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CINCINNATI — The head of E.W. Scripps Co. said Tuesday that content remains a major focus for the media company as it moves through the tough economic times facing the industry.
The comments came a day after the owner of newspapers and television stations reported a first-quarter loss of $220 million, or $4.12 a share.
President and CEO Rich Boehne told shareholders at the company's annual meeting Tuesday that the quality of content in local markets is crucial in a highly competitive environment.
"We are aligning local content strategies with audience research, which is a benefit we did not have during much of the company's history," Boehne said.
He said there will be an increase in the amount and quality of local reporting and priority in developing content specifically to tell stories across many media platforms, including the Internet.
Shareholder Alfred Andersson, 67, of Savannah, Ga., was the only shareholder to ask a question at the meeting.
He commended management's decisions aimed at keeping costs in line with revenue reductions, but questioned stock options granted in March to top operating officers when the company has been cutting salaries, bonuses and employees.
"It seems to be not only improper and unethical, but also an act of self-enrichment," said Andersson.
Boehne said he recommended the options for senior managers who have had pay cuts and bonuses taken away.
"I think we need to do something to retain that talent," Boehne said.
The annual meeting was the last for Chairman William Burleigh, who stepped down after nearly 10 years as chairman and 58 years with the company. He is being succeeded by Nackey Scagliotti.
Scripps shares fell 14 cents, or 7.4 percent, to close Tuesday at $1.75.
