Tribune, Scripps Report Robust Quarterlies

Tribune Media today reported fourth quarter 2018 earnings results that included Television and Entertainment Segment revenue of $576.9 million in the fourth quarter of 2018 compared to $486.0 million in the fourth quarter of 2017, an increase of $90.9 million, or 19%. Excluding barter revenues in the fourth quarter of 2017, revenues increased $97.8 million, or 20%.

According to TVNewscheck, the company said this was driven by an $89.2 million increase in political advertising revenue to $99.8 million; a 13% increase in retransmission and carriage fee revenues to $158.3 million, partially offset by a decrease in core advertising revenue of $10.5 million, or 4%, to $286.9 million.

Television and Entertainment operating profit was for the fourth quarter of 2018 was $184.4 million compared to $127.2 million in the fourth quarter of 2017, an increase of $57.1 million, or 45%. The increase was primarily due to a $90.9 million increase in revenues, as described above, partially offset by increases in programming expense, compensation expense and other expenses.

Television and Entertainment adjusted EBITDA was was $250.4 million compared to $183.2 million in the fourth quarter of 2017, an increase of $67.2 million, or 37%, primarily due to higher political advertising revenues, retransmission revenues and carriage fee revenues, partially offset by lower core advertising revenues and higher expenses, as described above.

Television and Entertainment broadcast cash flow was $218.6 million as compared to $162.9 million for the fourth quarter of 2017, an increase of $55.7 million, or 34%. Television and Entertainment Broadcast Cash Flow for the full year 2018 was $665.8 million as compared to $484.6 million for the full year 2017, an increase of $181.3 million, or 37%.

The E.W. Scripps Co. this morning reported fourth quarter revenue from its Local Media division (its TV stations and local brands on all platforms) of $281 million, up 39% from the prior-year quarter, according  to TV Newscheck.

Local Media broadcast time sales were up 51%, driven by political advertising revenue of $82 million. The political ad revenue caused some displacement of core advertising, contributing to its decline of 8.4%.

Retransmission revenue increased 23% to $77.9 million. The increase in retransmission revenues was due to contract renewals covering approximately 5 million subscribers as well as regular annual contractual rate increases.

Local Media segment expenses increased 16.4% to $183 million, primarily driven by increases in programming fees tied to network affiliation agreements and an $8.9 million non-cash write-off of its Pickler & Ben syndicated show.

Fourth quarter Local Media profit was $98.7 million, compared to $45.4 million in the year-ago quarter.