Fueled by record spending related to today’s election, Scripps TV station results for the third quarter increased significantly in a direct year-to-year comparison, while the company’s newspaper woes moderated,reports MarketWatch.com.
Says the article, "Reflecting the benefit of political advertising in even-numbered years, revenue from the company’s television stations was $78.5 million in the third quarter, an increase of 31 percent over the third quarter of 2009. The 2010 figure was 2.0 percent higher than the $76.9 million in revenue reported in the third quarter of the presidential election year of 2008.
"Advertising revenue broken down by category was: Local, up 4.7 percent to $37.6 million. National, up 25 percent to $20.1 million. Political was $14.8 million, compared with $1.7 million in the 2009 quarter.
Interestingly, the article noted, "The increase in revenue from local and national advertisers was largely attributable to improved spending by automotive advertisers. In the third quarter, that category rose 70 percent despite displacement caused by the surge in political ads."
Also, Scripps is going to get hit with a chunk of change it avoided in the thrid quarter. Again, from the article: "Network compensation was less than $100,000, compared with $1.9 million in the third quarter of 2009. The company’s affiliation agreements with ABC, which include six Scripps stations, expired on January 31, 2010. The Scripps stations have continued to operate as ABC affiliates under short-term extensions while Scripps and ABC negotiate a new long-term affiliation agreement."
On the newspaper side Scripps said its year to year decline was 3.8 percent.
These numbers do not include Scrppps’ cable TV network results, which are reported under a separate entity.