But it didn’t do it by improving its performance, it did it by slashing expenses – and relying on its education and cable properties for positive results. Television, newspaper and magazine results were all downers.
Q3 revenues for 2008 were $1,128.7M – the company was able to add 2% to that in Q3 2009, taking it to $1,148.7M. Net revenue came in at $17.1M, up from $10.4M last time around.
A lot of the black ink came as a result of smaller writedowns – the accountants were able to slow down to process of downgrading the company’s asset values.
The newspaper division suffered a -28% in advertising revenue, but cut expenses from $82.7M to $23.6M.
The television division, the one we most care about, bled revenue to the tune of -17%, falling from $78.0M to $64.6M. The political category was a big loser, dropping 3.9M, and the company also lost $6.3M in Q3 Olympics revenue.