Q3 Earnings: Meredith Local Media Group Revenue Up 3%

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By Merrill Knox Comment

meredith_1Total revenues for Meredith Corporation’s Local Media Group grew +3% to $90 million in the third quarter of 2013. Non-political advertising revenues were up +3% to $64 million led by strong performance from KPHO in Phoenix, KCTV in Kansas City and KPTV in Portland, Ore.

Operating profit was $26 million, down $2 million from the year-ago quarter. Meredith reported $12 million less of political advertising revenue in Q3 2013 than in Q3 2012. Other revenues and operating expenses both increased because of growth in retransmission revenues and programming fees.

“Our record revenue performance – achieved in a non-political quarter – speaks to the fundamental strength of our television broadcasting business,” Meredith Local Media Group president Paul Karpowicz said in a statement.  “We continue to engage viewers and successfully monetize the strength of our audience.”

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