Gannett Co. reported broadcasting segment revenues of $228.2 million for the fourth quarter of 2013, a 15.7% drop from the year-ago quarter. The decline was primarily due to a drop in political ad revenue in the non-election year, the company says.
Retransmission revenues were $38.9 million for the quarter, a 31.5% year-over-year increase. Television station digital revenues also grew, up 40.3% compared to the fourth quarter of 2012.
“We continue to invest wisely and remain relentlessly focused on the execution of our strategic initiatives, raising the bar on operational excellence, and enhancing the strength of our balance sheet, which provides us with the flexibility to continue to invest in our businesses and explore promising new opportunities,” Gannett CEO Gracia Martore said in a statement. “These accomplishments — coupled with the increased advertising demand we are anticipating in connection with the Winter Olympics and elections — position us extremely well for a terrific 2014.”