Meredith (NYSE: MDP) reported that net profit rose 20.1 percent for the quarter ending Dec. 31, thanks in large part to online initiatives taken by both the broadcast and publishing sides. By deploying an array of digital TV affiliates, which extended Meredith’s reach, and by unveiling several new websites, Meredith was able to cushion the blow dealt by reduced print ad spending by marketers in the parenthood space, company executives said during the earnings call Tuesday. The Des Moines-based company also reported:
— Revenue rose a better-than-expected 5.2 percent to $406.1 million for its FY2Q07, including ad revenue growth of 8 percent.
— Publishing online advertising revenues continued to grow at a rapid rate, increasing more than 30 percent.
Earnings Release | Webcast
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