Scripps Sees 'Weakness' In National Ad Market, CTV Boosts Overall Results

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.

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