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Meredith Local Media Sees Record Profits

Meredith Corporation’s Local Media Group has announced record growth in revenue and operating profit for the second quarter and first half of fiscal 2013.

For the first six months of fiscal 2013, revenue for the company’s local media group rose nearly 30 percent to $198 million while operating profit rose nearly 90 percent to $72 million.

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“We continued to excel at our goal of delivering compelling content to viewers across broadcast, digital and mobile media platforms,” said Local Media Group president Paul Karpowicz.  “At the same time, we did a great job monetizing the strength of our audience, as local over-the-air television once again demonstrated its unique ability to build brands and deliver unmatched results for advertising clients.”

The uptick was fueled in part by political advertising from last year’s election.  Net revenue for political ads contributed a record $38 million to the company’s coffers with Meredith owned KVVU, the Las Vegas FOX affiliate , WFSB, the CBS affiliate for Hartford, CT, and KPHO, the CBS affiliate in Phoenix leading the station group.

Total company revenue for Meredith Corporation also rose.  It was up 10 percent to $361 million.

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