Strong Connecticut television ad spending, especially in the state’s heated political races, helped drive fiscal first-quarter profits up sharply for Meredith Corp., parent of WFSB Channel 3 in Rocky Hill.
The Des Moines, Iowa marketer-broadcaster said profits for the three months ended Sept. 30 rose 40 percent to $25.7 million, or 56 cents a share, from $18.3 million, or 40 cents a share, the same period last year.
Revenues for the publisher of Better Homes and Gardens, Ladies Home Journal and other magazine brands grew 4 percent to $344.4 million from $332.4 million.
“We’re off to a great start,” said Meredith Chairman and Chief Executive Officer Stephen M. Lacy.
Meredith’s Local Media Group, to which Channel 3 belongs, saw operating profit jump to $17 million in the first quarter from $2 million a year ago.
In particular, $12 million in political ads, led by its Hartford, Las Vegas and Nashville broadcast markets, were a factor, Meredith said. The company did not break out ad spending by market.
Hartford, along with Phoenix and Las Vegas, also led to an 8 percent rise, to $58 million, in the parent’s non-political ad revenues — mostly from car dealers, retailers and media-related advertisers.
Recent reports indicate U.S. Senate GOP candidate Linda McMahon alone has spent at least $41 million in advertising in her bid against Democratic nominee Richard Blumenthal.
Predictably, Meredith expects any TV ad revenue increases to fall back to single digits once the Nov. 2 elections are done.
