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“Reshaping for Long-Term Success” Operating Revenues (Continuing Operations) (Dollars in Millions)

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“Reshaping for Long-Term Success” Operating Revenues (Continuing Operations) (Dollars in Millions) 2011 ANNUAL REPORT “Reshaping for long-term success” Operating Revenues (Continuing Operations) (Dollars in Millions) FINANCIAL HIGHLIGHTS $732 $729 $777 2009 2010 2011 Operating Revenues Operating Revenues By Segment (Continuing Operations) (Dollars in Millions) Syndication and other 2% Television 41% 57% Newspapers $732 $729 $777 2009 2010 2011 2011 . 2009 2010 2011 2% (Dollars in millions) Consolidated Operating41% revenues............................................. $732 $777 $729 Income (loss) from continuing57% operations.............. (199) 29 (16) Television Segment operating revenues............................... 255 321 301 Segment profit.................................................... 20 75 50 Newspapers Segment operating revenues............................... 455 435 414 Segment profit.................................................... 49 52 21 Syndication and other Segment operating revenues............................... 22 21 14 Segment loss...................................................... (1) (3) (1) LETTER TO SHAREHOLDERS To our shareholders: In 2011, we reshaped the company, creating new opportunities and leverage points for increased value both near-term and long-term. And we did it by expanding products, audiences and revenue streams instead of anchoring our future solely to cost cutting. That sets us apart from other media companies in these challenging economic times. As a result, Scripps is on its way to becoming a very different and more profitable company over the next few years. With an enlarged footprint of attractive local markets, a plan for boring deeper into those markets with a growing menu of products, a strong financial underpinning, an entrepreneurial culture and a dedication to mission, we have in hand the tools necessary for a successful run. Crunching all of these changes into 2011 was hard on the company’s reported financial results. We knew going in that 2011 would be challenging. It was the off-year in the political advertising cycle, we had further restructuring charges to reduce expenses, and we had write-offs to align asset value in certain newspaper markets. Plus, we had opportunities to invest in talent and new businesses that offer longer- term benefits. Despite the messy P&L results, we performed well as managers of cash, the full balance sheet and financial flexibility – critical building blocks for shareholder value. Moves we made in 2011 We made an opportunistic acquisition of nine television stations from McGraw-Hill Companies. We now operate in three more of America’s most-attractive media markets – Indianapolis, Denver and San Diego. Through the transaction, we also have a promising new ABC affiliate in Bakersfield, Calif., and access to the growing Spanish-language marketplace through five Azteca America stations in Colorado and California. We paid $212 million in cash for the nine stations. Our net cash cost, however, is about $190 million after factoring in tax benefits from the deal. We think we got a great deal based on the potential for an attractive cash-on-cash return on investment. Our portfolio of 19 television stations now includes 10 ABC affiliates (making us the largest independent operator of ABC stations in the country), three NBC affiliates, five Azteca America stations, and one independent. In 2012, we expect to derive more than three quarters of our divisional segment profit from television. Our TV division also continues to improve its profit margins through aggressive programming strategies, growing revenues from the carriage of our stations on local cable systems and improving ratings for local news – the anchor of what we do. In the latter part of 2011, we accelerated our digital strategy by combining all of our digital resources across the country into one team that will roll out new products and services across our markets. This effort goes far beyond digital and mobile services that are complementary to our print and on-air businesses. Now, core to our strategy will be products and services designed for the digital-only consumers, both free and paid. We intend to be among the most-aggressive companies in the digital category. We became the first TV group to offer a mobile live streaming of news product from every one of its stations in September. We are a charter member of the organization that is leading the push for live mobile broadcasting to tablets and smartphones. We have some of the most-innovative news and weather apps, including a new generation iPad app for our TV stations that was launched at the end of the year. The groundwork we laid in 2011 will yield product rollouts in 2012 that have the potential to redefine the way local media companies engage their audiences. Stay tuned for those developments and others during 2012, including the launch of social games for national audiences through a partnership owned 50 percent by Scripps. We continue to streamline and simplify our newspaper operations by changing the business model to reflect economic realities and the most attractive opportunities. We’re restructuring our operations so that the local leadership focuses almost exclusively on sales and content; we’re also centralizing and rationalizing other newspaper functions, such as finance and accounting. In some cases we’re selling fewer advertising products in the belief that better opportunities lie with the main brand – the showcase for our journalism - instead of myriad ancillary products. Although newspaper advertising revenues still are declining, we’re seeing some recovery in the underlying local economies and better stability in advertising. We also invested in ourselves in 2011. We spent $51 million (of a $75 million total authorization) to purchase more than 6 million shares at an average price of $8.27. We believe this is a smart investment with potentially attractive returns for our shareholders. Despite the moves we made in 2011, we preserved the financial strength and flexibility that have served us so well during the economic downturn. We had $212 million of debt on the balance sheet at year end due to the station acquisition. At the same time, we had almost $130 million in cash on hand and the prospect of generating significant cash in 2012, helped by numerous contested political contests in our markets. In addition, we have borrowing capacity of $100 million through a revolving credit agreement if we see new opportunities to create value for our shareholders. A peek at 2012 This should be a year of strong performance. Our television station group has momentum. Our footprint expanded with the acquisition – and just in time for the 2012 election season. News ratings are improving. Programming costs are coming down. Retransmission revenues are on the rise. All of which bode well for the future of these franchises. For our digital operations, 2012 will be a milestone year with a sustained rollout of new products. And there is a sense of urgency at our newspaper operations to complete the transformation of their business to a simpler and more-focused model. One final note. In April of this year, the National Association of Broadcasters plans to honor our deep commitment to public service by giving Scripps its Distinguished Service Award for 2012. Some of the past recipients include people like Walter Cronkite and Edward R. Murrow, and only once in the past has there been a company that has been honored with this award. This is very humbling for the organization, and we view it as validation of all that we long have said about the importance of making a difference in our communities. Thanks for your support. Sincerely, Richard A. Boehne President and Chief Executive Officer March 2012 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2011 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 0-16914 THE E. W. SCRIPPS COMPANY (Exact name of registrant as specified in its charter) Ohio 31-1223339 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification Number) 312 Walnut Street 45202 Cincinnati, Ohio (Zip Code) (Address of principal executive offices) Registrant’s telephone number, including area code: (513) 977-3000 Title of each class Name of each exchange on which registered Securities registered pursuant to Section 12(b) of the Act: New York Stock Exchange Class A Common shares, $.01 par value Securities registered pursuant to Section 12(g) of the Act: Not applicable Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.
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