Meredith Ad Revs Up Across Board, TV Rises 26%
Meredith Corp. says advertising revenue climbed by double digits in its first fiscal quarter 2013, with big gains coming from its TV properties.
Total company advertising revenues climbed 12% to $207 million, with local media (its TV-related businesses) up 26% to $87.2 million. It had 7% advertising gains from its national media group (its print and magazine-based brands) to $132.6 million.
TV advertising benefited from a sharp increase in both political and nonpolitical advertising. Political advertising was at highest ever for its first fiscal quarter -- $12.2 million for the period versus $9.4 for its fiscal first quarter 2012. Nonpolitical advertising was at $62.2 million, up 5%. This was the 12th straight quarter to quarter growth for the category, according to the company.
Overall magazine businesses grew 3% to $267 million. While magazines did see rising advertising revenue, it was the result of acquisitions. Without those new revenues, total advertising revenues declined 9%.
Digital advertising business continued to rise -- with its magazine/print businesses up 115% and its TV-related units 15% higher.
Total company-wide revenues rose 8% to $354 million, with net income moving up to $24.9 million from $21.6 million in its first fiscal quarter 2012.