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Q3 for E.W. Scripps includes 40% revenue growth for Stitcher

E.W. Scripps released its third-quarter earnings report. The media company reported total revenue of $350 million, up from $303 million in the year-ago period. It posted a loss from continuing operations of $21.9 million, or 27 cents per share.

The national media unit posted revenue of $97.2 million, compared with $71.8 million in the same quarter of 2018. The division had a profit of $5.3 million, up from $2.8 million in the year-ago period. National media’s financials included the acquisition of Triton Digital as well as investments in Stitcher.

The Stitcher podcast network posted 40% growth in revenue. The division has seen early success with its new Office Ladies podcast, as well as with ongoing programs such as Conan O’Brien Needs a Friend and Getting Curious with Jonathan Van Ness.

“These high profile shows and partnerships drive new listeners and advertisers into the expanding podcast marketplace,” said Laura Tomlin, national media executive vice president. “Stitcher is well positioned to capitalize on this growth because of its ad sales network, its owned-and-operated shows, and its listener relationships to the Stitcher podcast app.”

Scripps acquired Triton in late 2018. The company’s leadership didn’t give many specifics about Triton’s financial performance. However, Lisa Knutson said that Triton would likely be seeing revenue growth for a few quarters after selling a non-core asset earlier in the year.

“We continue to benefit from the move of terrestrial radio companies onto digital platforms,” Tomlin said. “Triton provides these companies with infrastructure services to convert their over-the-air broadcast into digital streams. And now Triton is able to offer these companies an end-to-end podcasting solution as well. It’s a natural extension of our current services, and Triton is also now powering Stitcher’s technology platform.”

Anna Washenko

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