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.
Media company E.W. Scripps, parent of the News Sentinel, said it expects to see a sharp increase in TV revenue this year, while newspaper revenue should fall slightly.
Television revenue should jump 50 percent in 2012, due in part to increased political advertising and the recent acquisition of nine TV stations from McGraw-Hill Broadcasting Co., Cincinnati-based Scripps said in prepared remarks at the Noble Financial Equity Conference.
Young Broadcasting, owner of 10 television stations, including WATE in Knoxville and WKRN in Nashville, has shed $800 million in debt and is coming out of bankruptcy with new owners.
” …New Young Broadcasting is emerging from bankruptcy as the most financially sound company in television broadcasting,” according to an extremely short, but positive press release.
Dumping $800M in debt will make you positive.
The announcement doesn’t say when the company will actually exit bankrtupcy.
Here’s a look at other reports on the company and its press release.
The Business Review (Albany, N.Y.)
Broadcasting & Cable
Young Broadcasting announcement