MILWAUKEE: Journal Communications reported television revenue of $30 million in the third quarter, up 22.3 percent from the same quarter a year ago, thanks to an increase in political and automotive advertising. Journal's radio revenue was up 3.1 percent, for an overall broadcasting revenue increase of 14.2 percent in the quarter.
Broadcasting's national advertising increased 23.5 percent, driven by automotive, while local advertising was essentially flat.
Retransmission consent revenue was $1.7 million in the third quarter.
The Milwaukee-based company owns 11 TV stations and 33 radio outlets.
"Operating earnings of $11 million increased significantly in the third quarter compared to last year, led by double digit revenue growth in Broadcast," said Chairman and CEO Steven Smith. "The primary drivers of the Broadcast revenue increase were political and issue advertising of $4.7 million and a 30.5 percent increase in automotive advertising."
Publishing revenue was down 6.5 percent, added Smith, as key ad categories such as classifieds continue to ail.
Journal expects publishing to be down again in the fourth quarter, while political advertising will boost broadcasting to further gains. — Michael Malone, Broadcasting & Cable
