Meredith reported $111 million in Local Media Group revenues for the second calendar quarter (fiscal fourth quarter) of 2014, an increase of 20 percent compared to the year-ago quarter.
Operating profit for the quarter was $25 million, compared to $28 million in the prior-year period. For fiscal 2014, operating profit was $113 million and revenues were up 7 percent to a record $403 million, according to Meredith.
“We delivered record revenues and operating profit for a non-political year,” Local Media Group President Paul Karpowicz said in a statement. “We’re excited to add KTVK in Phoenix and KMOV in St. Louis to the Meredith portfolio, and look forward to having WGGB in Springfield join our group. The addition of these stations – along with increasing retransmission revenues, growing non-political advertising, rising digital advertising and the upcoming political advertising cycle – point to a strong fiscal 2015 for our business.”