Meredith Broadcast Revenue Down 13%

By Andrew Gauthier 

Broadcasting & Cable

Meredith Corp.’s Local Media Group reported total revenue of $61 million in its fiscal first quarter, off 13% from the $70 million it posted last year. Non-political revenues were down 7%, compared to the same quarter last year.

Meredith said its retransmission consent revenues “nearly doubled in the first quarter of fiscal 2010 from the prior-year period, reflecting Meredith’s successful renegotiation of retransmission agreements with all seven of the major cable operators in its markets.”

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“We’re encouraged by the progress made by our Local Media Group in the first quarter of fiscal 2010,” said Meredith President/CEO Stephen M. Lacy. “Advertising continued to improve as the quarter progressed, and we grew other sources of revenue, including retransmission fees and video production activities.”

Meredith’s total revenues were $332.4 million for the quarter, down from $364 million in the fiscal first quarter last year. More…

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