E.W. Scripps reported a 3rd quarter loss of $18.2 million on $168 million in revenues, which were off 8.6% compared to the same quarter in 2010.

The loss included a $9 million writedown on four newspapers because "the company concluded that the fair value of certain of its newspapers was less than the carrying value of its net assets."

Third quarter newspaper revenues were $96 million, down 4.4% year over year, but the company says the rate of decline is slowing. Newspaper earnings were $1.6 million, down from $6.6 million for the same quarter in 2010. Local advertising revenues were down 3.4%, classified ads were down 10%, national advertising was down 31% and preprint/other advertising was down 4.1%.

Shares increased in early trading ($8.67, +0.19 or 2.24%) because the losses were not as bad as expected.

E.W. Scripps is the parent company of the Knoxville News Sentinel and the Memphis Commercial Appeal.

Company press release...