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Earnings

Q1 Earnings: Meredith Local Media Group Revenue Up 14%

meredith_1Meredith Corp. reported $98 million in local media group revenues during the first quarter of 2014, a 14% increase compared to the year-ago quarter.

Operating profit was up 11% to $27 million. According to Meredith, growth “was driven by increased retransmission-related revenues and strong performance from Meredith television stations in Nashville, Phoenix and Las Vegas.” Non-political advertising and digital advertising both increased, as did operating expenses.

“We’re pleased to deliver another quarter of record operating results,” Local Media Group President Paul Karpowicz said in a statement.  “We’re excited to have KMOV in St. Louis as part of the Meredith portfolio.  KMOV’s addition – along with improving non-political advertising, growth in digital advertising and an anticipated robust political advertising cycle – point to a strong calendar 2014 for our business.”

Q1 Earnings: Gannett Same-Station Revenue Up 19.6%

gannett logoGannett Co. reported a 19.6% increase in broadcasting revenues on a same-station basis for the first quarter of 2014.

The station group reported a 6.5% increase in core revenues, driven by $41 million of advertising associated with the Sochi Winter Olympics. This was partially offset by the loss of Super Bowl revenues that aired on CBS stations in the first quarter of 2013.

On a same-station basis, retransmission revenues were up 66.4%, totaling $87.5 million for the quarter. Political ad revenue was also up for the quarter, as were digital revenues in the broadcast segment.

“An outstanding performance by our new broadcast stations fueled double-digit increases in both revenue and profitability in our Broadcast Segment and contributed to total company pro forma revenue growth and a robust level of free cash flow in the first quarter,” Gannett CEO Gracia Martore said in a statement. “Our Broadcast group achieved exceptional ratings, particularly throughout the Sochi Winter Games as Gannett stations took the top two spots in prime time and in every Olympic day-part among major market NBC stations.”

Q4 Earnings: Tribune Broadcasting Revenue Drops 11%

tribune broadcastingTribune Co. reported broadcasting revenues of $267 million for the fourth quarter of 2013, an 11% drop compared to the $303 million in broadcasting revenues for the year-ago quarter.

The company attributed the decline to a $14 million drop in political advertising revenues in the off-election year and a $10 million decrease in barter revenues due to a decline in the estimated value of barter programming. The losses were partially offset by a $7 million increase in retransmission revenue, according to Tribune.

“Broadcasting revenue trends during the first three quarters were disappointing. However, in the fourth quarter, non-political core advertising revenue stabilized year over year. Our root challenges are definable and addressable and we have taken action. In the Publishing business, our operational actions have stabilized profitability and we are confident that we are building a solid foundation for this business’s future. Overall we are excited by our prospects for Q1 and full year 2014,” Tribune president and CEO Peter Liguori said in a statement.

Q4 Earnings: Gray TV Revenue Down 25%

Gray Television reported $95.6 million in revenue for the fourth quarter of 2013, a decrease of 25% compared to the year-ago quarter. Compared to the last non-election year fourth quarter (2011), however, the company’s revenue was up 13%.

Local, national and internet advertising revenue all increased for the quarter, as did retransmission revenue. As expected, political advertising revenue, consulting revenue and other revenue was down.

“I am proud of the significant strides the Company made in 2013, recording record results for an off political year.  Our results reflect our continued commitment to owning and/or operating top stations in our local markets, and to leveraging the benefits of our operational excellence in order to deliver value to our stockholders,” Gray CEO Hilton H. Howell Jr. said in a statement. “We also entered into a number of significant transactions in 2013, and we continue to work toward completing the successful acquisition and integration of these operations, which we believe will further strengthen our Company.”

Q4 Earnings: Journal Broadcast Group Revenue Down 13%

journal broadcast group logoRevenue for Journal Broadcast Group was $65.7 million in the fourth quarter of 2013, a 13.1% drop compared to the year-ago quarter. The drop was attributed to a lack of political ad revenue and Olympic revenue: political advertising was $0.4 million and Olympic advertising was $1.6 million for the full year of 2013, compared to $19.9 million and $38 million, respectively, in 2012.

On a same-station basis excluding the extra week of 2012 and political revenue, total revenue was up 10.6%, local revenue was up 2.1% and national revenue was up 11.4%. Retransmission revenue was also up: Journal Broadcast Group reported $5.9 million for the fourth quarter of 2013 compared to $2.9 million in the year-ago quarter.

“Journal Communications delivered a solid fourth quarter in a non-political year, driven by gains in core revenue in our broadcast group and improving advertising revenue trends in publishing,” Steven J. Smith, chairman and CEO of Journal Communications, said in a statement.

Q4 Earnings: Scripps Television Station Revenue Drops 24%

scripps-negThe E.W. Scripps Company reported $115 million in revenue from television stations during the fourth quarter of 2013, a decrease of $36.7 million compared to the year-ago quarter. The drop was attributed to a decline in political ad revenue in the non-election year.

For the quarter, Scripps reported a 15% increase in local advertising revenue and a 22% increase in national advertising revenue. Retransmission fees were also up, growing 42% compared to the year-ago quarter.

“Our growing television operations finished 2013 strong, rebuilding their core local and national advertising categories in the off year for political spending and delivering strong growth in retransmission revenue,” Scripps chairman, president and CEO Rich Boehne said in a statement. “We expect our core business to grow again in 2014, and with the expected strength in political advertising in the second half, television is set up for a good year.”

Q4 Earnings: Nexstar Net Revenue Up 19%

nexstar logoNexstar Broadcasting reported $138.1 million in revenue for the fourth quarter of 2013, an increase of +18.9% compared to the year-ago quarter.

Both local and national revenues increased compared to the fourth quarter of 2012: local revenue was up +42.7% and national revenue was up +59.5%. While political revenue was down in the non-election year, digital media and retransmission revenue both grew compared to the year-ago quarter.

“Our near- and long-term path to growth and the enhancement of shareholder value remains on plan and 2014 will see another period of record financial results as Nexstar will benefit from its expanded scale, new operating efficiencies and synergies related to recent and soon-to-be-completed acquisitions, the renewal in the 2013 fourth quarter of a significant number of retransmission consent agreements, an expansion of our digital media initiatives and the return of the political cycle and highly rated special event programming such as the winter Olympics,” Nexstar chairman and CEO Perry A. Sook said in a statement.

Q4 Earnings: Graham Holdings TV Revenue Down 11%

graham holdingsGraham Holdings Co., the parent company of the Post-Newsweek stations, reported $103 million in television broadcasting revenue in the fourth quarter of 2013, an 11% drop compared to the year-ago quarter.

Operating income was $51.9 million, a 17% decrease from $62.8 million in the fourth quarter of 2012. The company says the declines were due to a decrease in political revenue in the non-election year. Declines in revenue and operating income were partially offset by increased retransmission revenues.

Q4 Earnings: Sinclair Broadcast Revenue Up 33%

sinclair logoSinclair Broadcast Group reported net broadcast revenues of $382.3 million in the fourth quarter of 2013, a 33.2% increase compared to the year-ago quarter.

Operating income for the quarter was $103.3 million, a 13.3% drop compared to the fourth quarter of 2012. The decline was due to the absence of political revenue in the non-election year, as well as one-time acquisition costs and a loss on the sale of WSYT in Syracuse. Local net broadcast revenues were up 58.1% and national net broadcast revenues were down 14.2% because of the drop in political advertising.

“2013 was a historic year for us, including growing broadcast revenues 32.3% to a record-breaking $1.2 billion, and once again leading the industry on station acquisitions,” Sinclair president and CEO David Smith said in a statement. “During the year we closed on the purchase of 63 television stations and added over $1.0 billion in assets, which contributed $148.4 million in revenues in 2013.”

Q4 Earnings: LIN Media Net Revenue Down 6%

lin media logoLIN Media reported $183.9 million in net revenues for the fourth quarter of 2013, a 6% drop compared to the fourth quarter of 2012. Net political revenues were down significantly, from $45.5 million in Q4 2012 to $2.9 million in Q4 2013, in the non-election year.

Local revenues for the company, which include net local advertising revenues, retransmission consent fee revenues and station website revenues, were up 14% year-over-year for the quarter. Net national revenues and interactive revenues were also up, increasing 10% and 107%, respectively, compared to the fourth quarter last year. Operating income was down 61%.

“Significant growth of our digital media business and pay TV subscriber fees helped offset comparisons to the prior year
when we earned record political revenues. Excluding political revenues, we increased net revenues by 20% in the fourth quarter
and 35% for the full year,” LIN Media CEO Vincent L. Sadusky said in a statement. “Looking ahead, we are confident in the evolution of our company and our ability to capitalize on our recent acquisitions, this year’s non-presidential elections and the winter Olympics.”

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