Broadcasting & Cable
Meredith Corp.’s Local Media Group reported total revenue of $61 million in its fiscal first quarter, off 13% from the $70 million it posted last year. Non-political revenues were down 7%, compared to the same quarter last year.
Meredith said its retransmission consent revenues “nearly doubled in the first quarter of fiscal 2010 from the prior-year period, reflecting Meredith’s successful renegotiation of retransmission agreements with all seven of the major cable operators in its markets.”
“We’re encouraged by the progress made by our Local Media Group in the first quarter of fiscal 2010,” said Meredith President/CEO Stephen M. Lacy. “Advertising continued to improve as the quarter progressed, and we grew other sources of revenue, including retransmission fees and video production activities.”
Meredith’s total revenues were $332.4 million for the quarter, down from $364 million in the fiscal first quarter last year. More…