E.W. Scripps Co. reports a 28% jump in broadcast revenue, while newspaper revenue falls 8%
But Scripps won’t have to worry about their newspapers, as they will merged into Journal Media Group, while the broadcast properties from Journal Communications go to Scripps
The final earnings report from the E.W. Scripps Company was released today. The report comes before the company completes its merging of the Journal Communications broadcast operations into Scripps, as well as the merging of its newspaper titles into a new company to be called Journal Media Group.
The report shows that Scripps will be doing just fine following the merger as its broadcast properties reported a gain in revenue of almost 28 percent. The gain was attributed by the company to $32.6 million of political advertising recorded in the quarter, as well as incremental revenue from two stations acquired from Granite in the second quarter. Retransmission revenue also jumped 38 percent.
Meanwhile, newspaper revenue at the Scripps newspapers fell 7.9 percent.
“We are moving rapidly to close our transactions with Journal Communications after receiving clearance from the Securities and Exchange Commission last month. These transactions will create pure-play broadcast and newspaper companies able to fully focus on their industry opportunities,” Scripps Chairman, President and CEO Rich Boehne said.
“Once we complete the deal, Scripps will own 33 television stations and 34 radio stations in 27 markets as well as dozens of digital news and information products both in our local markets and with a national reach.”