McGraw-Hill reported first quarter broadcasting revenue of $20.6 million, up 10.2% from the same quarter a year ago. Growth in automotive and service time sales and an increase in retransmission revenue offset the anticipated decline in political advertising, said the company.
Revenue for its Information & Media department, in which Broadcasting resides, was $227.5 million, 10.3% better than the previous first quarter. McGraw-Hill owns four ABC affiliates.
The company's overall net income for the quarter increased 16.2% to $120.0 million; revenue grew by 7.7% to $1.3 billion.
"A promising year is off to a solid start," said Harold McGraw III, chairman, president and CEO of The McGraw-Hill Companies. "We have started to realize the value of our newest segment, McGraw-Hill Financial, which produced strong growth and margin expansion in the first quarter.
Significantly, we were able to achieve a solid increase in first quarter earnings while making investments to build on our growing digital presence in education and position Standard & Poor's for stronger profit growth for the balance of the year."