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Graham Media Up 25% in 3Q

Graham Media Group’s broadcast revenue rose 25% to $112.4 million during 3Q 2016, the company announced Wednesday.

The revenue increase was driven by $13 million in Summer Olympics ad spending, a $7.2 million increase in political, and an additional $4.4 million in retransmission revenue.

Operating income for the third quarter of 2016 increased 46% to $59.2 million, from $40.5 million in the same period of 2015. The increase in operating income is due to the revenue increase, offset by higher spending on digital initiatives and increased network fees.

Third-quarter activity brings revenue for the first nine months of 2016 to $300.9 million, up 14% from 2015. In May, Graham announced its agreement with Nexstar Broadcasting to buy WCWJ, the CW affiliate in Jacksonville, Fla., and WSLS, the NBC affiliate in Roanoke, Va. for $60 million in cash.