Post-Newsweek Revenue Down 14% - Broadcasting & Cable

Post-Newsweek Revenue Down 14%

Lack of political drags down station group in Q4, while WaPo's cable is flat
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Post-Newsweek reported fourth quarter broadcasting revenue of $88.3 million, down 14% from the same quarter in 2010. For the fourth quarter of 2011, operating income declined 10% to $40.9 million. The decline in broadcast revenue is due primarily to the absence of political advertising revenue, which paced the 2010 numbers.

Fourth quarter revenue for parent Washington Post Co. was nearly $1.1 billion, down 10% from the same quarter in 2010. Operating income declined in the fourth quarter to $107.7 million, from $151.0 million in 2010. Revenues and operating results were down at the education, newspaper and broadcasting divisions, and flat at the cable television division.

Cable revenue totaled $190.8 million for the fourth quarter of 2011, a negligible decline from $191.3 million for the fourth quarter of 2010. The revenue results reflect continued growth of the division's Internet and telephone service revenues, offset by an increase in promotional discounts and a decline in basic video subscribers.

Newspaper publishing division revenue in the fourth quarter totaled $181 million, a 4% decrease from the fourth quarter of 2010.

Print advertising revenue at The Washington Post in 2011 declined 11% to $264.5 million.

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