Gannett Broadcast Revenue Up 22%

"Substantially higher" TV revs pace media giant
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Gannett Broadcasting revenues were $185.3 million in the third quarter, a 22.3% climb over the same quarter a year ago. The broadcast division includes Gannett's 23 stations and the Captivate elevator TV network.

Television revenue alone was $179.6 million, well up from the $145.2 million Gannett reported at the same point last year, reflecting strong core advertising and political spending.

"We closed the revenue gap this quarter with sequential improvement in publishing revenues as well as substantially higher broadcasting and digital revenues despite increased economic uncertainty," said Gannett Chairman/CEO Craig Dubow. "We achieved significantly higher profitability and operating cash flow as a result of our revenue performance and lower operating expenses driven by continued cost control efforts. Reflecting our strong footprint and ratings, our television business achieved substantial revenue growth both in its core business and in political ad spending."

Gannett's sizeable publishing division, which includes USA Today, reported operating revenues of $969.4 million in the quarter, down almost 5% from the $1 billion the segment reported in the third quarter last year.

The company's overall net income was $124.7 million, up 20.8% from the third quarter last year.

Gannett says it expects TV advertising revenues to be up in the mid to high 20s, in terms of percentage, for the fourth quarter, though the unpredictable political landscape could swing things in either direction. 

Gannett's 23 stations include KUSA Denver and WUSA Washington.

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