Add Graham Holdings Co. to the companies that have released their fourth quarter 2024 earnings and have enjoyed the riches of a strong election-ad season. Graham Media Group, its TV division, saw lower core advertising demand in the final three months of 2024. But, it was offset in part by political advertising.
For the fourth quarter of 2024, revenue increased 30% to $161.7 million, from $124.6 million in 2023.
This, Graham says, is due primarily to a $49.7 million increase in political advertising revenue and an increase in digital advertising revenue, too.
Still, Graham’s local TV stations, which include stations in Jacksonville, Roanoke, San Antonio, Houston, Orlando and Detroit, by a decline in local advertising revenue from fewer available advertising spots — as well as lower demand.
Meanwhile, GMG experienced a $1.9 million decrease in retransmission revenue during Q4.
Total it all up, and operating income for the fourth quarter of 2024 improved 95% to $78.5 million, from $40.2 million in the same period of 2023.
Contributing to the gains are cost reductions from lower headcount, which were partially offset by an increased pension expense.
For the full-year of 2024, GHG revenue climbed to $535.68 million, from $472.44 million, as operating expenses declined to $334.51 million, from $338.5 million. Operating income came in at $201.17 million, rising from $133.94 million.
Fourth quarter operating revenue for Graham’s Slate, Foreign Policy and City Cast properties, which are in a different unit of the company, fell by 19% to $22.92 million in Q4.
