Hearst, Belo, Meredith, ACME up
By Steve McClellan -- Broadcasting & Cable, 10/31/2002 3:00:00 AM
Hearst-Argyle Television Inc., Belo Corp., Meredith Corp. and ACME Communications Inc. all reported double-digit gains in TV revenue for the third quarter.
Cash-flow gains were also substantial. Hearst-Argyle reported a 22 percent revenue gain to $176.5 million, while cash flow leaped 57 percent to $74.2 million.
Belo reported an 18 percent gain in TV revenue to $158.7 million with a 44 percent cash-flow gain to 64.5 million.
Meredith said TV revenues were up 14 percent to $64.2 million while cash flow soared 52 percent to $15.4 million.
ACME reported a 20 percent revenue gain to $20 million while cash flow climbed 16 percent to $4 million.
Political was a big factor for all of the groups but ACME. Hearst-Argyle got $23 million in political for the quarter, and it estimated that full-year political will exceed the $57.7 million it generated in 2000.
Belo generated a little more than $11 million in political for the quarter, and it said it would generate a bunch more in the month leading up to the election -- spot dollars for the group will be up 30 percent for October and in the high-teens for the fourth quarter.
While political is helping a lot, executives at all of the groups said the underlying business is also growing significantly and should continue to do so through the end of the year.
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