The E.W. Scripps Co. reported a loss in the first quarter interest and depreciation outweighed increases in its local and national media operations.
The first quarter loss of $6.8 million, or 8 cents a share, was down from the $26.4 million, or 33 cents per share, the company racked up a year ago.
Revenue rose to $292.2 million from $254.2 million a year ago. Restructuring costs were reduced to $0.938 million from $3.8 million.
Scripps said it profit from its local media operations 8.1% to $34.2 million. Revenue was up 5.9% to $203.4 million. Core advertising revenue was down 2.2% to $113.4 million.
Profit from national media was $5 million, up from $2 million a year ago. Revenue for Katz Networks was up 18.2% to $50.4 million and Stitcher revenue rose 37.5% to $15.1 million. Newsy revenue was $8.4 million compared to $3.7 million a year ago.
“In the last nine months, Scripps has announced three strategic television station acquisitions that grow our national reach, enhance our financial durability and expand our platform for strong local news coverage," said CEO Adam Symson. "As the nation’s fourth-largest independent local broadcaster, we will earnestly fulfill our 2 commitment to serve our communities with quality objective journalism and to provide a trustworthy platform for businesses to reach their consumers. We are totally committed to our plan to reposition the company and to complete the work underway to create significant value for our shareholders.”
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
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