Q2 Earnings: Meredith Local Media Group Revenues Rise 9%

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By Merrill Knox Comments

Meredith Local Media Group reported $92 million in revenue in the second quarter of 2013, up 9% from the year-ago quarter.

Operating profit for the quarter rose to $28 million, “as higher retransmission-related revenues were partially offset by higher programming fees paid to affiliated networks, and $3 million less of political advertising revenues,” according to the company.

In fiscal 2103, Local Media Group revenues rose 19% to a record high of $376 million. Operating profit was also a record high $124 million, a 41% increase on the year-ago quarter. Non-political advertising revenues declined slightly, but automotive, furnishings and media categories all improved. The company also reported $39 million in political revenues, another record for Meredith.

“Our record financial performance speaks to the fundamental strength of our television broadcasting business,” Local Media Group president Paul Karpowicz said in a statement. “We continue to engage viewers with compelling content across media platforms to position ourselves for ongoing growth.”