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Earnings

Q3 Earnings: Tribune Broadcasting Revenue Dips 6%

Tribune_buildingTribune Company reported $248 million in broadcasting revenues for the third quarter of 2013, a -6% drop compared to the year-ago quarter.

The company attributed the decline to a $9 million decrease in advertising revenue, mostly at WGN in Chicago and WPIX in New York. The declines were partially offset by higher retransmission revenues, Tribune says.

“While we are pleased with the progress we have made on key strategic initiatives in the  third quarter, our financial results in the period did not meet our expectations,” Tribune president and CEO Peter Liguori said in a statement. “We are taking targeted actions to position our broadcasting stations for profitable growth and look forward to consummating the pending acquisition of Local TV.”

Q3 Earnings: Gray Revenue Down 14%

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Gray Television reported $88.3 million in revenue for the third quarter of 2013, a -14% drop compared to the year-ago quarter. The station group attributed the decline to the lack of Olympic advertising revenue and political revenue.

Local advertising revenue, internet advertising revenue and retransmission revenue were all up compared to Q2 2012. National advertising revenue, political advertising revenue and other revenue were down year-over-year.

“We are pleased with our operating results for the third quarter of 2013. We experienced period over period increases in local advertising, internet advertising and retransmission consent revenue. Our period over period decrease in total revenue was primarily due to the expected decrease in political advertising revenue during the “off-year” of the two-year political advertising cycle,” Gray said in a statement.

Q3 Earnings: Sinclair Net Broadcast Revenues Up 35%

sinclair logoSinclair Broadcast Group reported net broadcast revenues of $303 million for the third quarter of 2013, a +34.7% increase compared to the year-ago quarter.

Net income was $36.3 million for the quarter, up from $26.2 million in the third quarter of 2012. In the non-election year, political revenues were $2.7 million, down from $27.8 million in the year-ago period. Local net broadcast revenues were up +53.3%, while national net broadcast revenues were down -7%. In terms of advertising, automotive, services, grocery, media, furniture and home products were up on a same-station basis, while telecommunications and paid programming were down.

“We are pleased with our solid third quarter results and expect to continue to grow our revenue share and provide additional value to our shareholders through our station acquisitions and the synergies and efficiencies of scale that we are creating as we continue to consolidate,” SBG president and CEO David Smith said in a statement. “…As we look ahead, we are beginning to assess other possible avenues for growth after the after the industry consolidates, including enhancing our original content offerings and distribution, the pursuit of strategic partnerships and monetizing spectrum holdings, all with the intent of creating additional value for our shareholders.”

Q3 Earnings: LIN Media Net Revenues Up 23%

lin media logoLIN Media reported $163.1 million in net revenues for the third quarter of 2013, an increase of +23% on the year ago quarter.

Local revenues, including net local advertising revenues, retransmission revenues and station website revenues, were up +44% to $105.5 million. Net national revenues increased +26% to $32.8 million. Political revenues were down in the non-election year, as was operating income.

“We achieved another quarter of significant growth in revenues from our digital businesses and pay TV subscriber fees and our core time sales continue to gain momentum. Excluding record political revenues and our estimate of incremental Olympic revenues in 2012, core advertising revenues increased 3% on a same station basis in the third quarter,” LIN Media president and CEO Vincent L. Sadusky said in a statement.

Q3 Earnings: Nexstar Net Revenue Up 40%

nexstar logoNexstar Broadcasting reported $125.8 million in net revenue for the third quarter of 2013, an increase of +39.8% compared to the year-ago quarter.

Local revenues rose +42% and national revenues were up +48% year-over-year. Political revenues were down -90% in the non-election year, but retransmission revenue, digital media revenue and trade and barter revenue were all up for the quarter.

“Since the Company’s initial public offering ten years ago, through accretive acquisitions Nexstar has grown from 42 stations that it owned, operated, programmed and provided services to, and we have consistently enhanced the operating results of acquired stations as reflected by our long-term record of free cash flow growth on a two year cycle,” Nexstar CEO Perry A. Sook said in a statement.

Q3 Earnings: Media General Station Net Revenue Down 16%

media generalMedia General reported a $78.5 million in station net revenue for the third quarter of 2013, 16.4% drop compared to the year-ago quarter. As with other station groups, the decline was attributed to a drop in both political and Olympics revenue.

Operating income was $8.2 million, down from $22.5 million in Q3 2012. Retransmission revenue increased 41% for the quarter, with local and national advertising also growing 7.6%.

“Media General looks forward to completing our merger with Young Broadcasting. We’ve worked actively with Young management for the past several months to ensure a smooth transition. On November 7, 2013, we will hold a Special Shareholders Meeting to consider and vote on matters necessary to complete the merger. Assuming the FCC has approved our license transfers before our shareholders meeting, we plan to close the transaction very shortly thereafter,” George L. Mahoney, president and CEO of Media General, said in a statement.

Q3 Earnings: Journal Broadcast Group Revenue Up 2%

journal broadcast group logoJournal Broadcast Group reported $39.8 million in revenue from television stations for the third quarter of 2013, an increase of 2.2% on the year-ago quarter. Excluding political and Olympic revenue, the company reported a 42.8% increase in revenue from television stations.

Local advertising revenue increased 40.9%, largely due to increases in automotive and supermarket advertising, while national advertising revenue increased 35.1%. Operating earnings decreased 53.8% to $4.6 million, which Journal attributed to lower political and Olympic advertising, as well as the impact of the Time Warner Cable dispute.

“Although we were challenged by a protracted retransmission consent agreement negotiation with Time Warner Cable, which took our television stations off of their system in four of our markets for eight weeks, we are pleased with the result of the negotiation,” Journal said in a statement.

Q3 Earnings: Belo Revenue Drops 6%

belo logoBelo Corp. reported $166 million in total revenue for the third quarter of 2013, a 5.7% drop compared to the year-ago quarter. The decline was attributed to $15 million less in political revenue and $13.4 million of non-returning Olympics revenue on Belo’s NBC affiliates. Total revenue excluding political was up 3.1% year-over-year.

Advertising categories that were up for the quarter included travel, automotive and furniture, while retail, restaurants and grocery well all down. Other revenue, including Internet advertising, retransmission revenue and barter and trade advertising, was up 21% for the quarter.

Station salaries, wages and employee benefits were up for the quarter. Programming and other operating costs were also up slightly compared to the year-ago quarter.

Q3 Earnings: Meredith Local Media Group Revenue Up 3%

meredith_1Total revenues for Meredith Corporation’s Local Media Group grew +3% to $90 million in the third quarter of 2013. Non-political advertising revenues were up +3% to $64 million led by strong performance from KPHO in Phoenix, KCTV in Kansas City and KPTV in Portland, Ore.

Operating profit was $26 million, down $2 million from the year-ago quarter. Meredith reported $12 million less of political advertising revenue in Q3 2013 than in Q3 2012. Other revenues and operating expenses both increased because of growth in retransmission revenues and programming fees.

“Our record revenue performance – achieved in a non-political quarter – speaks to the fundamental strength of our television broadcasting business,” Meredith Local Media Group president Paul Karpowicz said in a statement.  “We continue to engage viewers and successfully monetize the strength of our audience.”

Q3 Earnings: Gannett Broadcast Revenue Falls 14%

gannett logoGannett Co. reported $203.4 million in broadcast segment revenues for the third quarter of 2013, a 14.2% decline from the year-ago quarter. The decrease “reflects the absence of Olympic and political spending partially offset by significant growth in retransmission revenue and digital revenue growth of 20.7 percent,” according to Gannett.

Television revenues were $198.5 million, down from $233.0 million in the third quarter of 2012. Retransmission revenues were up 62.8%.

“We are also pleased that during the quarter, Belo shareholders approved the pending acquisition, and we continue to anticipate bringing the transaction to a close following the attainment of regulatory approvals,” Gannett CEO Gracia Martore said in a statement. “We are working towards a seamless integration that will accelerate our transformation and create an even stronger Gannett.”

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