10-30-14
It's the best radio quarter reported to Wall Street so far and the second consecutive quarter of growth for the company. Journal is also the first group not to complain about the slow drip of political revenue. The company - which also owns TV and print - reported radio revenue increased to $21.6 million, a jump of 5.1 percent. Local made up 3.3 percent of the increase in the quarter, with $800,000 coming from local digital revenue. Automotive and medical advertising were both strong categories for the company in the quarter, and Journal took in $400,000 in political advertising for radio with another $3.9 million spent on its television stations. Year-to-date Journal has written $6.6 Million in political business with another $11 Million on the books.
National advertising revenue, excluding political, decreased 1.6 percent and that was good news to Journal executives. In Q1 national was down 18 percent. The company expects Q4 to be up in the low-single digits. Journal has 35 radio stations in 11 states in addition to television and print properties. Earlier this year, Journal announced it would be merging broadcast operations with the E.W. Scripps Company and spin off and then merge their newspapers, creating two separately traded public companies.
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