Faced with a 20 per cent drop in advertising revenue, US media company EW Scripps Co has announced it would cut 400 jobs. Scripps also reported a Q3 loss of $21 million; in the same quarter the previous year, it registered a profit of $16.6 million.
The Ohio-based company owns 10 television stations and newspapers in 15 US markets.
Scripps also hosts the National Spelling Bee, which is in its 78th year.
Image: A participant at the 2006 Scripps National Spelling Bee | Photograph: Chip Somodevilla/Getty Images
Also read: Honey, they shrunk Sachin!
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