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.”
Michael Malone, senior content producer at B+C/Multichannel News, covers network programming, including entertainment, news and sports on broadcast, cable and streaming; and local broadcast television. He hosts the podcasts Busted Pilot, about what’s new in television, and Series Business, a chat with the creator of a new program, and writes the column “The Watchman.” He joined B+C in 2005. His journalism has also appeared in The New York Times, The Philadelphia Inquirer, Playboy and New York magazine.
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