7/26/2012
Journal Communications, with its 35 stations, in Idaho, Kansas, Missouri, Nebraska, Oklahoma, Wisconsin and Tennessee reported a revenue increase of 11.5% to $19.4 million from $17.4 million. The increase was 6.7% when Journal backs out $800K of revenue from the LMA for two Tulsa radio stations which Journal has not had for a year yet. They were purchased from Renda early in the third quarter. Excluding political advertising revenue same station revenue increased 4.8%. Today at 11AM We'll hear from Beasley Broadcasting
Journal says core local revenue increased 9.5% or 4.6% on a same-station basis primarily due to an increase in automotive advertising. Core national revenue increased 12.8% or 7.1% on a same station basis primarily due to an increase in media and other services advertising. The strongest advertising categories for the company were automotive, political and retail and financial services. Weaker categories included building and hardware, beverages, casinos, wireless and pharmeceuticals.
Journal executives discussed their goal of growing the company but seemed to lean more toward growing their TV properties over radio. "People know we're interested. We do get calls. We're look at deals with long-term shareholder value in mind." As far as radio goes, Journal executives say they would seek to fill out clusters, as it did with the Renda purchase in Tulsa.
For the third quarter of 2012, Journal anticipates broadcast revenue (Radio is not broken out) to increase in the low-double digits, compared to the prior year, driven by an improving economy, higher political and issue advertising revenue in key states and Olympic revenue at our NBC-affiliated television stations.
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