Des Moines-based Meredith Corporation is closing out fiscal 2017 with record profits and revenue. The media company is riding a strong year for political and digital advertising.
The owner of magazines and TV stations is reporting a four percent increase in overall revenue from a year ago to a record $1.7 billion. A key reason was the all-time high $63 million in political advertising. Meredith chairman and CEO Steve Lacy also credits rapidly growing digital and social platforms.
“Digital ad revenues accounted for more than 30 percent of total advertising and more than offset print advertising declines,” he says.
Company president and chief operating officer Tom Harty says Meredith performed well in several areas.
“Magazine readership increased to more than 100 million adults, traffic to Meredith digital properties increased eight percent to an average 86 million unique visitors per month," he says. "Additionally, sales of our branded products for retail increased.”
Earlier this year, Meredith announced layoffs of 40 employees, mostly in its magazine division. They included top executives in its New York office and 10 in Des Moines. Executives are lowering expectations for 2018. They say revenue is likely to be flat, primarily because it will be an off year for political campaigns.