 28%
The Washington Post Co. today reported that revenue for its television broadcasting division increased 28% in the fourth quarter of 2010 to $102.9 million, from $80.2 million in 2009. Television broadcasting division operating income increased 56% to $45.3 million, from $29 million for the fourth quarter of 2009.
The company said the increases in revenue and operating income were due to improved advertising demand in all markets and most product categories, particularly automotive. The increased revenue and operating income also includes $17.6 million increase in political advertising revenue in the fourth quarter of 2010.
Cable television division revenue of $191.3 million for the fourth quarter of 2010 was a slight increase from $190.6 million for the fourth quarter of 2009. The revenue increase in 2010 is due to continued growth of the division’s cable modem and telephone revenues.
The company as a whole reported net income available for common shares of $79.0 million ($9.42 per share), compared to net income available for common shares of $81.7 million ($8.71 per share) for the same period of 2009. Net income includes $9.6 million ($1.03 per share) in losses from discontinued operations for the fourth quarter of 2009. Income from continuing operations available for common shares was $91.4 million ($9.74 per share) for the fourth quarter of 2009.
Read the company’s report here.