Meredith Local Media revenue grew 26% to $123 million in the fiscal third quarter, a record high for the group. Operating profit excluding special items and adjusted EBITDA grew to $32 million and $42 million, respectively. Growth was driven by the additions of KMOV St. Louis, KTVK Phoenix, WALA Mobile-Pensacola, and WGGB Springfield (Mass.) to the group. Meredith also posted higher net retransmission contribution.
Meredith’s station group saw non-political advertising revenues grow 26% to $88 million, thanks again to the acquisitions.
Overall company fiscal third quarter revenues were $398 million, an 8% gain.
"We're pleased to deliver solid third-quarter results, including record digital performance, while aggressively integrating the newly-acquired Shape brand and our other recent portfolio additions," said Meredith chairman and CEO Stephen M. Lacy. "Equally important, we continued to demonstrate our ongoing commitment to Total Shareholder Return by raising our dividend 6%."
Meredith’s national media revenues, including its magazines, were $275.3 million, ahead of the previous third quarter’s $269.7 million.
Total company digital advertising revenue grew more than 55% in the quarter.
Local Media Group revenues are expected to be up mid-teens in the fiscal fourth quarter, said Meredith.
The television industry's top news stories, analysis and blogs of the day.