Graham Media Group, formerly Post-Newsweek Stations, reported third quarter revenue of $87.4 million, 19% ahead of last year’s third quarter revenue. Operating income for the third quarter was up 37% to $45 million. The increases are due to a $9.5 million increase in political advertising revenue and $4.7 million in increased retransmission revenues.
The television broadcasting operating results exclude WPLG Miami, which Graham Media Group dealt to Berkshire Hathaway.
Parent Graham Holdings’ third quarter revenue was $898.9 million, up 5% from the third quarter of 2013. The company reported operating income of $81.3 million in the third quarter, compared to $78.9 million in the third quarter of 2013.
Revenues in the education division, at $543.9 million, were flat.
Cable division revenue declined 3% in the third quarter to $195.7 million, due to 3% fewer customers and 7% fewer Primary Service Units. Cable division operating income grew in the quarter to $40.1 million.
The cable division continues its focus on higher margin businesses, said Graham Holdings, specifically high-speed data and business sales. Cable is also focused on “higher lifetime value customers who are less attracted by discounting, require less support and churn less.”
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