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Two of the nation’s largest newspaper publishers have announced their third-quarter revenues and profits, and both delivered declines, blaming the weak ad market for their disappointing results.
Profits in Q3 were down 11 percent at E.W. Scripps, compared to the third quarter of 2005, writes MediaPost. Net income declined from $82.2 million to $73.1 million, while revenue rose 13 percent from $515.3 in the third quarter of last year to $583.4 million this year. Scripps was hurt by costs associated with the sale of some of its television stations, including a $5.4 million charge for discontinued operations.
McClatchy’s third-quarter performance was somewhat stronger. Earnings rose from $38.6 million to $51.8 million. Much of this increase was due to the purchase of Knight Ridder and the absorption of 20 of Knight Ridder’s newspapers. The article points out that, if McClatchy had already owned the 20 Knight Ridder newspapers in 2005, revenues would actually be down 1.4 percent on a year-over-year basis.
Scripps
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View chart of estimated mail volume, Q3…
