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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 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.
The 70th Scripps Howard Awards is now accepting entries for exceptional journalism produced in 2022, running from Jan. 3 to Feb. 5, 2023. The awards feature $170,000 in total prize money across 15 categories, including Business/Financial Reporting and Investigative Reporting. Winners will be announced in October during a broadcast on Scripps News. This event honors various media outlets for their impactful work, with previous winners highlighting significant investigations such as the Pandora Papers.
The E.W. Scripps Company (Nasdaq: SSP) has announced the launch of a new Scripps Sports division aimed at enhancing partnerships with sports leagues, conferences, and teams. Brian Lawlor, previously leading the Local Media division, will serve as president of the new division. The company’s acquisition of ION Media provides significant national reach through various broadcasting platforms, enabling localized and national programming. Scripps has a history of acquiring sports rights, including the NFL and NHL, positioning it well in a fragmented sports marketplace.
The E.W. Scripps Company (NASDAQ: SSP) has appointed Corrie Loeffler, a three-time national competitor of the Scripps National Spelling Bee, as the executive director of the program, effective January 3. Loeffler has 16 years of experience with the Bee, most recently as director of editorial programs and national partnerships. The 95th Scripps National Spelling Bee will take place from May 30 to June 1, 2023. The competition, which started in 1925, is the longest-running educational contest in the U.S., witnessing viewership of over 7 million during last year’s finals.
Bounce has announced a partnership with MGM to create a new original comedy series titled "Act Your Age", set to premiere in spring 2023. The show portrays the lives of three successful women in their 50s navigating personal challenges in Washington D.C./Northern Virginia. Starring Kym Whitley, Tisha Campbell, and Yvette Nicole Brown, the series aims to celebrate Black women's stories. With 16 episodes in production in Los Angeles, this initiative marks a significant step for Bounce's original programming, according to David Hudson of Scripps Networks.
The E.W. Scripps Company (NASDAQ: SSP) reported Q3 2022 revenue of $612 million, a 10% increase year-over-year, with a segment profit of $145 million, up 13%. Political ad revenue reached $208 million for the 2022 midterms, surpassing 2018 records. Scripps Networks saw a 57% growth in Connected TV (CTV) revenue and aims for a $100 million annual run rate. Adjusted free cash flow is projected at $320 million for 2022. However, local media core advertising decreased by 12%, and the company anticipates Scripps Networks revenue to decline in Q4.
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