Meredith TV Revenue Up 26%

Local Media Group paces media company on strength of political and core ads

By Michael Malone -- Broadcasting & Cable, 10/25/2012 10:16:01 AM

Meredith's broadcast division reported $87.2 million in fiscal first quarter revenue, up 26% from the same quarter last year. While $12 million of political advertising paced the local media group, broadcast's core ad revenue grew 5% in the quarter.

Stephen M. Lacy, Meredith chairman and CEO, called it a record performance for the Local Media Group.

"We delivered a strong start to fiscal 2013 as our Local Media Group delivered record-setting revenue and profit performance," he said. "We're also very pleased with the growth of our digital businesses across the company, as well as the significant progress made at integrating our recent acquisitions. We expect these and other strategic initiatives to deliver increased cash flow and returns to our shareholders over time."

Fiscal first quarter Local Media Group operating profit more than doubled to $28 million. All of Meredith's TV markets recorded growth in revenues and operating profit. Political advertising revenues were $12 million, led by the Las Vegas and Hartford stations.

Automotive advertising at the stations was up 12%.

"We are focused on keeping the momentum going in non-political advertising revenues, along with maximizing our political advertising opportunity this election cycle," said Local Media Group president Paul Karpowicz. "Our mission is to deliver great content to viewers across broadcast, digital and mobile media platforms. At the same time, we will continue to monetize the strength of our audience thanks to local over-the-air television's unique ability to deliver unmatched results for our advertising clients."

Overall Meredith revenues rose 8% to $354 million in the fiscal first quarter.

National Media Group revenues grew 3% to $267 million.