Meredith Broadcast Revenue Down 13%
Retransmission consent revenues nearly double prior-year period
By Michael Malone -- Broadcasting & Cable, 10/29/2009 10:10:22 AM
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.
Lacy said the media giant, which owns dozens of magazines, was on the right course.
"We continued to make meaningful progress on the key elements of our performance improvement plan," he said. "Advertising revenues across our core businesses outperformed both the magazine and television industries in the quarter."
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Their product locally is NOT very good.
I am not surprised by this.
Caroll Johnston - 10/30/2009 10:56:35 PM EDT
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