- Along with the news that it was getting out of its merger deal with Media General, Meredith (MDP) posted fiscal Q2 results where profits fell but beat expectations as revenues grew 2%.
- Shares are up 3.2% coming out of the market open.
- Excluding transaction expenses tied to the Media General deal, EPS fell to $0.80 from a prior-year $1.00.
- Political ad revenues were $29M less in the off year ($0.39/share less), but nonpolitical ads in its National Media Group grew 18% (revenues up 10%), boosting group profits nearly 30%. Local Media Group nonpolitical ad revenues grew near 10% to a record $104M.
- Revenue breakout: Advertising, $241.6M (flat); Circulation, $66.4M (up 11.6%); All other, $98.5M (up 0.5%).
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Conference call to come at 11 a.m. ET.
- Press Release