Meredith reported Local Media Group revenues in the fiscal fourth quarter of $84.6 million, up 9% from the same quarter last year, thanks to growth in both political advertising and core advertising. Operating profit rose 42% for the broadcast group.
National media group revenue, covering Meredith's magazines, was up 5% in the quarter. Overall fiscal 2012 fourth quarter revenues grew 6% to $375 million.
"It was a solid quarter highlighted by the strengthening of important consumer touchpoints; continued excellent television advertising performance; and strong circulation metrics along with improving advertising in the National Media Group," said Meredith chairman/CEO Stephen M. Lacy.
The stations' non-political advertising revenues grew 6% to $69 million. Political advertising revenues were $3 million, compared to $1 million in the prior-year period. Digital ad revenue grew more than 55%.
Paul Karpowicz, Local Media Group president, shed some light on strategy. "As we look ahead, we've focused on driving continued growth in non-political advertising revenues; maximizing political advertising revenues; and protecting and growing retransmission-related revenues," Karpowicz said. "We will also continue to produce original programming and extend and monetize that content to digital and mobile platforms."
Local Media Group non-political advertising revenues are expected to be up in the low-single digits in the fiscal first quarter. Approximately one-third of the total fiscal 2013 political advertising revenue is expected to be recorded in Meredith's first fiscal quarter.