Meredith reported results for the first quarter of its fiscal year this morning, announcing a drop in revenue for the company’s local media group.
Meredith, which owns 12 stations across the country including WGCL in Atlanta and KPHO in Phoenix, reported $69 million in total revenues for its local media group, compared to $76 million brought in during the same period last year.
In announcing financial results for the quarter, Meredith was quick to point out that its TV stations recorded approximately $11 million less in political advertising revenues than in the same period last year. Excluding political advertising, revenues rose 3%.
“We were able to leverage our strong news ratings to drive advertising growth across our largest categories and markets,” said Meredith chairman and CEO Stephen Lacy.
Automotive advertising increased 4% for the quarter and digital revenues were up 25%.