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E.W. Scripps profit drops 47 percent
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The E.W. Scripps Co.’s second-quarter profit fell 47 percent compared to last year due to sharp newspaper revenue declines and the cost of spinning off its digital and cable network businesses, the media company reported.
This is the last quarter for which the Cincinnati-based company — parent company of the Naples Daily News — also owns other newspapers, TV stations, cable networks and Web sites, will report consolidated results. On July 1, the start of its third quarter, it formed Scripps Networks Interactive Inc. with its cable networks and online shopping sites.
Combined net income in the quarter fell to $51.2 million, or 94 cents per share, from $97.5 million, or $1.78 per share, in the same period a year earlier. Revenue was 4 percent higher, at $664 million, on increased ad sales at its HGTV, Food Network and DIY channels.
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Viking Death Ship!
Look, I get that the economy is bad, but jeez, a company that loses almost half its value in one year? I suppose a good to save face is this consolidation with cable and online shopping sites, but the newspaper chain is going to be a huge albatross no matter how you dress it up.
I don't think it's too long before a company like Scripps wises up and euthanizes some of its papers. I don't think it will be around here, but the time when a nondescript midsize daily prints its final edition is not far off.
Blame it on the 'Net, blame it on the erosion of free time in America, blame it on insert-hated-politician-here, but people, and particularly young people, don't read newspapers like they used to.
#1 Posted by Arthurly on July 25, 2008 at 1:46 a.m. (Suggest removal)
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