Scripps reports revenue uptick for Q1 | Major Businesses | Business
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US broadcast TV station owner EW Scripps Co has reported revenue of $292 million for the first quarter of 2019, up from $254 million in first-quarter 2018.

scripps 11 may 2019Loss from continuing operations was $6.8 million or 8 cents per share. Pre-tax costs for the current quarter included $3.5 million attributed to the acquisition of Triton, the acquisition of Raycom and Cordillera TV stations, and $900,000 of restructuring charges. In the prior-year quarter, loss from continuing operations was $8.6 million or 10 cents per share – that included $3.8 million of restructuring costs.

However, Scripps outperformed first-quarter company segment profit expectations, driven by overperformance in national media and higher-than-expected retransmission revenue.

In the quarter, Scripps obtained a new $765 million term loan B to fund the Cordillera acquisition and part of the Nexstar transaction. Incorporating Cordillera, the company expects retransmission revenue of about $370 million in 2019.

It also announced the acquisition of eight television stations in seven markets being divested as part of the Nexstar acquisition of Tribune; and on May 1, Scripps closed on the acquisition of 15 television stations in 10 markets from Cordillera.

Upon the close of the Nexstar transaction, Scripps will be the fourth-largest independent local broadcaster, with 60 television stations in 42 markets reaching 30% of U.S. television households.

On the media front, its national news network, Newsy, grew revenue 130%, largely due to growth in over-the-top advertising.

“As the nation’s fourth-largest independent local broadcaster, we will earnestly fulfil our commitment to serve our communities with quality objective journalism and to provide a trustworthy platform for businesses to reach their consumers,” said Scripps  president and CEO Adam Symson said.

“With the close of the Nexstar transaction, Scripps will grow its national television station footprint to 60 stations in powerful markets such as New York City, Phoenix, Detroit, Tampa, Miami, Denver and Nashville. We now expect to enter 2020 with an even further strengthened political advertising footprint, including now reaching more than two-thirds of Florida households as well as entering Virginia and Texas.”