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The E.W. Scripps Co. said Monday it will take a $874 million write-off to account for the diminished value of its newspaper holdings.
The write-off includes a $779 million noncash charge to reduce the value of goodwill and a $95 million reduction in the value of its investment in the Denver Newspaper Agency and Prairie Mountain Publishing. The agency oversees business operations at the Rocky Mountain News, a Scripps publication, and The Denver Post, a ap publication.
Scripps had initially planned to take the charge in the third quarter but decided to take it in the second quarter instead. With the noncash charges, Scripps lost $531 million, or $9.78 per share, in the quarter.
