Post-Newsweek Revenue Down 17%
WaPo cable up thanks to subscriber rate increases
By Michael Malone -- Broadcasting & Cable, 10/30/2009 10:32:06 AM
The Washington Post Company reported television broadcasting revenue of $64.6 million, a 17% decrease from the same period last year."The decrease in revenue is due to weaker advertising demand in all markets and most product categories, particularly automotive," reported the media giant. "Political advertising revenue also declined by $3.9 million and $7.1 million for the third quarter and first nine months of 2009, respectively. Additionally, in the third quarter of 2008, the television broadcasting division benefited from $6.3 million in incremental summer Olympics-related advertising at the Company's NBC affiliates."
Operating income for the third quarter in its Post-Newsweek division declined 50.1% to $15.1 million. Broadcast is off 19% for the year thus far, reported Washington Post.
The company's cable division saw a 4% increase in revenue, bagging $189.6 million for the third quarter. "The increase is due to continued growth in the division's cable modem and telephone revenues, and a $4 monthly rate increase for most basic subscribers in June 2009," reported the company.
Washington Post's overall revenue for the third quarter was $1,148.7 million, 2% better than the same quarter last year, despite newspaper revenue being down 20%.
The Post-Newsweek broadcast division includes WDIV Detroit and KPRC Houston.
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