Meredith Registers Rev Growth Cross-Platform
Local television continues to be strong for TV station operators: Meredith Corp. posted a 30% increase in local media revenue in its most recent fiscal quarter. Meredith earned $97 million in its fiscal 2011 second quarter, helped in large part by $22 million in political advertising.
Overall, company revenues rose 9% to $367 million, with advertising up 14% to $214 million. For the last six months, revenues were $711 million -- a 6% climb. Advertising revenues increased 11% during that period to $420 million. Net income more than doubled during the second quarter -- to $40.6 million from $19.0 million.
Meredith says political advertising at its stations rocketed up 50% from the most recent comparable election cycle -- mostly with its Fox affiliates. In particular, its outlets in Hartford, Las Vegas, Portland and Kansas City registered strong results.
Non-political advertising rose more modestly. Meredith says those categories climbed by low-single-digit percent increases. However, current third-quarter numbers are up in the high single digits as compared with a year ago.
At its magazine group, National Media Group, there was advertising revenue growth of 5%, including more than 30% growth in online revenues across Meredith's national Web sites.
Meredith Integrated Marketing revenue improved 14%, led by more digital and customer relationship management services for national clients. Brand licensing revenue climbed more than 35%.
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