The television side of Meredith earned intramural revenue growth bragging rights during the company’s just completed third quarter, albeit on less overall revenue due to the fact that it lacks the critical mass of Meredith’s magazine side.
The national group is the magazine repository, and its revenues were up 6% to $284M, with profits of $43M, easily eclipsing the previous year’s $23M total, which was hampered by a special $13M charge.
The local, or television group, gained 10% to $85M, with flat operating profit essentially flat – it came in at $24M, compared to $23M with a $1M charge during the comparable quarter.
“We’re pleased to have delivered another quarter of revenue and operating profit growth,” said Local Media Group President Paul Karpowicz. “Additionally, we set the stage for additional growth in revenues from The Better Show by securing national distribution via the Hallmark Channel.”
The company saw political spending decrease as expected, but enjoyed increases in retransmission consent fees and a 6% gain in automobile spending. Unfortunately, the gains in retrans were offset to a degree by increased payments out to the networks.
Just a quick thought,
I noticed here in Phoenix that Meredith went and changed ownership on KPHO to, I believe, a local company. It was Meredith Corporation, operating as a foreign business. Now, I believe, it is KPHO Broadcasting or something similar, which may account for some of the revenue growth. (less taxes being taken). I think this is also what Harry Pappas does with his group. Just something other broadcasters may want to think about. (As well as incorporating in Wyoming or Nevada)
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