Meredith reported fiscal fourth-quarter revenue of $62 million, a 22% decline from the $79 million posted in the previous fiscal fourth quarter. Operating loss for the fiscal year was $258 million, compared to an operating profit of $78 million in the prior year.
Meredith reported a 17% drop in broadcasting advertising revenues in fiscal 2009.
Meredith President/CEO Stephen M. Lacy chose to focus on the positive. "Despite a challenging advertising climate, we made significant progress on the performance improvement plan put in place at this time last year," he said. "We gained market share, grew new revenue sources, prudently managed our costs and cut debt by more than 20%."
Among other positive developments, revenues at Meredith Video Solutions rose more than 50% in fiscal 2009, and 20% in the most recent quarter. Retransmission consent revenue doubled for the year and rose nearly 75% in the fiscal fourth quarter, compared to the previous year's fourth quarter.
Meredith owns 12 TV stations, including WGCL Atlanta, along with a large number of magazines such as Family Circle.
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.
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.