Post-Newsweek Revenue Up 24% - Broadcasting & Cable

Post-Newsweek Revenue Up 24%

Broadcast paces Graham Holdings to slight gain; cable revenue up 2%
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Post-Newsweek revenue was $85.7 million in the first quarter, up 24% from the same quarter a year before. Operating income for the television segment in the first quarter was up 52% to $44.4 million. The gains are attributable to a $3.1 million increase in political advertising revenue, $9.5 million in Winter Olympics-related advertising revenue at the company's NBC affiliates and $4.7 million in increased retransmission revenues.

The results exclude WPLG Miami, which has been reclassified to discontinued operations following the agreement to sell the station to Berkshire Hathaway.

Parent Graham Holdings’ first quarter revenue was $840.6 million, up 2% from the first quarter of 2013. The company reported operating income of $79.5 million in the first quarter, compared to $47.1 million in the first quarter of 2013. Revenues increased in the broadcasting and cable divisions, while the education division was flat.

Cable revenue increased 2% in the first quarter to $203.9 million, due to growth of the division's Internet and commercial sales revenues, recent rate increases for many subscribers and a reduction in promotional discounts. The increase was partially offset by a 2% decline in total customers.

Cable division operating income grew 12% in the first quarter to $41.2 million.

The former Washington Post Co. sold its flagship newspaper to Jeffrey Bezos in 2013.

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