Scripps' profits down, shares up on Travel Channel buy
Posted by Lisette García on November 6, 2009 at 10:22 AM
Scripps Networks Interactive Inc. posted 14 percent gains overall, despite a 44 percent drop in profits from its newspaper division, Dow Jones reported today. The announcement follows Scripps' successful bid for a controlling stake in the Travel Channel, reported yesterday by AmLaw Daily.
Scripps, which is traded on the New York Stock Exchange, jumped 62 cents per share yesterday on news of the acquisition, according to Bloomberg.
Scripps, which is traded on the New York Stock Exchange, jumped 62 cents per share yesterday on news of the acquisition, according to Bloomberg.
As of yesterday's closing bell, shares had risen 78 percent for the year, despite severe shortfalls in newspaper ad revenue.
Having delayed announcement of earnings in order to account for the acquisition, Scripps today announced net income of US$65.3M, or 39 cents per share, up from $57.3 million, or 35 cents per share, for the same period last year, according to The Associated Press.
Having delayed announcement of earnings in order to account for the acquisition, Scripps today announced net income of US$65.3M, or 39 cents per share, up from $57.3 million, or 35 cents per share, for the same period last year, according to The Associated Press.
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