Tegna Records Higher Political Ads, Retrans Revs

Higher retransmission and political advertising revenue continue to benefit station groups like Tegna, but core TV advertising did not grow much in the first quarter for the McLean, VA-based company.

Companywide revenues were up 7% to $781.7 million, with media revenues climbing 12% to $443.8 million. Net income soared 33% to $92.9 million.

Political advertising grew 151% over the first quarter of 2012 -- the last Presidential election year to land -- at $15.7 million, and 50% higher over 2014.

Eleven CBS Tegna stations carried the Super Bowl this first quarter versus 17 NBC stations a year ago. Tegna says excluding the impact of the Super Bowl, core advertising was “up slightly.” Including the Super Bowl, core advertising was down 1.6% to $249.0 million.

Tegna’s Wednesday stock price was down 2.5% to $23.41.

Retrans/online revenues grew 33% to $146.8 million. Online revenues were up 16% to $27.7 million.

In addition, digital revenues from Tegna's stand-alone businesses grew 4% $338.0 million. Cars.com’s revenues were up 9.4%, with CareerBuilder.com down 2.3%.

Tegna Media's 46 TV stations reach about one-third of all U.S. TV households.

Next story loading loading..