Meredith Corp. reported $98 million in local media group revenues during the first quarter of 2014, a 14% increase compared to the year-ago quarter.
Operating profit was up 11% to $27 million. According to Meredith, growth “was driven by increased retransmission-related revenues and strong performance from Meredith television stations in Nashville, Phoenix and Las Vegas.” Non-political advertising and digital advertising both increased, as did operating expenses.
“We’re pleased to deliver another quarter of record operating results,” Local Media Group President Paul Karpowicz said in a statement. “We’re excited to have KMOV in St. Louis as part of the Meredith portfolio. KMOV’s addition – along with improving non-political advertising, growth in digital advertising and an anticipated robust political advertising cycle – point to a strong calendar 2014 for our business.”