• by Wayne Friedman , November 8, 2022

As with other TV network owners, E.W. Scripps’ Scripps Networks said its nine national networks witnessed “weakness in the national advertising market” in its third-quarter results.

Still, wider distribution of those networks via connected TV (CTV) distribution platforms lifted overall revenue by 4% to $235 million. Looking at just the CTV part of its Networks division, revenue was up 57%.

Scripps Networks include ION, Bounce, Grit, Newsy and Court TV, among others -- channels that also are distributed via over-the-air local digital subchannel signals

Scripps says its campaign around the use of over-the-air digital antennas has driven a 30% increase for national antenna manufacturers in antenna sales in the third quarter vs. the second quarter in 13 markets where Scripps ran a marketing campaign.

Scripps’ local TV stations advertising benefited largely from expected strong political advertising -- $63.2 million, compared to $7.1 million in the prior-year quarter.

At the same time, core advertising -- partly affected by displacement of those political ads -- declined 12% to $147 million. Retransmission revenue grew 7.3% to $165 million.

Overall, third-quarter company revenue grew 10% to $612 million.

Net income attributable to Scripps shareholders was $33.7 million -- down from $45.8 million in the prior-year period.

Mid-day Tuesday trading of Scripps stock was down 11% to $12.08.