Des Moines-based Meredith Corporation is riding revenue from political advertising to another record quarter of earnings. The past presidential campaign proved to be a windfall for the media company.
Meredith operates 17 television stations nationwide, including CBS affiliates in the fast-growing markets of Phoenix and Atlanta. Company chairman and CEO Steve Lacy says the record-setting second quarter was powered by a 27 percent increase in total advertising revenue for the stations.
“Between the primary and the general election, we generated a record $67 million in political advertising,” Lacy says.
Lacy says advertising on the company’s digital and mobile sites is also contributing.
“Total company digital advertising revenues grew 16 percent to a fiscal second quarter record,” he says.
Advertising revenue in the company’s magazine division is down slightly. Lacy is forecasting record revenue and earnings by Meredith for the full fiscal 2017 year.