McGraw-Hill reported first quarter broadcasting revenue of $20.6 million, up 10.2% from the same quarter a year ago. Growth in automotive and service time sales and an increase in retransmission revenue offset the anticipated decline in political advertising, said the company.
Revenue for its Information & Media department, in which Broadcasting resides, was $227.5 million, 10.3% better than the previous first quarter. McGraw-Hill owns four ABC affiliates.
The company's overall net income for the quarter increased 16.2% to $120.0 million; revenue grew by 7.7% to $1.3 billion.
"A promising year is off to a solid start," said Harold McGraw III, chairman, president and CEO of The McGraw-Hill Companies. "We have started to realize the value of our newest segment, McGraw-Hill Financial, which produced strong growth and margin expansion in the first quarter.
Significantly, we were able to achieve a solid increase in first quarter earnings while making investments to build on our growing digital presence in education and position Standard & Poor's for stronger profit growth for the balance of the year."
The smarter way to stay on top of broadcasting and cable industry. Sign up below.
Thank you for signing up to Broadcasting & Cable. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.