Profit plunges for Denver papers
By David Milstead, Rocky Mountain News (Contact)
Originally published 08:55 a.m., July 24, 2008
Updated 08:55 a.m., July 24, 2008
Denver’s newspapers showed a sharp drop in profits in the first quarter, E.W. Scripps reported today.
Cincinnati-based Scripps, parent of the Rocky Mountain News, said its share of earnings from the Denver Newspaper Agency was $1.3 million, down 78 percent from $6.0 million in the second quarter of 2007.
Those earnings reflect revenue to Scripps before newsroom expenses for the Rocky are deducted.
Scripps no longer releases newsroom expenses for Denver, but the figure was close to $6 million per quarter in the third quarter of 2006, the last time the figures were released. Since that time, dozens of Rocky Mountain News positions have been cut through buyouts and attrition.
The agency manages the business operations of the Rocky and The Denver Post, which maintain separate newsrooms.
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