Business
Scripps reports first-quarter 2019 results
CINCINNATI, May 10, 2019 /PRNewswire/ -- The E.W. Scripps Company (NASDAQ: SSP) today reported operating results for the first quarter of 2019. Total revenue
About this update from E.w. Scripps Company (the)
[{"type":"text","content":" CINCINNATI, May 10, 2019 /PRNewswire/ -- The E.W. Scripps Company (NASDAQ: SSP) today reported operating results for the first quarter of 2019.\n\n \nTotal revenue was $292 million compared to $254 million in first-quarter 2018.\nLoss 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 acquisitions of Triton and the 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. The 2018 quarter included $3.8 million of restructuring costs. \nBusiness highlights\nCorporate\nScripps outperformed first-quarter company segment profit expectations, driven by overperformance in National Media and higher-than-expected retransmission revenue. Scripps has obtained a new $765 million term loan B to fund the Cordillera acquisition and part of the Nexstar transaction. The loan was upsized by $250 million due to strong demand and favorable pricing of LIBOR plus 275 basis points. Local Media\nOn March 20, Scripps announced the acquisition of eight television stations in seven markets being divested as part of the Nexstar acquisition of Tribune. On May 1, Scripps closed on the acquisition of 15 television stations in 10 markets from Cordillera Communications. Incorporating Cordillera, the company expects retransmission revenue of about $370 million in 2019. 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.National Media\nThe Katz networks launched the iconic trial coverage and true-crime journalism network Court TV on May 8 and expects to be in more than 80% of U.S. television households by year-end. Next-generation national news network Newsy grew revenue 130%, largely due to growth in over-the-top advertising. Podcast industry leader Stitcher grew revenue 38% due to strong advertising rates and demand.Commenting on the business highlights, Scripps President and CEO Adam Symson said:\n\"In the last nine months, Scripps has announced three strategic television station acquisitions that grow our national reach, enhance our financial durability and expand our platform for strong local news coverage. As th...