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Examples
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"After we sold United Media's licensing operations in 2010 to focus on our core news and journalism enterprises, we set out to construct the best operating model for the remaining syndicate, whose primary customers are newspapers across America," Scripps's president and chief executive officer, Rich Boehne, said in a statement.
BIG NEWS: United Media to outsource syndication to Universal Uclick [UPDATED] 2011
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Scripps's Great American Country channel saw revenues slip 15% and the Travel Channel slipped 1.4%.
Scripps Networks' Ad Growth Boosts Profit William Launder 2012
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Affiliate fee revenue rose 5.7%, while higher rates helped to push Scripps's ad revenue up 11% during the quarter.
Scripps Networks' Ad Growth Boosts Profit William Launder 2012
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Scripps's newspapers and TV stations continue to struggle during an accelerating advertising slump.
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Mark Contreras, Scripps's senior vice president of newspapers, said fast shrinking advertising revenues and readership ultimately meant "the model with two major metro dailies in a market the size of Denver was not sustainable."
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Scripps's revenue dropped 0.6% to $679.2 million due to weakness in its local newspapers and fewer political advertisements.
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Analysts expect second-quarter revenue to fall about 15% at McClatchy, 6% at Lee and in the low double digits at Scripps's newspaper division.
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Scripps's Graham calculates that California could get 50 to 100 percent more rain than normal this winter.
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Scripps's shares dropped 69 cents, or 7.5%, to $8.51, while Lee's shares declined 56 cents, or 14%, to $3.56, all on the Big Board.
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Scripps's decision -- like Belo's -- reflects the length that companies will go to as souring sentiment on the newspaper industry dents the stock prices of companies exposed to the sector.
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