Wednesday, May 11, 2011

E.W. Scripps Co.'s 1Q Results Follow Media Conglomerate Script: Print Performs Poorly

Scripps Center - CincinnatiImage by (aka Brent) via FlickrCincinnati-based media conglomerate E.W. Scripps Co., whose nationwide holdings include 14 newspapers and 10 television stations, released 2011 First Quarter earnings that show a 6 percent drop in newspaper revenues and losses of nearly $9 million, according to an Associated Press story.

Scripps, which among other newspapers, owns the Memphis Commercial Appeal, Ventura (Calif.) County Star and Naples (Fla.) Daily News, reported 1Q newspaper revenues of  $106.2 million. Meanwhile, its television holdings experienced revenue growth of 3 percent during the same period, the AP article noted. The company lost $8.9 million in the First Quarter of 2011, compared to $880,000 during the first three months last year.

Nationally, print ad sales plunged 28 percent compared to the First Quarter a year ago, local ads declined 10 percent, and classified ad revenues were off 4 percent. The company blamed the poor showing, in part, on Easter occurring in April this year. An odd explanation, but don't expect any resurrection of newspaper advertising revenues anytime soon.

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