Journal Communications reported fourth quarter revenue of $122 million, up 13.6% over the same quarter in the previous year. Television revenue of $60 million was up nearly 33%, while radio was up 7.7% to $22.1 million. Journal's publishing revenue was down 4%.
Journal changed its fiscal year to a calendar year effective in the fourth quarter of 2014, adding three days to the most recent fourth quarter. Excluding the change in the fiscal year, television revenue increased 29.9%.
While local and national TV revenue were flat, retransmission revenue, up 65.2%, and political revenue paced Journal to a "solid" quarter, said Steven Smith, chairman and CEO.
"Results were driven by political and issue advertising, gains in retransmission revenue and local revenue growth in radio," he said. "Consolidated revenue of $122 million was up 13.6% compared to 2013, though up 11.1% excluding the change in our fiscal year in 2014."
Journal's overall 2014 revenue was $428.4 million, up 7.8% over the previous year.
The company is working on a merger with Scripps that will separate print and broadcast outfits into separate companies. Shareholders in both Scripps and Journal have signed off on the pact.
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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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