“Fiscal 2011 was a year of revenue gains and strong growth,” announced Meredith chairman and CEO Stephen M. Lacy in reporting his company’s annual financial results today.
Meredith’s local media group, which encompasses 12 stations and their websites, saw respectable gains in fiscal 2011, driven by an overall increase in automotive advertising as well as a big boost from political advertising. Meredith set a company record for political advertising revenues last year with $35 million, sparked by strong spending at stations in Hartford, Las Vegas, Portland, and Kansas City.
Non-political advertising revenues were up 4% for the year at $256 million.
For the fourth quarter, Meredith’s local media group saw revenues of $78 million–a $1 million increase over the same period last year. Although political advertising dipped $3.2 million from Q4 2010, non-political advertising was up 3%.