Ladies and gentlemen, thank you for standing by. Welcome to the second quarter earnings report conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Instructions will be given at that time. (Operator instructions). And as a reminder, this conference is being recorded. I would now like to turn the conference over to Tim King. Please go ahead.

Thank you, Mary. Good morning everybody, and thanks for joining us for this call. In just a minute, I will introduce Rich Boehne, the President and Chief Executive Officer. He will give you a brief strategic overview of the business. And then, he will be followed by Tim Stautberg, the Senior Vice President, CFO, and Treasurer. He will discuss the second quarter financial and operational highlights. And then as usual, we will open up the lines for your questions. And at that point joining us for the call are Mark Contreras, the Senior Vice President of Newspapers; Brian Lawlor, the Senior Vice President of Television; Bill Appleton, our General Counsel; and Doug Lyons, our Vice President and Controller. Now just a couple of quick housekeeping items. If for some reason you can't stick with us for the duration of the call, you can access a streaming audio replay by going to Scripps.com and clicking on the Investor Relations link at the top of the page. The replay will be active later this afternoon and we'll leave it there for a few weeks. You can also use that link to find today's press release and the quarterly financials. As a reminder, when you're reading the release and the financial tables, the results for the Scripps Networks and Interactive Media divisions are presented as discontinued operations, as they have been since the third quarter of last year. Now, as always, our discussion this morning may contain certain forward-looking statements and actual results may differ from those predicted. You can check Page 11 of the Form 10-K for 2008 to read some of the factors that may cause results to differ from what you're about to hear. So with that, I'll turn it over to Rich Boehne.

Thanks Tim. Good morning. Thanks for joining us early on a Monday morning. I am going to walk through the second quarter from a more strategic point of view and then Tim will talk about the numbers. The end of the second quarter also marked the end of the first year since we separated the lifestyle networks from the journalism group and businesses as the TV stations and newspapers, so that each company could focus on its particular opportunities and challenges. The separation that created Scripps Networks and Interactive and returned the E.W. Scripp’s company’s focus to news and public service media, took more than a year to complete. But at no time, during that preparation period, did we have even an inkling how vital important the split would be for the strategic future of both companies. For us here at E.W. Scripp’s being separate and focused on local news and information businesses has allowed us to react quickly and appropriately to the rapid downshift in the national economy and also to begin restructuring our organization for success in a very different media marketplace. Let me talk about both of those for just a couple minutes; first, how we’re moving to protect our financial health and value during this dramatic swoon in advertising revenues. We believe financial flexibility will be a key strategic asset in the years ahead, so we’re determined to keep debt as low as possible during this crunch period. Tim’s going to talk in just a few minutes about our new bank agreement, which ensures favorable borrowing rates and enough flexibility to reposition the company. But we are determined to use our credit line only as a backstop. We’re aggressively cutting expenses and reallocating resources to both improve our short-term financial health and shift resources to where…

Thanks, Rich and good morning, everyone. As you’ve already read, our revenue in the second quarter came in at $194 million, a decrease of 23% from a year ago. Of course, we are not satisfied with that figure, but it’s consistent with what we’ve seen from our peers and local media. The bottom line was a little more encouraging. Thanks to disciplined cost cutting. We reported net income of $0.04 per share in the second quarter. This was our first reporting period since the S&I spin-off without unusual items in the income statement, so that $0.04 is a nice clean number and thankfully, it’s in black ink. Turning to the operations, revenues at our TV stations were down 24%, as the weak economy continued to pressure local and national advertising budgets. Auto advertising was down 52%. Keep in mind, this was in the same quarter that Chrysler and General Motors were going through their bankruptcy processes and before Uncle Sam decided to spend a billion dollars to have Americans trade in their clunkers. The good news is this category is starting to show signs of improvement in the third quarter. Elsewhere in the second quarter, retail advertising was down 17%, and the services category was down 15%. Unfortunately, there weren’t enough local ballot issues this year to offset the $1.6 million in primary season political dollars we garnered last spring. We remain aggressive in developing business from customers who are new to TV or who have not advertised in our markets for the past 12 months. Even in this economy, newly developed revenue streams grew more than 5% in the quarter. Also, our focus on serving our customers with online solutions continues to show success with a 35% increase in television, Internet advertising. On the whole, business at the TV…

Thank you. (Operator instructions). And our first question is from the line of Alexia Quadrani from JPMorgan. Please go ahead.

Thanks. This is Townsend Buckles for Alexia. Can you talk – or can you give some more color on where you are seeing incremental strength or stabilization? Are you seeing a pickup in certain verticals aside from auto that you mentioned, or, in specific geographies?

Hi, Townsend, this is Rich. We will let Brian Lawlor talk about that from the TV side.

Hi Townsend. As you noted, we did mention that we are seeing an uptick in automotive in July and carrying right now through the third quarter compared to second quarter. We do have some other categories that are pacing better than they did in the second quarter as well. Services which was our top category has improved in the third quarter versus second quarter. Our brand name category, which was – products like P&G and Kraft and those categories are up, home improvement is up, travel and leisure is up. So we are seeing growth in multiple categories beyond just automotive.

And by geography, are you seeing any pockets of strength?

I wouldn’t say pockets of strength. I still see Arizona and our two Florida stations is having challenges beyond the rest of the group. But I couldn’t identify one or two that I think is starting to break out.

And actually, how about the newspaper side?

Townsend, this is Mark. Slight improvement in all three categories, but primarily in automotive, for the quarter, we were down about 40% and July looks little bit better. Real estate down 40 some percent and that’s getting a little bit better. The tough geographies for us are really still California and Florida, and I don’t want you to read too much into any kind of one-time snapshot in July. But without question, geographically, Florida and California are still tough.

Thanks. And finally your cost came down much more in Q2 than Q1 especially in the newspaper segment. Does Q2 reflect the full effect of your cost cutting measures over the last week few quarters, and can we expect a similar pace of cuts in the second half of the year?

All right. This is Mark again, Townsend. I would say that you – rather than look at year-over-year percentages, you might look at dollars in the second quarter remaining roughly the same in Q3 and Q4. There was some noise in last year’s numbers which makes the year-over-year percentages tough to track. But we remain committed to keeping a tight grip on personnel costs and we’re not planning on adding back during the last half of this year in terms of payroll or any other expenses.

Great. Thanks.

Thank you. (Operator instructions). And there are no further questions. I am sorry we just had one queue up from the line of Barry Lucas from Gabelli & Company. Please go ahead. Barry Lucas - Gabelli & Company: Thank you, good morning. Glad to get that in under the wire. Rich, can you provide anymore color on the Yahoo! relationship and maybe some assessment of what the search deal with Microsoft may or may not be?

Sure. Thanks Barry. This is Rich. I will give you just quick color. We continue to be enthusiastic about the Yahoo! consortium on two levels. One, it represents probably for the first time in the industry’s history a meaningful coalition of newspaper operators to get things done on both the cost and revenue side for the long-term, it’s just a great opportunity in a lot of ways. I will let Mark talk about the specifics of some of the new deals at Yahoo!

Barry, hi, it’s Mark. I just wanted to share with you. We have been in contact with our partners at Yahoo! and they have explained in detail why they did the Microsoft deal. It essentially puts Yahoo! much more in the content business and leaves technology for search particularly to Microsoft. So from our vantage point, it’s a good deal because it allows Yahoo! to continue to concentrate on us as content partners as well as economic partners. Barry Lucas - Gabelli & Company: Okay. Thanks. One more quickie for Tim. Corporate came down, is that a good run rate for corporate expense for the balance of the year, and are there any other lingering costs from the separation or tails that could jump up either this year or next?

Yes, thanks, Barry. I would – I don’t anticipate significant mop up from the separation. I think probably in the third quarter, we will settle all of our accounts with respect to taxes and anything else that’s hanging out there, pension plan, asset, separations, those kinds of things, but I don’t expect any expense hits from that that would be in the nature of cash that would be significant. I think the run rate for corporate is probably $28 million to $30 million roughly into the back half of this year, probably $8 million or $9 million, probably $8 million a quarter might make sense. Barry Lucas - Gabelli & Company: Great. Thanks, Tim.

Thanks Barry.

Thank you. And there are no further questions.

All right. Mary, we appreciate your help this morning, and thanks to everyone else for your interest in Scripps. Have a good morning.

Thank you. Ladies and gentlemen, this conference will be available for replay after 11:00 AM Eastern Time today through Midnight August 17th. You may access the replay service by dialing 1-800-475-6701 and entering the access code 105580. International participants may dial 320-365-3844 using the same access code 105580. That does conclude our conference for today. Thank you for using AT&T Executive Teleconference Service. You may now disconnect.