E.W. Scripps local TV station group witnessed big TV revenue gains
in the fourth quarter -- with political advertising and retransmission fee revenues the main drivers.
Revenue from the TV group was 37% higher to $233 million. Political advertising revenue was $56.2 million, up from $2.1 million in the fourth quarter of 2015. Retransmission fees were up 70% to $60.5 million.
But core advertising was down 12% due to pre-emptions from political advertising. Local advertising sank 11.3% to $80 million, and national spot advertising sank 14.5%. To $32.8 million.
Fourth-quarter net income from its TV stations more than doubled -- to $96 million versus $41.4 million.
For the year as a whole, Scripps political advertising was $100.8 million for the year, with 2016 retransmission revenue 62% higher to $221 million.
Digital media advertising revenue grew 42% to $18.8 million, while radio was down 18.8 million, down $19 million. Revenue increased 62 percent to $221 million.
Total revenue -- from TV, digital, and radio -- rose 33.1% to $273 million. Net income from continuing operations was $38.3 million reversing a net loss of $21.1 million in the fourth quarter 2015.
Mid-day Friday stock market trading of E.W. Scripps was up slightly, 1% to $21.31.