Tegna Media announced fourth quarter revenue of $462 million, a 7% decrease from Q4 2014.
The loss is a result of a strong political quarter during the midterm elections in 2014, while this past quarter the company recorded $10.5 million in political, an 89% decrease. Excluding political, Tegna Media revenue was up 12% year over year.
The division recorded $296 million in core advertising revenue, a 7% increase. Tegna Media’s $120 million in retransmission revenue marked a 17% jump from Q4 2014, while online revenue saw a 15% boost to $31 million.
Operating expenses were up 3.5% to $255 million. Operating income amounted to $207.3 million, with adjusted EBITDA at $224.5 million. Tegna. reported a 16% increase in adjusted EBITDA.
Starting with 2016, the company moved to a calendar fiscal year from a 52-week fiscal year, meaning the fourth quarter was expanded an additional four days. That brought an extra $11 million in revenue to Tegna Media.
The company expects media segment revenues to grow 10-12% in Q1 with improved political advertising, retrans and digital revenue.
“We have accomplished a great deal over the last six months and we are well on our way to achieving the objectives we set forth at our Investor Day in June,” said Gracia Martore, president and CEO of Tegna. “We are more certain than ever that we have built a strong foundation for long-term growth and success. This, coupled with tail winds associated with the upcoming elections and 2016 Olympic Games, are expected to result in a banner year for Tegna.”
Tegna, which completed the $270 million sale of its corporate headquarters on Oct. 2, will stay in part of the building rent-free for 18 months.