U.S. media company E.W. Scripps Co. has reported a quarterly net US$2.3 million profit, the Wall Street Journal reported Monday. Last year, the company saw a $531 million loss in the same quarter.

The company plans to shift resources "to those areas that have the best long-term return - news and information content and the development of new revenue streams," according to a statement issued by CEO Rich Boehne, AFP reported.

During the quarter, revenue from the company's newspapers was down 22 percent to $113 million, on advertising revenue down 29 percent. Online revenue that was down 25 percent. Revenue from the media company's television stations was down 24 percent, to $61.1 million, according to AFP.

The profit was credited to cost-cutting, even though advertising was down. Shares rose up to 33 percent, according to Reuters.