Tribune Media witnessed an increase in its core TV advertising revenue climbing in the third quarter -- but an overall decline due to lower political advertising and fewer NFL games.
Advertising
revenues were down slightly down to $319.5 million from $321.9 million for the Chicago-based TV station group. Core advertising was 4.3% higher. The NFL season started a week later than a year ago,
taking some premium inventory out of market.
TV and entertainment revenues were up 3% to $429.7 million, while local station retrans grew 20% to $69.9 million. For its WGN America cable
network, carriage fees grew 40% $19.5 million.
Digital and data revenue were 7% higher to $46.6 million as a result of new acquisitions. Infostrada Sports, SportsDirect, Covers and Enswers
Inc., acquisitions were made in the second-quarter 2015.
Total revenue were up 3% to $488.6 million. Net income sank 27% to $27.9 million.
The stock market was not impressed -- due to
missed estimates. The company’s stock down nearly 6% to $37.95 in mid-day trading on Tuesday. The company’s shares have lost around 33% since the beginning of the year.
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