Graham Holdings Broadcast Revenue Up 10%

Cable revenue down with fewer customers
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Graham Holdings’ broadcasting revenue was $88.3 in the second quarter, up 10% from the same quarter in the previous year. The former Post-Newsweek stations saw a $3.8 million increase in political advertising revenue and $4.6 million in increased retransmission revenues in the quarter.

The operating results exclude WPLG Miami, which Graham Holdings has sold and reclassified to discontinued operations.

Overall revenue for the second quarter was $878.6 million, up 1% from the second quarter of 2013. Operating income was $94.5 million in the second quarter, compared to $96.3 million in the second quarter of 2013.

Cable division revenue declined 2% to $200.8 million, due to 4% fewer customers and 7% fewer primary service units (PSUs). The division continues its focus on higher value and higher margin lines of business and customers, in particular high-speed data.

Graham’s education division saw virtually flat revenue of $547.2 million.

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