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.
- Who will be Tennessee's next governor? (17 replies)
- 170 schools to take part in Tenn.’s first ‘Student Mock Election’ (2 replies)
- 2016 Shootings in Knox County, TN (58 replies)
- Women's Suffrage Monument Unveiled in Nashville (5 replies)
- 2016 election could be decided by 20 counties (1 reply)
- Knoxville Retailers, Gone but not Forgotten (369 replies)
- "It's a sad day for our city" - Maryville, Alcoa, Blount County (4 replies)
- Obamacare accountable care programs rang up $466 million in Medicare savings last year (2 replies)
- Blue Cross to raise rates by 62% for individual policies (37 replies)
- Rolling Stone: Hillary's New Deal (7 replies)
- Cheat sheet on why to vote for the Democratic candidate (1 reply)
- Mass shooting in Orlando (17 replies)