While newspaper publishers are suffering, Meredith Corporation posted earnings growth of nearly 30% in fiscal Q2 (September-December) for its magazine publishing operations. Broadcasting revenues were down 16% to 88 million, but that was due to the lack of political revenues. Non-political broadcasting revenues rose 6%. CEO Steve Lacy also pointed out to analysts that online revenues for the broadcast division – 13 TV stations and one radio – increased 50% in the quarter, with monthly viewership up six-fold to three million.
What about the current quarter? Pacings are down slightly for broadcasting, as well as for Meredith’s publishing division. Meredith Broadcasting Group President Paul Karpowicz noted that the company’s stations have seen some political spending in Arizona and Georgia ahead of the Super Tuesday presidential primaries.