Overall, TV revenue was down 4.9%, to $111.4 million, with the shortfall in political spending unable to offset a 34% gain in retransmission consent revenue from $7.8 million to $10.5 million. The television division’s segment profit in the second quarter was $30.5 million, compared to $34.9 million in the year-ago period.
QUARTERLY REPORT
Scripps 2Q Spot Rev: Total, -8.3%; Core, +2.1%
The E.W. Scripps Co. today reported second quarter earnings showing spot advertising down 8.3% compared to the same quarter last year due to the dearth of political advertising, which fell from $11.2 million to $775,000.
However, core spot revenue (excluding political) rose 2.1% quarter-over-quarter, with national spot ($32.5 million) up 3.3% and local ($61.1 million) up 1.5%. Local accounted for 65.3% of Scripps’ total TV spot revenue.
Overall, TV revenue was down 4.9%, to $111.4 million, with the shortfall in political spending unable to offset a 34% gain in retransmission consent revenue from $7.8 million to $10.5 million.
Digital media contributed $4.1 million to the top line in the quarter, accounting for 3.6% of the television segment’s total.
Expenses for the TV station group were down 1.6%, primarily due to lower syndicated programming costs.
Second-quarter segment profit in the television division was $30.5 million, compared to $34.9 million in the second quarter of 2012.
BRAND CONNECTIONS
“Although masked by the near absence of political advertising in 2013, the off year for elections, our core television revenues showed good growth on the strength of expanding local audiences,” said Rich Boehne, Scripps chairman, president- CEO. “Local, national and digital advertising all grew, and retransmission fees moved up 34%.
“At the same time, expenses were down in the television division thanks to the success of our programming strategy. We now have two Scripps-owned shows on the air, Let’s Ask America and The List, and partner in another, Right This Minute, which are quickly building audiences and lessening our reliance on purchased syndicated shows.”
For the company as a whole, which also includes newspapers, consolidated revenue was $207.9 million, a decrease of 4.2%, or $9.1 million, from the second quarter of 2012. Political advertising revenues decreased $10.4 million in this off-cycle period.
Net income was $3.2 million, or 5 cents per share, in the second quarter of 2013, compared to $5.4 million, or 9 cents per share, in the second quarter of 2012.
Read the company’s report here.
Comments (1)
Roger Lyons says:
August 5, 2013 at 12:19 pm
“At the same time, expenses were down in the television division thanks to the success of our programming strategy. We now have two Scripps-owned shows on the air, Let’s Ask America and The List, and partner in another, Right This Minute, which are quickly building audiences and lessening our reliance on purchased syndicated shows.”
Translation: We lost most of our viewers after dropping “Wheel of Fortune” and “Jeopardy!” for these shows. But, they’re so cheap to produce, we’re staying our direction.