Lifted by political and retransmission money, the E.W. Scripps Co. Friday reported its TV division revenue rose roughly 13% to $180 million during the first quarter of this year.
The company credited the boost to increased retransmission revenue, which rose 38% to $53.6 million during the three months ending March 31, according to a release. About $9 million of the $25.7 million increase resulted from Scripps’ acquisition of the former Journal Communications stations.
Political ad revenue was $8.5 million higher than it was in the first quarter of 2015, the company said.
Q1 segment profit in the television division was $41.7 million, compared to $37.3 million in the year-ago quarter.
“In our television division, the presidential election year – the peak of our four-year cycles – got off to a good start,” Rich Boehne, Scripps President and CEO said in statement, adding he expects local TV to continue to play an important role as this election season progresses. "We continue to be optimistic that the two candidates will require significant television advertising in order to educate and inform voters of their choices. No medium serves this role better than broadcast television.”
