Media company The E.W. Scripps Company (SSP) on Thursday reported a narrower first-quarter loss, driven by growth in local media advertising and sports-related revenues. Net loss attributable to shareholders of The E.W. Scripps Company narrowed to $17.98 million, or $0.20 loss per share, from a net loss of $18.84 million, or $0.22 loss per share, in the year-ago quarter.
The latest quarter included a $30 million gain from the sales of Court TV and television stations WFTX and WRTV, which reduced the quarterly loss by $0.25 per share.
Revenue declined 1.4% to $516.87 million from $524.39 million last year.
Local Media revenue increased 5.0% to $341.64 million, driven by a 5.8% rise in core advertising revenue and higher political advertising revenue. Political advertising revenue climbed to $8.96 million from $3.26 million in the prior-year quarter, while distribution revenue increased 1.5% to $189.92 million.
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