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Scripps Reports Second-Quarter Results
--Amended credit agreement enhances financial flexibility
CINCINNATI, Aug 10, 2009 /PRNewswire-FirstCall via COMTEX/ -- The E.W. Scripps Company (NYSE: SSP) today reported second-quarter operating results for its television, newspaper, and licensing and syndication businesses. The operations that formerly comprised the company's Scripps Networks and interactive media divisions, which were spun off into a separate publicly traded company (now Scripps Networks Interactive Inc.) on July 1, 2008, are reported in previous periods as discontinued operations.

Consolidated revenues were $194 million, a 23 percent decrease from $251 million in the second quarter of 2008. Net income from continuing operations, was $2.3 million, or 4 cents per share, compared with a net loss from continuing operations of $608 million, or $11.20 per share, in the 2008 quarter. Results in the year-ago quarter were reduced by a non-cash, after-tax charge of 1) $525 million to reduce the carrying value of goodwill in the company's newspaper businesses, and 2) $58 million to reduce the carrying value of investments in newspaper partnerships in Colorado.

The company maintained its solid balance sheet during the quarter. On June 30, 2009, the company's net debt was $31.2 million, reflecting long-term debt of $73.1 million and cash and short-term investments of $41.9 million.

"Thanks to disciplined operating decisions and modest debt, Scripps has been able to protect its financial health and look ahead with optimism despite an economic crisis that has throttled the flow of marketing dollars across this country," said Rich Boehne, president and chief executive officer. "In the near term, we are seeing some slight improvement in the flow of advertising in our markets, particularly at the television stations, which have increased their revenue projections -- albeit very modestly -- during each of the past seven weeks.

"We remain most focused during this period of rapid media transformation on the longer-term opportunities to increase our shares of local audiences and advertising revenues through a dedication to high-quality content and outstanding public service. Thanks to our stable financial position, we've been able to shift resources during this period to those areas that have the best long-term return -- news and information content and the development of new revenue streams."

Second-quarter results by segment are as follows:

Television

Revenue from the company's television stations was $61.1 million in the second quarter, a decrease of 24 percent from the second quarter of 2008.

Revenue broken down by category was:

    --  Local, down 26 percent to $37.3 million
    --  National, down 29 percent to $16.9 million
    --  Other, which includes fees for carriage of the stations on cable
        systems, rose 41 percent to $6.5 million

    --  Political was $333,000, compared to $1.6 million in the 2008 quarter

The decrease in the local and national revenue was largely attributable to reduced spending by advertisers in the automotive, financial services and retail categories. As is common for this stage of the election cycle, there was virtually no political spending in the second quarter of 2009, compared with the year-ago period that included primaries at the local, state and national levels.

Cash expenses for the station group decreased 10 percent to $56.2 million, compared with $62.2 million a year ago. Programming costs were 14 percent higher due to contractual increases for syndicated programming in several key markets, but they were more than offset by reduced employee costs and expenses for production and distribution.

The television division, which had reported a segment loss in the first quarter of 2009, reported segment profit of $4.8 million in the second quarter, compared with $18.3 million in segment profit in the year-ago quarter.

Newspapers

Year-over-year revenue from newspapers managed solely by Scripps fell 22 percent to $113 million. Advertising revenue was down 29 percent to $79.4 million.

Advertising revenue broken down by category was:

    --  Local, down 28 percent to $23.6 million
    --  Classified, down 39 percent to $24.1 million
    --  National, down 25 percent to $5.0 million
    --  Preprint and other, down 17 percent to $19.3 million

    --  Online, down 25 percent to $7.3 million

The decline in online advertising revenue is attributable to the weakness in print classified advertising, to which roughly half of the online advertising is tied. Revenue from online-only ad sales rose 19 percent to $3.6 million.

Circulation revenue rose 2.1 percent to $28.6 million.

Cash expenses for Scripps newspapers were down 23 percent from the prior year to $97.1 million. Year-over-year employee costs declined 23 percent in the quarter due to a workforce reduction in late 2008 and this year's decision to adjust compensation programs. Newsprint and ink expense in the second quarter declined 37 percent due to a 34 percent decrease in volume and 6.4 percent decrease in the average price per ton.

Segment profit at newspapers managed solely by the company was $15.4 million, compared with $19.1 million in the second quarter of 2008.

JOAs and newspaper partnerships

There no longer is any operating activity in the joint operating agreements (JOAs) and newspaper partnerships segment. The company reported a loss of $900,000 for this segment reflecting final costs for shutting down the Rocky Mountain News. In February, the company closed the Rocky after an unsuccessful search for a buyer. As part of the process of exiting the Denver market, Scripps expects to transfer by the end of the third quarter its 50 percent interest in the Denver Newspaper Agency (DNA), which published the Rocky Mountain News and The Denver Post under a joint operating agreement and Prairie Mountain Publishing (PMP), a Colorado newspaper partnership, to MediaNews Group, which was the company's partner in PMP as well as DNA.

Licensing and Other Media

Worldwide economic conditions continued to affect our licensing revenues as reduced consumer spending results in lower sales of licensed retail merchandise. Revenue in the second quarter was $20.3 million, a 22 percent decrease from the prior-year period. Costs and expenses, including royalty payments, declined 21 percent to $18.4 million, resulting in segment profit of $1.9 million, compared with $2.5 million in the prior-year period.

Year-To-Date Results

Revenue from continuing operations through the first half of the year was $399 million, compared with $507 million in the year-ago period.

The company reported a net loss from continuing operations in the first six months of 2009 of $219 million, or $4.08 per share. The net loss from continuing operations in the first six months of 2008 was $600 million, or $11.06 per share, including charges related to the separation of Scripps Networks Interactive and the impairment of goodwill and equity investments in the company's newspaper segment.

The year-to-date 2009 results reflect three non-recurring items from the first-quarter, net of taxes: 1) an impairment charge of $192 million to write down the carrying value of goodwill and other intangible assets at the Scripps television stations, 2) operating losses and wind-down costs at the company's newspapers operated under JOAs and newspaper partnerships (as mentioned above) of $13.9 million in 2009, and 3) a non-cash curtailment charge of $1.9 million related to the company's decision to freeze its pension plan on June 30, 2009.

Amended Credit Agreement

On Aug. 5, 2009, the company entered into an Amended and Restated Revolving Credit Agreement (2009 Agreement), which expires June 30, 2013. This agreement revises the company's existing $200 million revolver and reduces the maximum amount of availability under the facility to $150 million. The credit facility is now secured by mortgages on certain of the company's real property, pledges of the company's equity interests in its subsidiaries and security interests in substantially all other personal property, including cash, accounts receivables, inventories and equipment. Borrowings are limited to a borrowing base as defined in the agreement.

The existing credit agreement was unsecured and borrowings were limited to three times EBITDA, adjusted for certain non-cash expenses, for the previous four quarters.

"While we were in compliance with our existing credit facility, it was clear we needed to amend our bank agreement to give us more room to maneuver," said Tim Stautberg, senior vice president and chief financial officer for Scripps. "This new arrangement removes the earnings-based leverage covenant and provides the flexibility to undertake the organizational changes necessary to prosper on the other side of this economic cycle."

The company now is paying 300 basis points over LIBOR (London Interbank Offered Rate) for borrowings under the amended credit agreement.

Conference call

The senior management of The E.W. Scripps Company will discuss the company's first-quarter results during a telephone conference call at 9 a.m. EDT today. Scripps will offer a live audio webcast of the conference call. To access the webcast, visit www.scripps.com, choose "Investor Relations" then follow the link in the "Upcoming Events" section.

To access the conference call by telephone, dial 1-800-230-1766 (U.S.) or 1-612-332-0107 (International), approximately 10 minutes before the start of the call. Callers will need the name of the call ("second quarter earnings report") to be granted access. Callers also will be asked to provide their name and company affiliation. The media and general public are provided access to the conference call on a listen-only basis.

A replay line will be open from 11 a.m. EDT Aug. 10 until 11:59 p.m. EDT Aug. 17. The domestic number to access the replay is 1-800-475-6701 and the international number is 1-320-365-3844. The access code for both numbers is 105580.

A replay of the conference call will be archived and available online for an extended period of time following the call. To access the audio replay, visit www.scripps.com approximately four hours after the call, choose "Investor Relations" then follow the "Audio Archives" link on the left navigation bar.

Forward-looking statements

This press release contains certain forward-looking statements related to the company's businesses that are based on management's current expectations. Forward-looking statements are subject to certain risks, trends and uncertainties, including changes in advertising demand and other economic conditions that could cause actual results to differ materially from the expectations expressed in forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. The company's written policy on forward-looking statements can be found on page F-3 of its 2008 SEC Form 10K. We undertake no obligation to publicly update any forward-looking statements to reflect events or circumstances after the date the statement is made.

About Scripps

The E.W. Scripps Company is a diverse, 130-year-old media enterprise with interests in television stations, newspapers, local news and information Web sites, and licensing and syndication. The company's portfolio of locally focused media properties includes: 10 TV stations (six ABC affiliates, three NBC affiliates and one independent); daily and community newspapers in 14 markets and the Washington, D.C.-based Scripps Media Center, home of the Scripps Howard News Service; and United Media, the licensor and syndicator of Peanuts, Dilbert and approximately 150 other features and comics. For a full listing of Scripps media companies and their associated Web sites, visit http://www.scripps.com/.



    THE E.W. SCRIPPS COMPANY
    RESULTS OF OPERATIONS
    -----------------------

    (in thousands,    Three months ended           Six months ended
     except per share      June 30,                     June 30,
     data)             2009      2008    Change     2009      2008  Change
    -----------------  ----      ----    ------     ----      ----  ------
    Operating
     revenues       $193,924   $250,894  (22.7)%  $398,563   $506,588  (21.3)%
    Costs and
     expenses,
     excluding
     separation
     costs          (178,933)  (231,471) (22.7)%  (408,467)  (465,637) (12.3)%
    Separation and
     restructuring
     costs            (1,441)    (8,550) (83.1)%    (2,934)    (9,609) (69.5)%
    Depreciation and
     amortization    (10,786)   (11,519)  (6.4)%   (22,549)   (22,605)  (0.2)%
    Impairment of
     goodwill
     and indefinite-
     lived assets          -   (778,900)          (216,413)  (778,900)
    Gains (losses) on
     disposal of
     property, plant
     and equipment      (241)     2,364               (579)     2,261
    ----------------     ---      -----                ---      -----

    Operating income
     (loss)            2,523   (777,182)          (252,379)  (767,902)
    Interest expense    (311)    (4,393)              (409)   (10,662)
    Equity in earnings
     of JOAs and other
     joint ventures      631      2,460                212     10,973
    Write-down of
     investments in
     newspaper
     partnerships          -    (95,000)                 -    (95,000)
    Losses on repurchases
     of debt               -    (26,380)                 -    (26,380)
    Miscellaneous, net   (82)     6,692             (1,258)     7,759
    ------------------   ---      -----             ------      -----

    Income (loss) from
     continuing operations
     before income
     taxes             2,761   (893,803)          (253,834)  (881,212)
    Benefit (provision)
     for income taxes   (508)   285,360             35,240    281,390
    ------------------- ----    -------             ------    -------

    Income (loss) from
     continuing
     operations,
     net of tax        2,253   (608,443)          (218,594)  (599,822)
    Income from
     discontinued
     operations, net
     of tax                -    101,643                  -    199,383
    -------------------    -    -------                  -    -------

    Net income (loss)  2,253   (506,800)          (218,594)  (400,439)

    Net income (loss)
     attributable to
     noncontrolling
     interests             -     24,441               (147)    46,734
    ------------------     -     ------               ----     ------

     Net income (loss)
      attributable to the
      shareholders of
      The E.W. Scripps
      Company         $2,253  $(531,241)         $(218,447) $(447,173)
     ----------       ------  ---------          ---------  ---------

      Net income (loss)
       per basic share
       of common stock
       attributable to
       the shareholders
       of The E.W. Scripps
       Company:
         Income (loss)
          from continuing
          operations   $0.04    $(11.20)            $(4.08)   $(11.06)
         Income from
          discontinued
          operations    0.00       1.42               0.00       2.81
         -------------- ----       ----               ----       ----
    Net income (loss)
     per basic share of
     common stock      $0.04     $(9.78)            $(4.08)    $(8.24)
    -----------------  -----     ------             ------     ------

    Weighted average
     basic shares
     outstanding      53,636     54,305             53,605     54,261
    ------------      ------     ------             ------     ------

    Net income (loss) per share amounts may not foot since each is
    calculated independently.

    See notes to results of operations.

Notes to Results of Operations

1. OTHER CHARGES AND CREDITS

Loss from continuing operations before income tax was affected by the following:

2009 - Separation and restructuring costs include the costs to separate and install separate information systems as well as other costs related to affect the spin-off of SNI. Efforts to separate and install separate systems are expected to continue through the end of the third quarter. These costs increased loss from continuing operations before taxes by $1.4 million in the second quarter and $2.9 million year-to-date.

In the first quarter we recorded a $215 million, non-cash charge to reduce the carrying value of our goodwill for our Television division. See Note 7.

We also recorded a $1 million non-cash charge to reduce the carrying value of the FCC license for our Lawrence, Kansas, television station.

2008 - In the second quarter we recorded a $779 million, non-cash charge to reduce the carrying value of goodwill. We also recorded a non-cash charge of $95 million to reduce the carrying value of our investment in the Denver JOA and Colorado newspaper partnership to our share of the estimated fair value of their net assets.

In the second quarter of 2008, we redeemed the remaining balances of our outstanding notes and recorded a $26.4 million loss on the extinguishment of debt.

Transaction costs and other activities related to the spin-off of SNI increased our costs and expenses by $8.6 million and $9.6 million, respectively for the three-and-six-month periods ended June 30, 2008.

Investment results, reported in the caption "Miscellaneous, net" in our Condensed Consolidated Statements of Operations, include realized gains of $6.8 million from the sale of certain investments in the second quarter of 2008.

2. SEGMENT INFORMATION

We determine our business segments based upon our management and internal reporting structure. Our reportable segments are strategic businesses that offer different products and services.

Our newspaper business segment includes daily and community newspapers in 14 markets in the U.S. Newspapers earn revenue primarily from the sale of advertising to local and national advertisers and from the sale of newspapers to readers.

Prior to ceasing publication, our Denver and Albuquerque newspapers operated pursuant to the terms of joint operating agreements. Each of those newspapers maintained an independent editorial operation and received a share of the operating profits of the combined newspaper operations. We continue to maintain our ownership interest in the newspaper partnerships that managed the combined newspaper operations; however, we do not include the equity earnings of the partnerships in segment profit after publication of the newspaper has ceased.

Television includes six ABC-affiliated stations, three NBC-affiliated stations and one independent station. Our television stations reach approximately 10% of the nation's television households. Television stations earn revenue primarily from the sale of advertising to local and national advertisers.

Licensing and other media primarily include licensing of worldwide copyrights relating to "Peanuts," "Dilbert" and other properties for use on numerous products, including plush toys, greeting cards and apparel, for promotional purposes and for exhibit on television and other media syndication of news features and comics and other features for the newspaper industry.

The accounting policies of each of our business segments are those described in Note 1 in our Annual Report on Form 10-K for the year ended December 31, 2008.

We allocate a portion of certain corporate costs and expenses, including information technology, pensions and other employee benefits, and other shared services, to our business segments. The allocations are generally amounts agreed upon by management, which may differ from an arms-length amount. Corporate assets are primarily cash, cash equivalents and other short-term investments, property and equipment primarily used for corporate purposes, and deferred income taxes.

Our chief operating decision maker (as defined by FAS 131 -- Segment Reporting) evaluates the operating performance of our business segments and makes decisions about the allocation of resources to our business segments using a measure we call segment profit. Segment profit excludes interest, income taxes, depreciation and amortization, impairment charges, divested operating units, restructuring activities (including our proportionate share of JOA restructuring activities), investment results and certain other items that are included in net income (loss) determined in accordance with accounting principles generally accepted in the United States of America.



    Information regarding our business segments is as follows:

                  Three months ended               Six months ended
                       June 30,                        June 30,
    (in thousands) 2009      2008     Change       2009       2008     Change
    -------------  ----      ----     ------       ----       ----     ------
    Segment
     operating
     revenues:
      Newspapers $112,538   $144,433   (22.1)%   $233,634    $300,032  (22.1)%
      JOAs and
       newspaper
       partnerships    18         53   (66.0)%         37         114  (67.5)%
      Television   61,098     80,520   (24.1)%    121,504     156,539  (22.4)%
      Licensing
       and other   20,270     25,841   (21.6)%     43,388      49,460  (12.3)%
      Corporate
       and shared
       services         -         47                    -         443
    -----------       ---         --                    -         ---

    Total
     operating
     revenues    $193,924   $250,894   (22.7)%   $398,563    $506,588  (21.3)%
    ----------   --------   --------   ------    --------    --------  ------

    Segment profit
     (loss):
      Newspapers  $15,430    $19,074   (19.1)%    $18,377     $44,624  (58.8)%
      JOAs and
       newspaper
       partnerships  (879)    (3,806)             (21,965)     (3,571)
      Television    4,849     18,305   (73.5)%      2,436      32,475
      Licensing
       and other    1,888      2,453   (23.0)%      5,023       4,541   10.6 %
      Corporate
       and shared
       services    (6,175)   (15,217)             (13,987)    (28,999)

    Depreciation and
     amortization (10,786)   (11,519)             (22,549)    (22,605)
    Impairment
      of goodwill
      and indefinite-
      lived assets      -   (778,900)            (216,413)   (778,900)
    Equity
     earnings in
     investments      509      1,074                  424       2,854
    Gains (losses)
      on disposal
      of property,
      plant and
      equipment      (241)     2,364                 (579)      2,261
    Interest
     expense         (311)    (4,393)                (409)    (10,662)
    Separation
     and
     restructuring
     costs         (1,441)    (8,550)              (2,934)     (9,609)
    Write-down of
     investments
     in newspaper
     partnerships       -    (95,000)                   -     (95,000)
    Losses on
     repurchases
     of debt            -    (26,380)                   -     (26,380)
    Miscellaneous,
     net              (82)     6,692               (1,258)      7,759
    --------------    ---      -----               ------       -----

    Income (loss)
     from
     continuing
     operations
     before
     income taxes  $2,761  $(893,803)           $(253,834)  $(881,212)
    -------------  ------  ---------            ---------  ----------



                                          Three months ended  Six months ended
                                                 June 30,        June 30,
    (in thousands)                             2009    2008    2009    2008
    -------------                              ----    ----    ----    ----

    Depreciation:
    Newspapers                                $5,545  $5,437 $11,311 $10,810
    JOAs and newspaper partnerships               24     322      41     646
    Television                                 4,335   4,724   9,094   9,137
    Licensing and other                          315     119     637     236
    Corporate and shared services                184     116     363     175
    -----------------------------                ---     ---     ---     ---

    Total depreciation                       $10,403 $10,718 $21,446 $21,004
    ------------------                       ------- ------- ------- -------

    Amortization of intangibles:
    Newspapers                                  $300    $519    $937  $1,038
    Television                                    83     282     166     563
    ----------                                    --     ---     ---     ---

    Total amortization of intangibles           $383    $801  $1,103  $1,601
    ---------------------------------           ----    ----  ------  ------



    Additions to property, plant and equipment:
    Newspapers                                $9,193 $11,655 $22,265 $25,421
    JOAs and newspaper partnerships                -      21       -      38
    Television                                   522   6,307   1,479  11,021
    Licensing and other                          139     603     297   1,268
    Corporate and shared services                 34     162      95     162
    -----------------------------                 --     ---      --     ---

    Total additions to property, plant
     and equipment                            $9,888 $18,748 $24,136 $37,910
    ----------------------------------        ------ ------- ------- -------



    The following is segment operating revenue for newspapers:

                         Three months ended         Six months ended
                               June 30,                   June 30,
    (in thousands)          2009     2008  Change     2009     2008   Change
    -------------           ----     ----  ------     ----     ----   ------
      Segment operating
       revenues:
         Local             $23,614  $32,620 (27.6)%  $50,166  $67,998 (26.2)%
         Classified         24,142   39,671 (39.1)%   50,784   82,434 (38.4)%
         National            5,034    6,718 (25.1)%   11,016   14,769 (25.4)%
         Online              7,336    9,795 (25.1)%   14,650   19,742 (25.8)%
         Preprint and other 19,278   23,106 (16.6)%   38,547   47,112 (18.2)%
         ------------------ ------   ------ ------    ------   ------ ------

          Newspaper
           advertising      79,404  111,910 (29.0)%  165,163  232,055 (28.8)%
         Circulation        28,565   27,989   2.1 %   59,202   58,503   1.2 %
         Other               4,569    4,534   0.8 %    9,269    9,474  (2.2)%
         -----               -----    -----   ----     -----    -----  -----
    Total operating
     revenues             $112,538 $144,433 (22.1)% $233,634 $300,032 (22.1)%
    ---------------       -------- -------- ------  -------- -------- ------



    The following is segment operating revenue for television:

                     Three months ended          Six months ended
                          June 30,                   June 30,
    (in thousands)     2009     2008   Change      2009     2008      Change
    -------------      ----     ----   ------      ----     ----      ------
      Segment operating
       revenues:
         Local        $37,326  $50,423  (26.0)%   $72,970   $96,169  (24.1)%
         National      16,892   23,850  (29.2)%    35,264    45,954  (23.3)%
         Political        333    1,620  (79.4)%       510     4,675  (89.1)%
         Network
          compensation  1,943    1,839    5.7 %     3,999     4,016   (0.4)%
         Other          4,604    2,788   65.1 %     8,761     5,725   53.0 %
         -----          -----    -----   -----      -----     -----   -----

    Total operating
     revenues         $61,098  $80,520  (24.1)%  $121,504  $156,539  (22.4)%
    ---------------   -------  -------  ------   --------  --------  ------

3. JOINT OPERATING AGREEMENT AND NEWSPAPER PARTNERSHIPS



    Financial information related to our Denver JOA and Colorado newspaper
    partnership is as follows:

                                    Three months ended   Six months ended
                                          June 30,           June 30,
    (in thousands)                     2009     2008      2009      2008
    -------------                      ----     ----      ----      ----

    Equity in earnings of JOAs
     and newspaper partnerships:
           Denver                         $-   $1,318           $-   $8,223
           Colorado                      122       68         (212)    (104)
    ---------------                      ---       --         ----     ----

    Total equity in
     earnings                            122    1,386         (212)   8,119
    Operating revenues of
     JOAs and newspaper
     partnerships                         18       53           37      114
    ------------------                    --       --           --      ---
    Total                                140    1,439         (175)   8,233
    JOA editorial costs
     and expenses                      1,019    5,245       21,790   11,804
    -------------------                -----    -----       ------   ------
    Contribution to
     segment profit
     (loss)                            $(879) $(3,806)    $(21,965) $(3,571)
    ---------------                    -----  -------    ---------  -------

We closed our Albuquerque newspaper in the first quarter of 2008 after an unsuccessful search for a buyer. Because we no longer publish a newspaper in the Albuquerque market, our share of the income or loss of the Albuquerque JOA is not reported in our segment results. Our share of the results of operations of the Albuquerque JOA, which are reported in equity earnings in investments, was $0.5 million and $0.4 million of income for the three-month and six-month periods ended June 30, 2009, and $1.1 million and $2.9 million of income for the three-month and six-month periods ended June 30, 2008.

4. CONSOLIDATED BALANCE SHEETS



    The following are our Condensed Consolidated Balance Sheets:

                                               As of     As of
                                             June 30, December 31,
    (in thousands)                             2009      2008
    -------------                              ----      ----

    ASSETS
    Current assets:
         Cash and cash equivalents           $10,093     $5,376
         Short-term investments               31,822     21,130
         Other current assets                220,081    259,030
         --------------------                -------    -------
         Total current assets                261,996    285,536
         --------------------                -------    -------

    Investments                               14,876     12,720
    Property, plant and equipment            428,689    427,138
    Goodwill                                       -    215,432
    Other intangible assets                   24,361     26,464
    Deferred income taxes                     76,486    112,405
    Other long-term assets                     7,175      9,281
    ----------------------                     -----      -----

    TOTAL ASSETS                            $813,583 $1,088,976
    ------------                            -------- ----------

    LIABILITIES AND EQUITY
    Current liabilities:
         Accounts payable                    $23,097    $55,889
         Customer deposits and unearned
          revenue                             31,843     38,817
         Accrued expenses and other current
           liabilities                        69,191     92,878
                                              ------     ------
         Total current liabilities           124,131    187,584
         -------------------------           -------    -------

    Long-term debt                            73,093     61,166
    Other liabilities (less current
     portion)                                192,607    245,259
    Total equity                             423,752    594,967
    ------------                             -------    -------

    TOTAL LIABILITIES AND EQUITY            $813,583 $1,088,976
    ----------------------------            -------- ----------

SOURCE The E.W. Scripps Company

http://www.scripps.com