Scripps TV Revenue Down 24% - Broadcasting & Cable

Scripps TV Revenue Down 24%

Attributes decline to reduced ad spending in automotive, financial, retail categories
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The E.W. Scripps Co. reported second-quarter results Aug. 10, showing revenues of $61.1 million in the company's television division-a 24% drop from the year prior.
The company, which owns 10 stations in addition to its newspaper publishing and licensing and syndication businesses, attributed the decline to reduced ad spending in the automotive, financial and retail categories, as well as little political spending in an off-election year.
The company provided a revenue breakdown by category:
• Local, down 26% to $37.3 million
• National, down 29% to $16.9 million
• Other, which includes fees for carriage of the stations on cable systems, rose 41% to $6.5 million
• Political was $333,000, compared to $1.6 million in the 2008 quarter
Click here for the full earnings release.

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