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Scripps Q4 earnings: Revenues increase 33 percent

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Posted at 11:57 AM, Feb 24, 2017
and last updated 2017-02-24 11:57:50-05

CINCINNATI -- The E.W. Scripps Co. increased fourth quarter revenues by 33 percent from 2015, according to the company’s 2016 fourth quarter operating results.

Compared to their fourth quarter earnings in 2015, the company’s revenues increased $67.9 million to $273 million.

Scripps, which is WCPO’s parent company, attributes the rise to increases in political advertising revenue, retransmission revenue and a growing digital production. Fourth quarter net income for Scripps’ TV, radio and digital media properties was $38.3 million, or 46 cents per share.

Over half of political advertising revenue was earned in the fourth quarter; election advertising revenue was $56.2 million for the quarter and $100.8 million for the year.

Television “delivered record revenue,” said CEO Rich Boehne in a statement. 

“Our broadcast television division delivered record revenue in 2016, despite the headwinds of an uncommon presidential election combined with the short-term absence of some advertisers who avoided jockeying with political campaigns for airtime,” Boehne said.

“While the presidential race spending did not rise to the level we had expected, we were encouraged by the strong spending levels for U.S. Senate and House races in our markets.”

In addition to TV revenue, retransmission revenue increased 62 percent in 2016 to $221 million, and the company renewed two contracts covering 3 million households.

Digital revenue also increased 42 percent in the fourth quarter, and digital revenue for the year was $62 million compared to $39 million in 2015.