Graham Media Group is an unit of Graham Holdings Company, which has released its Q2 2019 results.
How did TV-centric Graham Media, led by President/CEO Emily Barr, do? Revenue was up.
Why? Higher retransmission revenue, which offset an expected dip in political dollars.
Revenue at the television broadcasting division increased 2% to $116.6 million, from $114.1 million.
The increase is due to $4.8 million in higher retransmission revenue, and this was offset by a $3.4 million decrease in political advertising revenue.
Operating income for the second quarter increased 8%, to $44.5 million from $41.1 million, due to increased property, plant and equipment gains. This was partially offset by higher network fees.
Specifically, equipment gains due to new equipment received at no cost in connection with the spectrum repacking mandate of the FCC helped Graham Media.
Graham Media’s holdings include KPRC–TV in Houston, WDIV–TV in Detroit and WSLS–in the Virginia city of Roanoke (NBC); KSAT–12 in San Antonio (ABC); WKMG–TV in Orlando (CBS); WJXT–TV in Jacksonville (unaffiliated); and WCWJ–TV in Jacksonville (The CW).