Car ads, retrans fees drive McGraw-Hill TV revenues; Corning telecom business up

Diversified media company McGraw-Hill earned $20.6 million from its TV business unit--10.2 percent more than the same quarter a year ago--and part of a bigger $227.5 million Information & Media group pie that was, itself, 10.3 percent higher than the previous year.

TV profits were driven by "growth in automotive and service time sales and an increase in retransmission revenue" that offset a decline in political advertising in a non-election year, the company said.

TV, as in the form of fiber optics, was also good business for Corning, which reported a 7 percent sequential and 30 percent year-over-year improvement in sales to $474 million in its telecommunications group which performed at "levels we haven't experienced in a number of years," said Wendell Weeks, chairman-CEO-president in a news release.

TV in the form of glass for screens was not quite as good, posting a 5 percent sequential improvement to $790 million for Corning's display technologies business glass group.

For more:

- see this news release (PDF)
-- and this news release

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