Company: GHC
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000104889-25-000022
Chunk: 16

Company: Graham Holdings Co
Filing Date: 2025-02-26
Form: 10-K
Item: Item 16
Chunk 16
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 2024 due to increased employee benefit and incentive compensation costs.

In the fourth quarter of 2024, Kaplan recorded an intangible asset impairment charge of $22.9 million related to Mander Portman Woodward (MPW), which is part of Kaplan International. 

55

Television Broadcasting

A summary of television broadcasting’s operating results is as follows: 

  Year Ended December 31  (in thousands)20242023% ChangeRevenue$535,678 $472,436 13 Operating Income201,165 133,938 50 

Graham Media Group, Inc. (GMG) owns seven television stations located in Houston, TX; Detroit, MI; Orlando, FL; San Antonio, TX; Jacksonville, FL; and Roanoke, VA, as well as SocialNewsDesk, a provider of social media management tools designed to connect newsrooms with their users. Revenue at the television broadcasting division increased 13% to $535.7 million in 2024, from $472.4 million in 2023. The revenue increase is due to a $90.5 million increase in political advertising revenue, increases from summer Olympics-related advertising revenue at the Company’s NBC stations and an increase in digital advertising revenue, partially offset by a decline in local advertising revenue due to lower demand and fewer available advertising spots, and an $8.0 million decrease in retransmission revenues. Operating income for 2024 was up 50% to $201.2 million, from $133.9 million in 2023, due to higher revenues, cost reductions from lower headcount, and lower network fees; partially offset by increased pension expense. While per subscriber rates from cable, satellite and OTT providers have grown, overall cable and satellite subscribers are down due to cord cutting, resulting in retransmission revenue net of network fees in 2024 to decline modestly compared with 2023, and this trend is expected to continue in the future. Operating margin at the television broadcasting division was 38% in 2024 and 28% in 2023.

In the second quarter of 2024, GMG offered a VRIP to certain employees; $14.3 million in related non-operating pension expense was recorded.

GMG’s media hubs continued to strengthen their position as top contenders for local news in their respective markets. In traditional broadcasting, KSAT in San Antonio and WJXT in Jacksonville led their respective markets with top-rated newscasts at 6 am