The E.W. Scripps Company today reported television operating revenues were up 5.4% in the first quarter of 2014, driven by strong local advertising and retransmission revenue growth and higher-than-expected political advertising revenue of $2.7 million. Consolidated revenues were $204 million, up 2.6% or $5.1 million, primarily because of television revenues.
Retransmission fees from cable and satellite providers increased 19.5 percent to $12.5 million. In 2014, the company will renegotiate retransmission agreements covering more than one-third of our subscribers.
Newspaper operating revenues declined 1% from the year-ago quarter, moderated by increases in subscription revenue. Segment profit increased $2.6 million over the 2013 quarter due to a $3.5 million drop in employee-related costs.