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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.
VIZIO has expanded its free streaming service, WatchFree+, by adding four new channels from The E.W. Scripps Company: ION, ION Mystery, Bounce XL, and Grit Xtra. These channels will provide users with a diverse array of content, including popular dramas and thrilling investigative shows. VIZIO aims to enhance user experience by offering a wide variety of free programming without subscriptions or login requirements. This addition follows a growing relationship with Scripps, expanding the reach of their entertainment brands to millions of households across America.
The Scripps Howard Foundation has announced a $3.8 million grant to the International Center for Journalists (ICFJ) for a project called "Disarming Disinformation". This three-year initiative aims to empower journalists and students worldwide to combat misinformation through training in fact-checking, verification, and digital security. The project will also facilitate collaboration on disinformation investigations and produce resources including case studies. The initiative responds to urgent global issues related to misinformation, with activities starting immediately and funding provided until 2025.
On August 30, 2022, The E.W. Scripps Company (NASDAQ: SSP) announced the launch of the Scripps Journalism Journey Initiative, aiming to transition print journalists into broadcast careers. Led by Jim Iovino, a seasoned journalist with over 25 years of experience, this multi-year program is financially backed by Google. The initiative seeks to enhance digital journalism skills among veteran journalists, nurturing their talents for a video-driven news landscape. Applications are currently open, with the program set to start in December and January.
The Scripps Howard Fund's seventh annual childhood literacy campaign aims to distribute its 1 millionth book during the 2022-2023 school year. Running from August 29 to September 9, the campaign encourages $5 donations to provide books to children in need. Local television stations partner with Title 1 schools to ensure access for underserved children, focusing on kindergarten to third grade. The Fund's goal is to equip each student with 10 age-appropriate books annually. Donations can be made at ifyougiveabook.com.
The E.W. Scripps Company (NASDAQ: SSP) reported a record $594 million in revenue and $132 million in segment profit for Q2 2022, driven by robust political advertising and retransmission revenues. Political ad revenue is projected to exceed $270 million for the full year, surpassing 2020 results. Local Media revenue rose 9.5% to $356 million, with political revenue significantly increasing to $24 million. Despite a challenging ad market, Scripps Networks maintained revenue at $239 million. Free cash flow for 2022 is targeted at $400 million, reflecting effective expense management.
The E.W. Scripps Company (NASDAQ: SSP) has approved a new contract for President and CEO Adam P. Symson, extending his tenure through December 31, 2027. Symson, who has served since August 2017, has led significant growth initiatives, including the acquisition of ION Media and the establishment of a profitable operating division with nine national broadcast networks. Under his leadership, the company has enhanced its Local Media portfolio, improved operating performance, and navigated challenges like the COVID-19 pandemic. The board emphasizes aligning executive pay with shareholder interests.
The E.W. Scripps Company (NASDAQ: SSP) will announce its second-quarter 2022 operating results before Nasdaq trading on August 5, 2022. A conference call featuring senior management is scheduled for 9:30 a.m. Eastern time on the same day, which will be available via live webcast at ir.scripps.com. For those wishing to join by phone, they can dial (844) 867-6169 (U.S.) or (409) 207-6975 (international) with access code 1864935. A replay will be available until midnight on September 7, 2022.
The E.W. Scripps Company (NASDAQ: SSP) has announced the appointment of Lisa Volenec as vice president and general manager for KMTV in Omaha, Nebraska, effective August 22, 2022. Volenec, a seasoned media professional, is returning to her roots in Omaha where she began her career in television news. Previously, she served as regional business development director for Scripps' Local Media division and has extensive leadership experience within the company. Local Media President, Brian Lawlor, expressed confidence in her ability to drive KMTV's success, emphasizing her market knowledge and leadership skills.
ION announced the addition of "Leverage: Redemption" to its Monday night lineup, premiering with double episodes on July 11, 2022 at 9 p.m. ET. This series follows reformed criminals using their skills to combat injustices against common citizens. The cast features Noah Wyle and Gina Bellman, among others. The show picks up eight years after the original series, focusing on a new team dynamic. ION broadcasts to over 100 million homes and is owned by The E.W. Scripps Company (NASDAQ: SSP), which operates numerous popular networks.
The E.W. Scripps Company (NASDAQ: SSP) has appointed Jeff Kiernan as vice president and general manager for KTNV, its ABC affiliate in Las Vegas, effective July 25, 2022. Kiernan previously served as senior director of news at WXYZ and WMYD in Detroit since January 2021, where he led the implementation of Scripps' content strategy. He has an extensive background in journalism and has held leadership roles across various Scripps stations, demonstrating a commitment to community-focused reporting.
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