Television and magazine group Meredith Corporation just finished its fiscal Q4 and full fiscal year 2015, and it did very well, largely on the strength of the acquisition of a quartet of broadcast television outlets.
It continues to ride its access to “…100 million unduplicated American women and over 60 percent of U.S. millennial women.”
The company’s local media group is where its broadcast assets reside. They posted a full year operating profit of $163M, a 44% gain. The company said the growth as fueled by “…the addition of television stations KMOV in St. Louis and KTVK in Phoenix; a strong political cycle led by Meredith stations in Phoenix, Hartford and Kansas City; and a higher net retransmission contribution.”
The timing of Meredith’s fiscal year puts a great deal of 2014 political income into the full year revenue mix.
Other acquisitions included WALA, the FOX affiliate in Mobile-Pensacola, and WGGB, the ABC affiliate in Springfield, Mass. WGGB is also the FOX affiliate, airing it on a digital tier.
Local’s Q4 results included a 17% gain in revenue to $130M, with operating profits jumping from $25M to $40M.
Overall, Meredith’s full year revenue grew 9% to $1.6B, including a 16% bump in advertising revenue. EPS was up 18% to $3.30.
“Our Local Media Group delivered the best financial performance in its over 65-year history, and our National Media Group set records in digital advertising and brand licensing revenues. We aggressively added to our portfolio, including acquiring great local television stations, powerful national brands, and cutting-edge digital properties. Importantly, we continued to deliver on our Total Shareholder Return strategy by returning cash to shareholders through increased dividends and our share repurchase program.”
