Meredith Local Media posted $78 million in revenue in the fiscal third quarter, up 10% from the same quarter last year. The station group's operating profit was a record $23 million, compared to $13 million in the year-ago period.
Non-political advertising grew 5% in the quarter, with stations in Las Vegas, Phoenix and Nashville showing strongest growth. Automotive advertising at the Meredith stations grew 4%.
"Our Local Media group is doing an excellent job of increasing ratings and translating them into advertising revenues, consistently ranking us among the leading station groups in advertising revenue gains," said Meredith Local Media Group President Paul Karpowicz. "Additionally, we are augmenting results with revenues from Meredith Video Studios, operation of Turner's Peachtree TV in Atlanta, and retransmission consent fees from subscription television operators."
Local Media Group non-political advertising revenues are currently pacing up in the mid-single digits for fourth quarter.
Meredith's overall revenues for the quarter were $346 million, better than last year's $339 million.
Stephen Lacy, chairman and CEO, singled out the TV group.
"We are very pleased with the ongoing strong performance of our local television business, and encouraged by improving national media advertising trends as calendar 2012 progresses," he said. "We continue to accelerate the execution of digital and video initiatives across our businesses, including expanding our tablet offerings, introducing new mobile apps, and increasing original video programming."
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