Scripps Hurt by Newsprint, Program Costs

E.W. Scripps & Co. said second-quarter earnings fell 5.5% to $36.4 million, or 45 cents a diluted share, from $38.6 million, or 47 cents, a year ago, on rising costs for syndicated TV programming, low ratings at its ABC-affiliated stations and higher prices for newsprint at its 20 newspapers. The results fell short of the 48 cents average estimate of analysts polled by First Call Corp. Revenue rose 20% to $366.9 million. Scripps said its third-quarter earnings also are being hurt by cost problems and weak revenue at its six TV stations affiliated with Walt Disney Co.-owned ABC. Shares of Scripps fell $1.75 to close at $53.56 on the New York Stock Exchange.