Gannett Second-Quarter Broadcasting Results Rise
Media company Gannett posted improved second-quarter broadcasting revenue, citing higher "politically related ad demand and retransmission revenue" at its TV stations unit.
Broadcasting revenue rose 11.4 percent to $205.4 million, with operating profit in the TV unit jumping 17.6 percent to $94.6 million.
The company, the first media firm to post its second-quarter financials, mentioned a $9 million increase in politically related ad revenue, as well as "significantly higher core advertising led by auto." Retransmission revenue totaled $22.7 million, up 17.1 percent.
Company-wide digital revenue was up 13 percent "reflecting higher demand for digital solutions and the early success of our new subscription model," the company said.
"We anticipate that Olympic and political spending and increasing revenue from new initiatives will bolster company-wide results in the second half," said CEO Gracia Martore.
Gannett reported overall earnings of $135.6 million, down 18.1 percent, as revenue decline 2.1 percent to $1.31 billion.