Meredith Corp. reported fiscal first quarter revenue of $76 million in its TV group, a 25% improvement over the same quarter a year ago. The Local Media Group's operating profit was $17 million, well ahead of the $2 million posted a year ago.
Overall Meredith revenue was $344 million in the quarter, up 4%.
Television spot advertising revenue grew 27%, including $12 million in net political advertising and an 8% increase in non-political advertising.
"We're off to a great start in fiscal 2011, with first quarter profit growth of 40% driven by record demand for political advertising, as well as strong non-political advertising growth at our Local Media Group properties," said Meredith Chairman/CEO Stephen M. Lacy.
Lacy was particularly heartened by Local Media, which is comprised of 12 TV stations. "We continue to deliver strong advertising revenue growth, including the development and successful execution of innovative sales programs targeting non-traditional local television advertisers," Lacy said. "Local broadcast television remains the most effective way for advertisers to efficiently reach large consumer audiences and drive them to retail."
Meredith forecasts fiscal second quarter non-political advertising revenue to increase in the low to mid single digit range.
Local Media Group President Paul Karpowicz will be inducted into the B&C Hall of Fame Oct. 27.
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