Hearst-Argyle Television Inc., Belo Corp., Meredith Corp. and ACME Communications Inc. all reported double-digit
gains in TV revenue for the third quarter.
Cash-flow gains were also substantial. Hearst-Argyle reported a 22 percent
revenue gain to $176.5 million, while cash flow leaped 57 percent to $74.2
Belo reported an 18 percent gain in TV revenue to $158.7 million with a 44
percent cash-flow gain to 64.5 million.
Meredith said TV revenues were up 14 percent to $64.2 million while cash flow
soared 52 percent to $15.4 million.
ACME reported a 20 percent revenue gain to $20 million while cash flow
climbed 16 percent to $4 million.
Political was a big factor for all of the groups but ACME. Hearst-Argyle got $23
million in political for the quarter, and it estimated that full-year political will
exceed the $57.7 million it generated in 2000.
Belo generated a little more than $11 million in political for the quarter,
and it said it would generate a bunch more in the month leading up to the election --
spot dollars for the group will be up 30 percent for October and in the high-teens for the fourth quarter.
While political is helping a lot, executives at all of the groups said the
underlying business is also growing significantly and should continue to do so
through the end of the year.