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Posts Tagged ‘Stephen M. Lacy’

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%.

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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.