Shop at Home Charges Sink Scripps

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Charges on the sale of its five Shop at Home-affiliated TV stations helped to push E.W. Scripps’ third-quarter earnings down 11% to $73.1 million, or 44 cents per share, from $82.2 million (50 cents) in the year-ago period, AP reported.

During the third quarter of 2005, Scripps received a $40.8 million payment for terminating a newspaper joint operating agreement in Birmingham, Ala., according to AP.

Revenue rose 13 percent to $583.4 million, and the company posted a loss of $5.4 million for discontinued operations, which included a $4.9 million charge associated with the pending sale of the television stations, AP reported.

Revenue from the Scripps Networks division -- which includes Home & Garden Television, Food Network, DIY Network, Fine Living and Great American Country -- rose 19%, while profits were up 32%, according to AP.

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