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CHICAGO (AFX) -- Newspaper and magazine publishers were in the media sector's spotlight Tuesday, as most media stocks advanced.
E.W. Scripps Co. and Meredith Corp. reported increased quarterly profits Tuesday, with both media companies bolstered in part by improved broadcast-television revenues.
Cincinnati-based Scripps , a newspaper publisher and broadcaster, said it earned $75.1 million, or 45 cents a share, compared with a profit of $70.1 million, or 42 cents a share, in the year-ago quarter.
Excluding its Shop At Home TV-shopping subsidiary, which the company put on the block during the March quarter, and a Birmingham, Ala., newspaper that was shut down during the third quarter of 2005, Scripps' profit from continuing operations was $81.5 million, or 49 cents a share, in the latest three months. E.W. Scripps' shares rose 1.6% to close at $45.25.
Separately, Des Moines-based Meredith said third-quarter earnings came to $40.6 million, or 80 cents a share, compared with a profit of $35.2 million, or 69 cents, in the same period during fiscal 2005.
Revenue rose 29% to $394.9 million, with much of the increase due to the July 2005 acquisitions of Parents, Family Circle, Fitness, Child and Ser Padres magazines from Gruner + Jahr.
Analysts polled by First Call had been expecting a profit of 80 cents a share on revenue of $401.6 million for the three months ended March 31. Meredith's stock rose 1 cent to close at $50.20.
Publisher and financial information provider McGraw-Hill Cos. said Tuesday that its first-quarter net income declined 6% from that of a year ago, as expenses jumped nearly 14%, including a previously-announced charge related to elimination of the company's restoration stock option program.
McGraw-Hill shares declined 2.1% to close at $56.25.
Among diversified entertainment shares, News Corp. rose 4 cents to close at $17.83. According to a report in The Wall Street Journal's Tuesday editions, the company's Fox News Channel is demanding a retransmission fee of $1 per subscriber from cable operators from the 25-35 cent fee it currently commands.
Fox News Channel has been the top-rated cable news network for several years, topping rival CNN. This story was supplied by MarketWatch. For further information see
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