Tag Archives: newspapers

E.W. Scripps swings to 2Q profit on political advertising

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.

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Buffett boosts bet on newspapers

The newspaper industry got a dose of good news today with word that billionaire Warren
1e5ec597e241f20c0e0f6a7067003053.jpgBuffett’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.

More details:

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