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Meredith Posts 3% Revenue Gain

Meredith reported fiscal third quarter revenues of nearly $71 million in its Local Media Group, around a 3% increase over the $68.76 million it posted in the same quarter a year ago. Non-political advertising revenues increased 5% to $64 million.
"The Local Media Group, Meredith Integrated Marketing and Brand Licensing all posted solid growth in the third quarter," said Meredith Chairman and CEO Stephen M. Lacy. "As previously communicated, National Media Group advertising revenues were lower. We believe this was primarily due to belt-tightening by certain advertising clients facing sharply higher commodity prices."
For the first nine months of fiscal 2011, Local Media Group operating profit was $69 million, more than double the $32 million earned in the year-ago period. Revenues were $244 million, up nearly 20% from a year ago.
During the quarter, Meredith's daily lifestyle show Better launched in Boston and now reaches eight of the Top 10 markets.
Meredith also cited its agreement for WGCL Atlanta to manage Turner's WPCH "Peachtree TV" as a boost to earnings. "This strategic partnership with Turner provides Meredith with access to a larger share of the growing Atlanta advertising marketplace because of Peachtree's younger viewership; a strong lineup of sports programming; and increased inventory in both access and prime-time dayparts," said Lacy. "Additionally, it raises our overall profile in Atlanta, the No. 8 television market in the country."
The Local Media Group is pacing up in the mid-single digit range for the fiscal fourth quarter.