• by Wayne Friedman , May 7, 2018

TV station group/network owner E.W. Scripps posted high first-quarter retransmission revenues -- more than compensating for its flat core advertising results.

Retransmission consent revenue increased 6.9% to $70.8 million, while core advertising was virtually flat -- inching up 0.2% to around $120 million.

Overall, Scripps’ Local Media Group -- its TV stations and associate brands on all platforms -- was up 2.7% to $192 million.

In the second quarter of this year, the company estimates that total local media revenue will be up by “mid-single-digit” percentages with retransmission revenue gaining about 10%.

Its national media division -- which includes its Katz locally based digital TV networks, Bounce, Laff and Escape, and its national TV news service, Newsy -- was up 19% to $60.7 million.

Scripps says revenue at Newsy more than tripled from the prior-year period, given higher over-the-top advertising -- benefiting from growing cable distribution. The company says it is on track to reach 40 million cable and satellite households by the end of 2018.

Total revenue was up 28% to $254 million, compared to $198 million in first-quarter 2017. Much of this was due to the boost from acquiring the Katz networks in the fourth quarter of 2017, which added revenue of $42.7 million.

Scripps expanded a net loss from continuing operations from the same quarter of a year ago -- to $2.7 million from $8.6 million.

On a more positive note, revenue results were higher than analysts expected, while losses were less than projected. Scripps stock was up a big 12% to $12.53 in midday Monday trading.