Second-quarter net income at The E.W. Scripps Co. dropped more than 30
percent to $27 million, or 33 cents per share.
The company attributed the wider loss to $61.8 million in write-downs it took
for several investments, including a $35.1 million write-down to reflect the
declining value of its 2 million shares in AOL Time Warner Inc.
Scripps also shut down its Scripps Ventures venture-capital fund, which cost
it $3.6 million.
The good news: Revenue at its Scripps Networks unit -- which includes Home
& Garden Television, Food Network, Do It Yourself and Fine Living --
increased by 19 percent to $111 million.
Scripps also projected that third-quarter ad revenue at the networks will be
up 20 percent year-over-year and affiliate-fee revenue will jump 35