E.W. Scripps Posts Loss, Shares Tumble

Web advertising hasn't yet come close to offsetting the losses in print. Because most of its online ads are tied to print ads, Scripps said, first-quarter online ad revenue fell 26.5% to $7.3 million. "Pure-play" online advertising revenue came in at just $3.4 million, up 30% from a year ago.

The company's titles include the Memphis Commercial Appeal, the Evansville (Ind.) Courier & Press and the Naples (Florida) Daily News.

In addition to closing the Rocky Mountain News, the company took other drastic measures to cut costs in the quarter. It suspended 401(k) matching contributions, cut salaries, eliminated bonuses and froze its pension plan. The company didn't say how much it would save through those actions.