The E.W. Scripps Co., which owns and operates the Courier & Press in Evansville and the Gleaner in Henderson, reported its second quarter earnings earlier today.
On the TV side - where Scripps added Indianapolis ABC affiliate WRTV-6 and its former McGraw-Hill sister stations at the end of last year - those stations contributed 16% of the company's 19% jump in revenue compared to 2Q2011. As a whole, Scripps' revenue increased to $217 million in 2Q2012 versus $183 million in 2Q2011.
Local, national and political advertising, as well as retransmission consent revenue which doubled that of last year, were the biggest contributors to the bottom line for Scripps' TV division.
Unfortunately, the company's newspaper business continues to decline. The newspapers took in $97 million for the quarter, down 4.7% from last year. All major advertising categories - classified, local, preprint/other and national - were well off last year's already sluggish pace. National advertising was the biggest loser, declining by 28%.
Those continued declines have Scripps working to right-size that portion of its business, says Rich Boehne, the company's president and CEO.
“In our newspaper markets, revenue headwinds persist, but we’re partially offsetting those challenges with expense reductions and racing to restructure for stability and growth as an enterprise that serves both print and digital consumers and advertisers with results that are unmatched in the local market," Boehne said.
But on the whole - especially with the good numbers from TV - Boehne is pleased with his company's efforts and results.
"We had a promising second quarter, setting us up for good performance in the second half of the year," said Rich Boehne, Scripps president and CEO.
Scripps expects, for the full year, that TV revenues will be up 70% (30% if you exclude the recently-acquired stations), with newspaper revenues down "in the low- to mid-single digits."
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