TVNewser LostRemote AgencySpy PRNewser FishbowlNY FishbowlDC SocialTimes AllTwitter AllFacebook InsideFacebook InsideSocialGames InsideMobileApps

Posts Tagged ‘Warren Buffet’

Q2 Earnings: Graham Media Group Revenue Up 10%

GrahamHoldingsLogo-jpgGraham Media Group (formerly the Post-Newsweek stations) reported $88.3 million in television broadcasting revenue during the second quarter of 2014, a 10 percent increase on the year-ago quarter.

Operating income for the quarter was up 12% to $44.1 million. The station group says the increase in revenue and operating income  “is due to a $6.9 million increase in political advertising revenue, $9.5 million in incremental winter Olympics-related advertising revenue at the Company’s NBC affiliates and $9.3 million in increased retransmission revenues.”

The company’s second quarter earnings exclude WPLG, the ABC affiliate in Miami, which was recently sold to Warren Buffet‘s Berkshire Hathaway.

Mediabistro Course

Mediabistro Job Fair

Mediabistro Job FairLand your next big gig! Join us on January 27 at the Altman Building in New York City for an incredible opportunity to meet with hiring managers from the top New York media companies, network with other professionals and industry leaders, and land your next job. Register now!
 

Warren Buffett’s Berkshire Hathaway to Acquire WPLG From Graham Holdings

WPLG_Local_10_ABCWarren Buffett is adding a television station to Berkshire Hathaway’s media portfolio: the company will acquire WPLG, the ABC affiliate in Miami, from Graham Holdings Co.’s Post-Newsweek station group.

In addition to WPLG, the deal includes Berkshire shares currently held by Graham Holdings Co. and cash. The amounts of both will be determined on the closing date, Berkshire Hathaway says.

“Warren Buffett’s 40-year association with our company has been extremely good for our shareholders. Naturally, the deal that we have put together is one that will be good for both companies,” said Donald E. Graham, chairman and CEO of Graham Holdings. “We thank our longtime  colleagues at WPLG for their enormous contributions and congratulate them on the opportunity to join one of the greatest companies in America.”

WPLG is one of the Post-Newsweek Stations named for the Graham family, which has controlled the company since 1933: the call letters for WPLG in Miami are for Philip Leslie Graham, Donald Graham’s father and the former publisher and and co-owner of The Washington Post.

In 2008, Post-Newsweek reached a deal to acquire WTVJ in Miami from NBCUniversal. The deal was later called off due to a “delay in receiving the necessary regulatory approval.”