Journal TV Revenue Up 40%
Political and national advertising offset dip in local ad revenue
By Michael Malone -- Broadcasting & Cable, 10/25/2012 11:13:02 AM
Broadcasting revenue, which includes radio, increased 25.3% to $58.8 million in the quarter. Core broadcast revenue increased 5.5%.
For the third quarter, revenue from Journal radio stations increased 4.4% to $19.9 million.
Overall Journal revenue in the third quarter was $97.8 million, up 11.4% over the same quarter last year.
"Journal Communications had a strong third quarter with consolidated revenue up more than 11% driven largely by political and issue advertising in our television business," said Steven J. Smith, chairman and CEO.
Smith is bullish on Journal's $215 acquisition of WTVF Nashville in September, which awaits regulatory approval.
"This quarter we clearly advanced our strategy of adding broadcast assets to the business as we completed the agreement to purchase NewsChannel 5 - WTVF, an exceptional television station in Nashville and one of the top CBS affiliates in the country," he said. "We also simplified our capital structure by repurchasing all of the outstanding class C shares."
Publishing revenue was $39.2 million, down 4.1% in the quarter.
Journal forecasted total broadcast revenue to increase in excess of 25% in the fourth quarter, driven by political advertising.
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