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Journal Communications Television Revenue Up 2.2% - Broadcasting & Cable

Journal Communications Television Revenue Up 2.2%

Acquisition of WTVF helped, blackout from Time Warner Cable did not
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Journal Communications reported third quarter television revenue of $39.8 million, up 2.2% over the same quarter a year ago. Excluding political and Olympic revenue of $11.3 million in 2012, revenue from television stations increased 42.8%, or 5% on a same-station basis.

Journal's local advertising revenue increased 40.9%, while national advertising revenue increased 35.1%.

Revenue from powerhouse WTVF Nashville, which Journal acquired in December 2012, helped make up for the relative absence of political cash.

Overall company revenue was $97.7 million, virtually flat with the same quarter a year before.

"Journal Communications had a solid third quarter, driven by continued improving advertising revenue trends in publishing, as well as revenue gains in our broadcast group," said Steven J. Smith, chairman and CEO of Journal Communications.

A blackout involving Time Warner Cable subscribers this past summer hampered revenue performance. "Although we were challenged by a protracted retransmission consent agreement negotiation with Time Warner Cable, which took our television stations off of their system in four of our markets for eight weeks, we are pleased with the result of the negotiation," said Smith.

Broadcasting revenue, including radio, increased 2.7% to $60.4 million, though it declined 15.2% on a same-station basis due to lower political and Olympic revenue.

Revenue from radio stations increased 3.5% to $20.6 million, or 4.9% excluding political revenue. Publishing revenue decreased 3.7% to $37.7 million.

On a same-station basis excluding political and the extra week in 2012, Journal expects total broadcast revenue to be up in the mid-single digits in the fourth quarter.

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