Earnings: Meredith’s Profits Up; Buys Interactive Marketing Firm

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Magazine publisher Meredith reported a 15 percent increase in Q1 earnings, on revenue growth from magazines, Internet, book publishing and broadcasting. The Des Moines-based company reported earnings of $40.6 million, compared with $35.2 million a year ago. Revenues rose 29 percent to $394.9 million and ad revenue was up 27 percent to $227.8 million, mostly attributable to new magazines the company acquired from Gruner + Jahr.
Also this week, it announced a buyout of O’Grady Meyers, an LA-based interactive marketing agency doing CRM for major fast food, consumer packaged goods and healthcare marketers. The purchase is an answer to demands from Meredith clients for quantifiable data-driven programs. The media giant’s Meredith Integrated Marketing division will rely on interactive CRM as an area of focus for future business.

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