With a drop in Super Bowl and political money, Tegna Media Q1 2017 revenues hit a flat $446 million, up less than 1% year-over-year, the group reported Tuesday.
During the three months ending March 31, Tegna's retransmission consent revenue rose $35 million and digital money was up $4 million over the previous year, the group said.
Total revenue, however, was impacted by “significantly lower” political advertising and the Super Bowl’s move to Fox affiliates from CBS affiliates the year before, Tegna said. Media group revenues were up 5.9% when the impact of those segments were not factored in the equation.
Media Segment operating expenses were $306.7 million compared to $273.5 million in the first quarter of 2016. The increase was primarily due to substantially higher programming fees and continued investment in growth initiatives, Tegna said.
Media Segment expenses on a non-GAAP basis were up 15.6 % compared to the first quarter of 2016. Operating income totaled $139.6 million, while on a non-GAAP basis operating income in the quarter was $142.2 million. Adjusted EBITDA in the quarter was $160.1 million.
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