Broadcasting Group booked $25.3 million in revenue in the second
quarter, a 24% gain over the same quarter a year ago. "Increases in
national, local and political advertising
all contributed to the improved performance," the company said in a
McGraw-Hill's overall Information & Media sector reported a 5.1% decline in revenue for the quarter.
The company, whose
portfolio includes publishing, financial services, and four ABC
affiliates, among other assets, reported net income
of $191.1 million for the second quarter, a 16.4% increase over the
same quarter in 2009. Revenue was up .6% to $1.5 billion.
"Solid results in the U.S.
college and university market, a strong performance by Standard &
Poor's indices, and strength in the global energy information market
helped offset some
softening in credit market services in the second quarter," said The
McGraw-Hill Companies Chairman/President/CEO Harold McGraw III.
McGraw offered a conservative forecast for the rest of the year.
"Our previous earnings per diluted share guidance for 2010 was
$2.55 to $2.65," he said. "Due to choppiness in some of our key markets,
we now expect to finish the year at the low end of that range."
McGraw-Hill's TV holdings are comprised of KGTV San Diego, KERO Bakersfield, KMGH Denver and WRTV Indianapolis, and a
quartet of Azteca America affiliates.
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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