• The Associated Press, Tuesday, May 5, 2009 3:44 PM

Media company E.W. Scripps, which earlier this year shut down Denver's Rocky Mountain News, reports that weak advertising spending and a slew of charges led to a net loss in the first quarter. Scripps posted a loss of $220.7 million, or $4.12 per share, compared with income totaling $84.1 million in the same quarter a year earlier. First quarter revenue fell 20% to $205.4 million from $255.7 million.

The company says closing the Rocky Mountain News "eliminated significant financial risk," however, the second quarter has not shown any signs of improvement over the first. "Ad revenues from the first quarter were flat-out terrible," Rich Boehne, CEO, told analysts. "Let's all pray America gets its mojo back soon."

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