Women’s interest publisher Meredith Corp. announced that total revenues increased 4% to $371 million in the third quarter of 2014, thanks to strong advertising results from its broadcast TV properties, which more than offset decreases in advertising and circulation at its magazine publishing division.
Meredith’s local media group -- which includes its broadcast TV properties -- saw total revenues jump 39% to $125 million (when newly acquired stations are included), due largely to a 43% increase in advertising revenue to $93 million, with non-political ad revenues up 24% to $80 million.
Meredith recently completed the acquisition of KMOV in St. Louis and KTVK in Phoenix, and is currently in the process of acquiring Fox affiliate WALA in the Mobile-Pensacola market for $86 million. The third-quarter results also benefited from higher retransmission revenues.
Meanwhile, revenues at Meredith’s national media group -- including its magazines -- fell 7.7% from $266.9 million to $246.3 million over the same period. The decrease resulted in a 6.4% drop in advertising revenue, from $133.7 million to $125.2 million, and a 13% decline in circulation revenues, from $75.7 million to $65.9 million.
The magazine publishing division recently announced an agreement to acquire the rights to Martha Stewart Living and Martha Stewart Weddings, as well as their associated Web sites, under a ten-year licensing agreement.
Meredith’s total digital advertising revenues were up 20% in the third quarter, reflecting a 17% increase in the national media group’s digital ad revenues and a 40% increase in the local media group’s. Meredith Xcelerated Marketing, the company’s in-house marketing services agency, also posted a strong performance due to increased spending by clients like Bank of America, Volkswagen and Continental Mills.