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.”
(Photo via Ervins Strauhmanis's Flickr. Image taken on Sept. 19, 2014 and used per Creative Commons 2.0 license. The photo was cropped to fit 3x4 aspect ratio.)
