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Elections are good for many Florida businesses, even media.
Consider Beasley Broadcast Group, the Naples-based operator of 52 radio stations, including several in the Tampa-St. Petersburg and Fort Myers areas.
The radio operator reported strong financial results in the most recent quarter. Revenues rose 13.2% to $27.5 million in the quarter ending March 31 compared with the same quarter one year ago.
In a conference call with investors posted on SeekingAlpha.com, Beasley interim CEO Caroline Beasley reported 22% of the company's increase in quarterly revenue was due to political ad spending in three markets, including Tampa.
“Our outperformance was driven by our Tampa cluster, which generated quarter-over-quarter revenue increases of over 30%,” Beasley told investors. “Overall, our Tampa market ratings grew by over 11% year over year.”
The November presidential election may boost the radio operator's fortunes further. Candidates will vie for voters' attention both nationally and locally with millions of dollars in political advertising.