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Posts Tagged ‘Meredith’

Meredith Reports 9.2% Drop in Local Media Revenue

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%. Read more

Meredith Celebrates Political Advertising Record

“Fiscal 2011 was a year of revenue gains and strong growth,” announced Meredith chairman and CEO Stephen M. Lacy in reporting his company’s annual financial results today.

Meredith’s local media group, which encompasses 12 stations and their websites, saw respectable gains in fiscal 2011, driven by an overall increase in automotive advertising as well as a big boost from political advertising. Meredith set a company record for political advertising revenues last year with $35 million, sparked by strong spending at stations in Hartford, Las Vegas, Portland, and Kansas City.

Non-political advertising revenues were up 4% for the year at $256 million.

For the fourth quarter, Meredith’s local media group saw revenues of $78 million–a $1 million increase over the same period last year. Although political advertising dipped $3.2 million from Q4 2010, non-political advertising was up 3%.

Meredith Announces Strong Local Media Growth

Meredith Corporation reported its fiscal 2011 third quarter earnings today, announcing that its Local Media Group saw a 5% gain in non-political advertising revenues on top of a 16% gain compared to the same period a year ago.

Meredith chairman and CEO Stephen Lacy said that the local media division, which includes 12 stations across the country, posted “solid growth” in the quarter.

Looking forward to the next quarter, Lacy pointed out that on March 28th, Meredith’s Atlanta CBS-affiliate (WGCL) began managing the day-to-day operations of Turner Broadcasting’s Peachtree TV (WPCH).  “This strategic partnership with Turner provides Meredith with access to a larger share of the growing Atlanta advertising marketplace because of Peachtree’s younger viewership; a strong lineup of sports programming; and increased inventory in both access and prime-time dayparts,” Lacy said.  “Additionally, it raises our overall profile in Atlanta, the No. 8 television market in the country.”

Dave Ward Appointed News Director of WSHM

WSHM, a CBS-affiliate serving the Springfield area of western Massachusetts, announced this week that Dave Ward would lead its newsroom.

Ward, who most recently worked as assignment manager at WFSB in the nearby Hartford-New Haven market, succeeds Doug Lezette as news director.  Lezette left WSHM earlier this year to join Providence’s WJAR.

“Dave’s depth of experience and talents will enhance CBS 3 Springfield’s continued growth and success,” said WSHM (channel 3) station manager John Hesslein. “He has played a major role in developing strong and lasting community relationships in Connecticut and I look forward to that same success in Springfield.”

Ward, a native of Massachusetts, said that he is looking forward to working with the “talented professionals” at WSHM to “engage the community with a wide range of stories.”

Both WSHM and WFSB are owned by Meredith.

Doreen Wade Named VP-GM of WSMV

Doreen Wade has been named vice president and general manager of Nashville’s WSMV. Meredith, which owns the NBC-affiliate, announced today that Wade would succeed longtime station boss Elden Hale, who’s retiring this month.

“Doreen possesses extensive local experience and a successful track record in broadcasting management. She is a loyal and committed leader, and I have no doubt that she will mesh well with our dedicated employees at WSMV,” said Paul Karpowicz, president of Meredith’s Local Media Group, in announcing the move.

Most recently Wade served as president of Freedom Broadcasting, which owns eight stations across the country including West Palm Beach’s WPEC, where she previously worked as vice president and GM.

“WSMV-TV has a long history of strong ratings and service to the people of Mid-Tennessee,” said Wade. “I look forward to continuing this legacy.”

Meredith Local Media Revenue Up 30%

Meredith Corp., which owns 12 local stations across the country, announced today that revenue for its Local Media Group is up nearly 30% from a year ago.

Meredith reported results for its second quarter and the numbers show that local TV stations continue to provide steady gains for broadcasting companies.

Meredith’s Local Media Group brought in $97 million during the quarter, with an operating profit of $39 million.

Meredith chairman and CEO Stephen M. Lacy said that the company is “extremely pleased” with the results and predicts “continued long-term growth.”

Much of the success can be attributed to a spike in political advertising.  Meredith owns stations in areas that were key battlegrounds during the 2010 election season, including KVVU in Las Vegas and WFSB in Hartford.  Non-political advertising, however, was up 3% from last year.

Meredith Strikes Deal to Manage Day-to-Day Operations of Atlanta’s WPCH

Meredith Corp. announced today that it has entered into an agreement to manage the day-to-day operations of Atlanta’s WPCH, known popularly as Peachtree TV.

Meredith, which owns Atlanta CBS-affiliate WGCL, will begin managing the Turner Broadcasting-owned independent station by the end of 2011′s first quarter. The plan is for WGCL to oversee WPCH’s operations, including advertising sales and marketing.

“This strategic partnership provides our advertisers new and innovative ways to reach their target audiences and will generate additional local advertising revenues for both stations,” said Paul Karpowicz, president of the Meredith Local Media Group.

Peachtree TV launched in 2007 and is probably best known to local viewers for its sports coverage, including Atlanta Braves baseball games.

Peachtree employees will be given the opportunity to interview for positions with Meredith. Read more

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