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The E.W. Scripps Company (NASDAQ: SSP) is a diversified media enterprise with significant holdings in local and national media brands. With a portfolio encompassing 33 television stations in 24 markets and 34 radio stations across eight markets, Scripps is one of the largest independent TV station owners in the United States, reaching nearly 20% of U.S. households.
Founded in 1878, the company has stayed true to its longstanding motto, “Give light and the people will find their own way.” Today, Scripps remains committed to delivering quality journalism and valuable information across various platforms including digital media, television, and radio. Its digital offerings include podcast industry leader Midroll Media, over-the-top video news service Newsy, and weather app developer Weathersphere.
Scripps also produces television shows such as The List and The Now, operates an award-winning investigative newsroom in Washington, D.C., and is the long-time steward of the Scripps National Spelling Bee, the nation’s largest and most successful educational program.
Recent achievements include a solid performance in the first quarter of 2024, delivering $561 million in revenue and a strategic focus on debt reduction and financial stability. Despite a challenging 2023, the company saw positive trends in both Local Media and Scripps Networks segments, with significant growth in connected TV revenue. The company also boasts several recent accolades, including winning multiple National Headliner Awards and Peabody Awards for its investigative journalism.
Scripps' diversified brand portfolio includes national news outlets like Scripps News and Court TV, and popular entertainment networks like ION, Bounce, Defy TV, Grit, ION Mystery, and Laff. Notably, Scripps is the nation's largest holder of broadcast spectrum, providing a robust platform for future growth in the media landscape.
In addition to its media operations, Scripps has engaged in strategic partnerships such as airing National Women’s Soccer League matches on ION and receiving significant sponsorship from State Farm. The company is also exploring a sale of its Bounce TV network due to high strategic buyer interest, suggesting potential for further growth and consolidation in its core areas of focus.
Financially, Scripps ended 2023 with $35.3 million in cash and equivalents and a total debt of $3 billion. The company is committed to deleveraging its balance sheet and maximizing the paydown of traditional bank debt, with sufficient liquidity to meet current obligations.
The E.W. Scripps Company (NASDAQ: SSP) has appointed Adam Harman as senior vice president of programming, effective Dec. 16, 2024. Harman brings over 20 years of media experience and will lead programming strategy for Scripps' news and entertainment networks, including ION, which ranks as the No. 5 general entertainment network and Google TV's most-watched live TV channel of 2024.
Harman previously served as vice president of strategy and acquisitions at A+E Networks for 11 years. His prior roles include program planning at NBCU's Style Network and Hallmark Channel. Based in Los Angeles, Harman will focus on content acquisition and programming strategies across Scripps' platforms.
The E.W. Scripps Company (NASDAQ: SSP) has promoted Matthew Hijuelos to vice president of distribution, effective Jan. 1. He will oversee distribution across Scripps platforms, including cable, satellite, virtual carriers, and multicast spectrum. Currently serving as senior director of media distribution, Hijuelos has led streaming distribution efforts and helped grow annual connected TV advertising revenue.
Hijuelos joined Scripps in 2021 through its ION acquisition, where he was vice president of business distribution. He previously worked at Akamai Technologies for nearly 20 years in business development leadership roles. Based in New York, he will replace Robin Davis, who is retiring at year-end.
KGTV ABC 10News, owned by The E.W. Scripps Company (NASDAQ: SSP), has been awarded the National Press Foundation's 2024 AARP Award for Excellence in Journalism on Aging for their series 'Cost of Care'. The yearlong investigation focused on the financial and emotional impact of dementia care in the U.S. The reporting has prompted lawmakers at state and federal levels to call for significant changes in support of caregivers. The series, led by Executive Reporter Adam Racusin, was praised by NPF judges for its deep, trustworthy interviews and comprehensive coverage. The reporting team will be honored in Washington, D.C., in February.
The E.W. Scripps Company (NASDAQ: SSP) announced that CFO Jason Combs will participate in a fireside chat at the Noble Emerging Growth Equity Conference (NobleCon20). The session, scheduled for December 3 at 11 a.m. Eastern time, will be held at Florida Atlantic University in Boca Raton, Florida, where Combs will discuss company business strategies with Noble Director of Research Michael Kupinski. While there won't be a live webcast, a replay will be available under the investor information section at www.scripps.com by December 4.
Scripps News (NASDAQ: SSP) is launching a new streaming programming lineup on November 18, following its exit from over-the-air broadcasting on November 15. The network will provide live weekday programming from 7 a.m. to 6 p.m., featuring shows like 'The National Report,' 'Morning Rush,' and 'On the Scene.' Under the leadership of VP Matt Simon, Scripps News has seen a 44% year-over-year growth in streaming viewership. The network will debut special programs including 'In the Shadows with Jason Bellini' and maintain distribution across major streaming platforms including Roku, Fire TV, Apple TV, and various others.
The E.W. Scripps Company (NASDAQ: SSP) has announced the promotion of Teresa Morgan to vice president and general manager for WFTS, their ABC affiliate in Tampa, effective Jan. 1. Morgan, who has been with WFTS since 2003, currently serves as station manager and senior director of sales. She has progressed through various roles at the station, including senior account executive, local sales manager, and director of sales. The company will begin searching for a new director of sales immediately.
The National Women's Soccer League's first season on ION reached 20.5 million total unique viewers, with 13.5 million unique to ION. The network broadcast 50 matches and 53 studio shows, delivering over 130 hours of content. ION achieved the highest female viewership percentage (57% of P25-54) among all networks and attracted 50% of all NWSL viewers. Matches averaged 145,000 viewers per game, peaking at 234,000. The network generated over 3.6 million viewing hours across FAST channels and secured multiple advertising partnerships, including Capital One as presenting sponsor.
The E.W. Scripps Company (NASDAQ: SSP) has rescheduled its third-quarter 2024 operating results conference call to 10 a.m. Eastern time on November 4, 2024, due to a technical outage affecting their conference line provider's systems. The company will provide a live webcast accessible through their investor relations website. Investors can join via telephone by dialing (877) 848-7030 with access code 3725517. The call will be available on a listen-only basis for the public, with a replay accessible online after approximately four hours.
E.W. Scripps reported record Q3 2024 revenue of $646 million, up 14% year-over-year, driven by strong political advertising. Income attributable to shareholders was $33 million or $0.37 per share. The company expects full-year political advertising revenue to reach at least $340 million, exceeding previous guidance of $270-$290 million. During Q3, Scripps paid down $115 million of debt, reducing leverage ratio from 6.0x to 5.1x. The Local Media segment revenue grew 26% to $446 million, while Scripps Networks revenue declined 6.4% to $202 million.
E.W. Scripps (NASDAQ: SSP) has rescheduled its third-quarter 2024 operating results release to Monday, November 4, before markets open, moving it forward from the previously scheduled date of November 8. The company will host a conference call with senior management at 9 a.m. Eastern time on the same day.
Investors can access the live webcast through the company's investor relations website, while telephone access requires the access code 739969. A replay will be available from 12:30 p.m. Eastern time November 4 until midnight December 4, with both domestic and international dial-in options.
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