Gannett Posts Record Third-Quarter TV Revenue Amid Olympics, Elections
The company also reported strong retransmission consent revenue.
Media company Gannett on Monday reported record third-quarter broadcast revenue as the Summer Olympics, advertising tied to the presidential elections and retransmission consent revenue boosted its TV stations.
The company, best known as the owner of the USA Today newspaper, posted a profit of $133.1 million for the third quarter, up 23.3 percent from the year-ago period. Revenue rose 3.4 percent to $1.31 billion.
Broadcasting revenue jumped 36 percent to $237 million "driven by significantly higher ad demand associated with the Olympics and political spending." Operating profit soared 73.1 percent to $118.7 million.
Said the firm: "Our TV stations leveraged their strong ratings and footprint to generate substantial ad spending associated with the Summer Olympics on our NBC affiliates and significantly higher political spending. A solid increase in retransmission revenue also contributed to the growth."
TV revenue rose 38.1 percent to $233 million driven by $41.7 million in politically related advertising and approximately $37 million in ad spending related to the Summer Olympics. Retransmission revenue increased 11.5 percent to $22.3 million.
Gannett's digital revenue climbed 4.7 percent amid growth at the firm's CareerBuilder unit to $182 million. Digital segment operating profit climbed 16.2 percent to $39.9 million.