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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 new Bounce original series "Act Your Age" premiered on March 4, 2023, and drew in 2.14 million viewers, making it the most-watched half-hour series launch in Bounce history. The series features a storyline about three successful women in their 50s navigating life changes together. Starring Kym Whitley, Tisha Campbell, and Yvette Nicole Brown, the show airs weekly on Saturdays at 8 PM ET and will consist of 16 episodes, split into two parts. Its initial success is significant for Bounce's programming strategy and audience engagement.
The E.W. Scripps Company (NASDAQ: SSP) reported fourth-quarter 2022 revenue of $681 million, up 9.4% year-over-year, and segment profit of $204 million, a 21% increase. Growth was driven by political advertising and distribution revenues. Scripps plans a reorganization expected to save at least $40 million annually. Key developments included the launch of Scripps Sports and the incorporation of the Scripps News unit. Local Media revenues rose to $433 million, boosted by a record $106 million in political revenue. However, Scripps Networks revenue fell 9.2% due to macroeconomic challenges. Looking ahead, Local Media revenue is projected to decline in early 2023.
The E.W. Scripps Company (NASDAQ: SSP) has nominated Raymundo H. Granado and Monica O. Holcomb for election to its board of directors.
Granado, a private investor and philanthropist, has been involved in social impact initiatives, while Holcomb has directed the Scripps Family Impact Fund since its inception. They will replace Anne La Dow and Michael Scagliotti, who are stepping down after several years on the board.
The election will take place at the Scripps shareholder annual meeting on May 1. The board's size is expected to remain at 11 members.
Court TV has announced the return of its popular true-crime series, "Someone They Knew With Tamron Hall", for a second season starting February 19 at 9 PM ET. The series will feature 24 new episodes exploring compelling murder cases from the perspectives of those involved, including family and law enforcement. Notable cases include "Burning Jealousy" and "Mommy Dearest". Tamron Hall, a Daytime Emmy Award-winning host, emphasizes the series’ focus on the emotional impact of crime. The show is part of Court TV's extensive legal programming, which is available in 97% of U.S. homes.
The E.W. Scripps Company (NASDAQ: SSP) will announce its fourth-quarter 2022 operating results before the market opens on February 24, 2023.
A conference call with senior management will follow at 9:30 a.m. Eastern time on the same day, accessible via webcast or by phone at (844) 867-6169 (U.S.) and (409) 207-6975 (international) with access code 4229660.
A replay will be available from 1:30 p.m. Eastern time on February 24 until midnight on March 24, with replay numbers (866) 207-1041 (domestic) and (402) 970-0847 (international) using access code 3388176.
Bounce has announced the premiere of its new original series, Act Your Age, in partnership with MGM. The show will debut on March 4, 2023, at 8 p.m. ET, featuring back-to-back episodes. This multi-camera comedy showcases three women in their 50s navigating personal crossroads in life. Starring Kym Whitley and Tisha Campbell, with Yvette Nicole Brown as a guest star, the series blends humor with relatable themes. It will consist of two parts across 16 episodes, with the first half airing weekly in spring and the latter in summer. Episodes will also be available on Brown Sugar, Bounce's streaming service, following their TV premieres.
The E.W. Scripps Company (NASDAQ: SSP) has announced a multi-year distribution partnership with YouTube TV, launching networks ION, Bounce, and Scripps News as part of the base offering. This partnership enhances YouTube TV's service, which already includes Court TV, with potential future additions like Grit and ION Mystery. Subscribers will soon access Bounce's new original series, "Act Your Age," premiering in March. Scripps operates 61 stations across 41 markets, focusing on quality journalism and diverse entertainment options, reaching nearly all Americans through its national news and entertainment channels.
National News Literacy Week will be held from Jan. 23-27, 2023, aiming to combat misinformation and build trust in news. According to the Edelman Trust Barometer, only 39% of American adults trust media, down from 45% in 2021. Events will include discussions led by newsroom leaders from top outlets, focusing on transparency and media accountability. Co-presented by the News Literacy Project and Scripps, the initiative seeks to enhance news literacy in the U.S.
The E.W. Scripps Company (NASDAQ: SSP) announced a major restructuring to enhance agility in its operations and drive growth across various media platforms. Lisa Knutson has been appointed Chief Operating Officer to spearhead this initiative, focusing on improving operational performance, realizing synergies, and facilitating employee mobility. The restructuring aims to capitalize on opportunities in news, sports, and emerging distribution platforms. Future updates will be provided during the February earnings call.
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