Scripps may get out of newspaper biz

E.W. Scripps Considering Alternative Strategies for Newspapers
By Jennifer Saba
Published: January 10, 2007 11:30 AM ET

NEW YORK -- Wall Street's darling of the newspaper sector, E.W. Scripps, could be exiting the newspaper business.
Executives at the Cincinnati-based company stated during an investor conference on Tuesday they are evaluating different options regarding its newspaper assets.
Scripps management said they have been looking at different strategies over the past six months to unlock more value in the stock. "Clearly the most advantageous route in some form or fashion [is to] separate the newspaper business from the rest of the business," said Joseph NeCastro, Scripp’s executive vice president/finance and administration, during the conference.
He acknowledged that the newspaper industry’s woes over the past year have accelerated management's actions to either spin off its newspaper division or possibly sell some papers. "Newspapers are much more troubled," NeCastro said at the conference. "It's hard to call the bottom."

rest: http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003530405

 

That whirring sound you hear is generations of Scripps family members spinning in their graves.

 

A recent article I read said that 40 percent of the broadcast revenue and 20 or 25 percent of total revenue at Scripps is coming from the Food Network and HGTV.
And that newspaper revenue was down, and in real money, not the projected revenue down trick.

 

Ah, yes, the crystal meth of midwestern haus fraus.

 

"Newspapers are much more troubled," NeCastro said at the conference. "It's hard to call the bottom."

Wonder if he's talking about the finances or the dysfunctional, illogical newsrooms.

 

Not surprised, since Scripps seems perfectly happy to let its hometown paper (Cincinnati Post) die off when the JOA expires. Sucks for the Scripps newspaper employees, though.

Are you effin' kidding me?



If she's not enough reason to watch the Food Network ...

 

Poynter has a memo up that says Scripps isn't considering a sale, but instead a split of its newspaper and broadcast divisions. The real stock value is in the cable channels and Giada's hot.

 

Link, please?

 

Oh good. A link to poynter. More ranting...

 

Interesting.

This was heavily rumored back when I was working for Scripps. And that was five years ago.