With a lift from retransmission money and political ads, Graham Holdings Wednesday reported its television division earnings rose to $92 million during the first quarter of 2016.
That figure, which covers the first three months ending March 31, is a 10% increase from the $83.6 million the division earned during the same period of time in 2015, according to the company.
Q1 2016 operating income increased 7% to $41.2 million, up from $38.6 million in 2015.
In a statement, the company credited the rise in earnings to a $4.8 million increase in retransmission revenue, as well as a $2.8 million boost in political ad spending.
The increase in operating income is due to the revenue increase, offset by higher spending on digital initiatives and increased network fees, the company said.
Graham’s TV division success in Q1 is in contrast to the larger company’s Q1 earnings, which dropped 7% to $601.7 million. That decline was fueled largely by big losses by the company’s education division, whose revenue dropped 20% to $401.1 million, according to Graham.
