Meredith, which owns 12 stations across the country, announced its second quarter earnings today, reporting a 13.5% drop in revenue for its local media group.
Meredith’s local unit took in $84 million for the period, compared to $97 million for its Q2 last year. The company attributes the decline to a decrease in political advertising compared to a year ago–Meredith recorded $21 million less of political advertising revenue for the quarter.
Non-political advertising revenues rose 9% in the second quarter, with Meredith’s stations in Atlanta (WGCL), Hartford (WFSB), Las Vegas (KVVU), and Portland (KPTV) performing the best. Read more