Graham Holdings Company reported a 3% increase in revenue from its television broadcasting division Thursday, from $87.4 million in the third quarter of 2014 to $89.7 million this past quarter.
The company — which owns TV stations in Detroit, Houston, Orlando, San Antonio and Jacksonville — attributed the increase to $4.8 million in higher retransmission revenues as well as overall boost in advertising revenue, including automotive. The total increases negated the $8.9 million decrease in political advertising revenue, given that Q3 2014 came just before the midterm elections.
Operating income fell 10% to $40.5 million for the quarter as a result of more spending on digital initiatives and jumps in network fees.
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