Meredith Local Media Group, which consists of 17 stations, generated $157 million in total revenue in its second quarter of fiscal 2015. That’s up 50% compared to the same period a year ago.
The company says growth was driven by the addition of independent station KTVK in Phoenix, CBS affiliate KMOV in St. Louis and WGGB, the ABC and FOX affiliate in Springfield, Mass.
Growth was also spurred by: $29 million in political advertising revenues (totalling $42 million for the first half of fiscal 2015); $95 million in non-political advertising revenues (due to recent acquisitons and strong digital ad revenue performance); $125 million in spot revenue; plus growth in retransmission revenues.
“Our television expansion strategy is producing strong revenue and profit growth,” Meredith Local Media Group president Paul Karpowicz said. “We will continue to look for opportunities to strategically add to our broadcasting portfolio, as well as drive growth through increased advertising and retransmission revenues.”