Scripps TV Revs Up 4%

E.W. Scripps posted higher revenues -- mostly due to TV stations -- but an overall net loss in its second-quarter reporting period.

Revenues grew 2% to $211.9 million for the TV/newspaper company versus $207.9 million in the same period in 2013. It posted a net loss of $3.4 million versus a net income of $3.12 million a year ago -- due to a charge concerning a multi-employer pension plan.

TV revenues inched up 4% to $116 million -- with political advertising contributing $5.3 million during the period versus $800,000 in the same period in 2013. TV profits were slightly down $27.8 million from $30.5 million during the period.

Local advertising grew 3.4% to $63.2 million, and national spot advertising was down 12.5% to $28.5 million. The company notes that declining national spot advertising is prevalent across the industry.

Retrans fees grew 21% to $4.4 million. Company executives say digital revenues at its TV stations grew 10% on average, with more than half of its TV stations witnessing 20% gains year-over-year. Scripps owns 21 TV stations.

Newspaper revenues slipped 1.3% to $92.3 million. Advertising and marketing revenue was down, 5.8% to $57 million, while there was an increase in subscription revenue -- up 5.7% to $29.7 million. Newspaper profits slipped to $5.4 million from $5.9 million.

Looking forward, the company expects the third quarter to see 30% more in TV revenues  -- $20 million from political advertising and $15 million from retransmission revenue. Newspaper revenues are expected to decline by low single digits.

"Woman watching TV while man reads newspaper" photo from Shutterstock.

Recommend (2) Print RSS