Media group E W Scripps – owner of 21 daily papers, ten broadcast television stations, a number of cable TV networks and 31 websites – warned yesterday (Monday) that a fall in newspaper ad revenue would hurt its results.
The company said its fourth-quarter earnings would come in at 45 cents to 55 cents per share, lower than previous forecasts of 55–65 cents and down from 69 cents in Q4 2000.
Scripps revealed that newspaper ad revenue had been below expectations in October and looked slow for November and December. However, its cable network unit expects total revenues to be up 10% for the three-month period.
News source: MediaWeek.com (US)