The drop is attributed to lack of Olympics and political advertising compared to the first quarter of 2010.
Washington Post Co. 1Q TV Revenue Dips 2%
The Washington Post Co. today reported financial results for the first quarter of 2011 that included a 2% decrease in revenue for its broadcast division to $72.2 million, from $73.5 million in 2010, while operating income for the first quarter decreased 6% to $19.6 million, from $20.9 million in the first quarter of 2010.
The company said the decline in revenue and operating income is due to the absence of $4.7 million in incremental winter Olympics-related advertising at the company’s NBC affiliates in the first quarter of 2010, and a $1.8 million decrease in political advertising revenue, offset by increases in other categories.
For the company as a whole, revenue for the first quarter of 2011 was $1,063.6 million, down 7% from $1,142.0 million in 2010. The company reported operating income of $52.0 million in the first quarter of 2011, compared to operating income of $103.1 million in 2010. Revenues were down at the education and television broadcasting divisions, while revenues at the cable television and newspaper publishing divisions were about even with 2010.
Read the company’s report here.