Scripps 2q Profit Plunges -- Spinoff, Ad Slump Drive 47% Decline

Summary

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The E.W. Scripps Co.'s second-quarter profit fell 47 percent compared to last year due to sharp newspaper revenue declines and the cost of spinning off its digital and cable network businesses, the media company reported Thursday.

This is the last quarter for which the Cincinnati-based company, which owns newspapers - including The Commercial Appeal - TV stations, cable networks and Web sites, will report consolidated results. On July 1, the start of its third quarter, it formed Scripps Networks Interactive Inc. with its cable networks and online shopping sites.

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Scripps 2q Profit Plunges -- Spinoff, Ad Slump Drive 47% Decline

Combined net income in the quarter fell to $51.2 million, or 94 cents per share, from $97.5 million, or $1.78 per share,...

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