Nielsen reported higher second quarter earnings and said its new ratings system would roll out on schedule as it looks to complete being acquired by a private equity group.
Net income rose to $111 million, or 31 cents a share, compared to $76 million, or 21 cents a share a year ago.
Revenue rose 2.4% to $822 million.
In a statement Nielsen CEO David Kenny said the company was on track to deliver Nielsen One, its new cross-media measurement product in December. Nielsen is facing aggressive challenges from other measurement companies as it attempts to shift from measuring traditional, linear TV viewing to the new multi-screen environment including streaming.
Kenny added that Nielsen was adding new features–advanced audiences and outcome measurement–that are being demanded by advertisers and media buyers.
Kenny also said Nielsen has completed what is required to have its ratings system re-accredited by the Media Rating Council. The accreditation–the industry’s seal of approval–was suspended after the MRC found that Nielsen undercounted viewing during the pandemic.
Nielsen is in the process of completing a transaction to be bought by a group led by Elliott Investment Management and Brookfield Business Partners for $16 billion. Because of the pending transaction, Nielsen said it would not be holding a conference call with analysts to discuss its earnings or other matters.
In the second quarter, measurement revenue rose 2.4% to $644 million, driven by increases in national and digital products and international sales.
Impact and content revenue rose 2.6% to $238 million.
“Our teams executed well and delivered strong second quarter results despite an increasingly uncertain macroeconomic backdrop. As the global media landscape continues to evolve, we are innovating in our client solutions and this includes the tremendous progress we've made on Nielsen ONE, our transformative cross-media solution,” Kenny said.
“As planned, we will bring cross-media ad measurement to market by December 2022 and we're adding in new features, such as advanced audiences and outcomes measurement, in alignment with the needs of advertisers and agencies. Nielsen remains the currency of choice for the U.S media industry, which was evidenced in this year's upfronts,” Kenny said. “We also completed the vast majority of success criteria required for re-accreditation of our U.S. TV ratings services, and expect to be ready for a vote by Media Rating Council members later this year. With an unmatched position delivering value to clients worldwide across our three essential solutions, we are executing on our mission to power a better media future for all people." ■
