Broadcast revenue boosts Gannett earnings, while publishing revenue falls 4.9%
The media company Gannett announced earnings this morning, reporting growth in both revenue and income, all of which is attributed to its broadcast division. Broadcast revenue was up 97.2 percent due to its acquisition of new outlets, as well as political advertising.
The mid-term elections have not proved enough to make publishing revenue grow, as Gannett reported a 3.6 percent decline in its publishing segment. Digital revenue did grow 4.4 percent, but when Gannett spins off its publishing division we will be able to see whether the growth is across the board, or concentrated in the parts of the company such as Classified Ventures that will be going with the broadcast division.
The company hinted that the broadcast arm will be getting the best of the spin off in regards to digital:
“Double digit pro forma growth in Broadcasting revenue, which again reached a record high, was driven by robust political ad spending and retransmission revenue. Strong results at CareerBuilder resulted in a substantial increase in profitability in our Digital Segment,” Gracia Martore, president and chief executive officer, said.