Journal Same-Station Revenue Up 7%Acquisition of WTVF Nashville boosts group to 22.5% second quarter gain, but Time Warner Cable negotiations continue 7/31/2013 04:38:35 PM Eastern
Journal Broadcast Group reported second-quarter revenue from
television stations of $43 million -- 22.5% ahead of the same quarter last
year, and 6.9% up on a same-station basis, excluding the acquisition of WTVF
Nashville last year, as well as political spending.
Overall company revenue was $101.2 million, up 6.0% for the
"Journal Communications had a solid second quarter,
driven by revenue gains in our broadcast group, as well as improving
advertising revenue trends in publishing," said Steven J. Smith, chairman
and CEO of Journal Communications. "Operating earnings decreased 2.6% as
lower political revenue offset operating earnings increases in broadcast,
driven by NewsChannel 5 in Nashville, as well as higher earnings at our daily
"Within the Broadcast group, we continue to see core
revenue growth," he added. "On a same-station basis and excluding
political advertising, revenue was up 6%, with television up 7% and radio up
Second quarter revenue from Journal's radio stations increased
2.3% to $19.9 million. Overall broadcasting revenue was $62.9 million -- a gain
of 15.3% in the quarter. Publishing was down 6.5%.
The television segment's local advertising revenue,
excluding political, increased 43.2%, or 6.8% on a same-station basis, in the
quarter, while national ad revenue, excluding political, increased 31%, and
declined 1% on a same-station basis.
Journal expects third quarter broadcast revenue,
on a same-station basis excluding political, Olympic-related revenue and
retransmission revenue, to be up in the mid-single digits. This outlook, the
company notes, excludes "any potential negative impact" of the Time
Warner Cable negotiations. Journal stations in Milwaukee, Omaha and Green Bay
are off the air for TWC subscribers.