E.W. Scripps, the parent company of the Knoxville News Sentinel and the Memphis Commercial Appeal, reported third quarter earnings of $12 million v. a loss of $10.7 million for the same period one year ago, beating estimates. Revenues were up 31%, fueled by political advertising. Television revenues were up 41% on a same-station basis.
The newspaper division continued to decline, with revenues off 3.7% as compared to a year ago. The only bright spot was an increase in real estate classified revenues, mostly related to a housing boom in Naples FL.
The company said they are "approaching the beginning of a move to bundled subscriptions for print and digital products" (i.e. paywalls). The company also said they expect continuing declines in newspaper revenues, with "the decline in expenses being slightly greater than the decline in revenue," suggesting more budget cuts.
Shares are trading up 5% at midday after the announcement.
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