Scripps expects 3-5% ad increase

E.W. Scripps Co., owner of the Cincinnati Post and 20 other daily newspapers, predicted a 3 percent to 5 percent increase in newspaper advertising sales next year, buoyed by publications in mid-sized markets.

At the same time, pension expenses will jump 69 percent to $22 million and newsprint costs may rise as much as 10 percent, Scripps said in a statement in advance of analyst meetings this week in New York City.

Advertising and affiliate fee revenues from Scripps Networks, which have been boosting the company's performance, are expected to be up about 15 percent. The company said it anticipated continued revenue growth at its national programming services, based on the strength of advanced advertising sales through the first three quarters of 2003. But the level of growth for the full year will depend on the strength or weakness of the quarter-to-quarter sale of unreserved advertising time.

Revenue from TV stations is expected to be flat.

NYSE may drop Owens Corning

The stock of Owens Corning may be delisted from the New York Stock Exchange because it has failed to meet listing standards, the company said Monday.

The Toledo, Ohio, maker of fiberglass and composite materials said uncertainties related to the scheduling of its Chapter 11 bankruptcy proceedings will prevent it from rectifying the listing problems within the time allowed by the NYSE.

Owens Corning's average closing price, market value and shareholders equity failed to meet listing requirements, the company said.

Galen to buy Sarafem rights

Northern Ireland-based pharmaceutical company Galen Holdings PLC said Monday it will pay a record $295 million for the U.S. marketing rights to an Eli Lilly & Co. drug to treat premenstrual tension.

Sarafem - which has the same active ingredient as Lilly's anti-depressant Prozac - treats premenstrual dysphoric disorder (PDD), a form of depression that affects up to 5 percent of women.

Under the deal, subject to approval from U.S. regulators, Indianapolis-based Lilly will manufacture Sarafem for Galen for three years. Galen plans to expand its sales staff to market the drug, which is patented until 2007.

- Compiled from staff and wire reports