Increased political advertising helped E.W. Scripps swing to a second quarter profit of $5.4 million, or 9 cents per share, the media company said today.
The same period last year the company lost $2.2 million, or 4 cents per share.
Scripps is the parent company of the Knoxville News Sentinel and the Memphis Commercial Appeal.
Revenues for the quarter rose 18.5 percent to $216.9 million from $183 million in the second quarter of 2011.
The newspaper industry got a dose of good news today with word that billionaire Warren
Buffett’s company Berkshire Hathaway is buying 63 papers from Media General Inc. for $142 million.
The deal includes the Richmond Times-Dispatch and would give Buffett 25 dailies across the coutnry.
Newspapers have had tough times in recent years, but Buffett apparently sees a brighter future as papers implement paywalls for their online products.
“We may buy more newspapers. I think the economics work out OK,” Buffett told shareholders at Berkshire’s annual meeting earlier this month.
Reuters: Warren Buffett to buy Media General newspapers
Poynter: Media General, Warren Buffett agree on paywalls
Washington Business Journal: Warren Buffett to buy Media General