The Gannett Company on Monday announced a huge surge in its third-quarter profits, with revenues from television leading the gains, The New York Times reports.
Political advertising at the company’s TV stations played a big role in the gains for the company, which bought Belo Corp.’s stations last year.
“Net income was $118 million, or 51 cents a share, a 48.6 percent rise from the same quarter in 2013, when the company generated $79.7 million, or 34 cents a share. Total revenue for the quarter rose by 15.2 percent to more than $1.4 billion,” The Times reports. “Total revenue in the broadcasting division grew by 105 percent, to $416 million, including $40 million stemming from political advertising. The company’s retransmission revenue also grew, by 60.9 percent to $92 million, partly because of the Belo purchase.”
Gannett paid about $1.5 billion for Belo in June 2013, bringing 20 stations into the fold to add to Gannett’s 23 stations. The company announced in August that it will spin off its newspaper operation — including USA Today — into a separate company, the report notes.
The Times report adds: “Revenue at the company’s publishing division declined by 3.6 percent, to $858.1 million. That was driven by a 4.9 percent decline in advertising revenue, to $494.9 million, and a slight inrease of less than 1 percent in circulation revenue to $276.8 million.”