E.W. Scripps Co.’s attempt to sell the Rocky Mountain News or possibly shut it down reflects “convulsion and change” occurring in the newspaper industry, Scripps’ chief executive said Wednesday.
Scripps’ long-term strategy is to reduce its holdings in large-market newspapers and expand its ownership of larger-city television stations, CEO Richard Boehne told a group of analysts in New York at the UBS Global Media and Communications Conference.
The Cincinnati-based publisher said last week it will attempt to find a buyer for the Rocky Mountain News by mid-January, at which time it will “examine other options” that could include closing the paper, officials said.
Scripps said the News has lost $11 million in the first nine months of 2008.
“We’re very focused on limiting our exposure in newspapers to small and midsized markets,” Boehne said.
He said the News is the only Scripps newspaper that is not profitable. The chain owns, co-owns or operates 17 papers across the nation.
Analysts asked no questions about the News at the Wednesday media conference, and much of Scripps officials’ comments focused on television- station ownership.
Scripps has 10 TV stations.
Boehne said the company hopes to increase its television-station ownership by acquiring competing stations in markets where Scripps operates.
Steve Raabe: 303-954-1948 or sraabe@denverpost.com
