Journal Communications reported third-quarter television
revenue of $38.9 million, up nearly 40% over the same quarter a year ago. Core
revenue, minus political and Olympic advertising, was up 6.1%. Core local
revenue was down 3% while national ads grew 18.2%, thanks to automotive and
media advertising.
Broadcasting revenue, which includes radio, increased 25.3%
to $58.8 million in the quarter. Core broadcast revenue increased 5.5%.
For the third quarter, revenue from Journal radio stations
increased 4.4% to $19.9 million.
Overall Journal revenue in the third quarter was $97.8
million, up 11.4% over the same quarter last year.
"Journal Communications had a strong third quarter with
consolidated revenue up more than 11% driven largely by political and issue
advertising in our television business," said Steven J. Smith, chairman
and CEO.
Smith is bullish on Journal's $215 acquisition of WTVF
Nashville in September, which awaits regulatory approval.
"This quarter we clearly advanced our strategy of
adding broadcast assets to the business as we completed the agreement to
purchase NewsChannel 5 - WTVF, an exceptional television station in Nashville
and one of the top CBS affiliates in the country," he said. "We also
simplified our capital structure by repurchasing all of the outstanding class C
shares."
Publishing revenue was $39.2 million, down 4.1% in the quarter.
Journal forecasted total broadcast revenue to increase in
excess of 25% in the fourth quarter, driven by political advertising.
