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Scripps -6.6% after Q3 net loss from digital writedown

Nov. 06, 2015 11:19 AM ETThe E.W. Scripps Company (SSP) StockBy: Jason Aycock, SA News Editor
  • E.W. Scripps (NASDAQ:SSP) has slid today, -6.6%, after a Q3 earnings report where an adjusted break-even result became a $24.4M loss after an impairment charge to its digital business.
  • The company says that since it acquired its digital product Newsy, it's seen slow revenue growth despite recent momentum with Apple TV and Comcast's Watchable. Investing in it as an over-the-top platform led Scripps to record an impairment to goodwill.
  • Operating revenue by segment: Television, $157.4M (up 35.2%); Radio, $20.4M (new); Digital, $10.9M (up 102.8%); Syndication and other, $972K (down 27.8%).
  • For Q4, management sees TV revenue dropping in the low to mid-teens (political revenue expected of $4M vs. $43.9M last year); radio revenue down mid-single digits; and digital revenue up in the mid-30% range.
  • Press Release

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