Meredith Corp.'s Local Media Group reported total revenue of
$61 million in its fiscal first quarter, off 13% from the $70 million it posted
last year. Non-political revenues were down 7%, compared to the same quarter
Meredith said its retransmission consent revenues "nearly
doubled in the first quarter of fiscal 2010 from the prior-year period,
reflecting Meredith's successful renegotiation of retransmission agreements
with all seven of the major cable operators in its markets."
"We're encouraged by the progress made by our Local
Media Group in the first quarter of fiscal 2010," said Meredith
President/CEO Stephen M. Lacy. "Advertising continued to improve as the
quarter progressed, and we grew other sources of revenue, including
retransmission fees and video production activities."
Meredith's total revenues were $332.4 million for the
quarter, down from $364 million in the fiscal first quarter last year.
Lacy said the media giant, which owns dozens of magazines,
was on the right course.
"We continued to make meaningful progress on the key elements
of our performance improvement plan," he said. "Advertising revenues
across our core businesses outperformed both the magazine and television
industries in the quarter."