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Meredith earnings up 45%; acquisitions continue

Jan. 28, 2015 9:39 AM ETGray Television, Inc. (GTN) StockBy: Jason Aycock, SA News Editor
  • Meredith Corp. (MDP) EPS rose 45% in Q2 on strong operating margin of 20% (up five percentage points).
  • Breakdowns: Local Media Group revenues of $157M (up 50%), operating profit of $60M (up 64%); National Media Group revenues of $242M, operating profit of $30M (up 7%).
  • Total digital ad revenues up 45%.
  • The acquisition of Shape magazine continues Meredith's recent string of takeovers (including two TV stations, licensing Martha Stewart Living and Martha Stewart Weddings, and acquiring MyWedding.com and Selectable Media).
  • "Advertising trends strengthened ... our recent acquisitions are performing above expectations," says CEO Stephen Lacy.
  • First-half 2015 EPS is up 35% Y/Y to $1.65, excluding special charges.
  • Q2 results
  • Shares up 1.4%
  • Previously: Meredith to take over Shape magazine (Jan. 28 2015)

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