Graham Holdings Company reported television broadcasting revenue of $90.8 million in the second quarter, up 3% from the same quarter a year before thanks to a retransmission revenue gain. Operating income in the quarter was down 5% for the Graham Media Group stations, due to an increase in spending on digital initiatives, said the company.
Graham sold WPLG Miami in the second quarter of 2014.
Graham Media Group is the name of the former Post-Newsweek stations, the name change coming after the sale of the Washington Post, as well as Newsweek.
Graham Holdings reported overall second quarter revenue of $879.6 million, up 1% from the second quarter of 2014. The company reported operating income of $88.9 million for the quarter, compared to $101.6 million in the second quarter of 2014.
Cable division revenue declined 1% in the second quarter of 2015 to $198.7 million, due to 4% fewer customers and 8% fewer Primary Service Units (PSUs). Cable operating income declined 18% in the second quarter to $38.4 million.
On July 1, 2015, Graham completed the spinoff of Cable ONE as an independent, publicly traded company.
Graham’s education division revenue totaled $523.6 million, down 4% from the same period of 2014.
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