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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) 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.
The E.W. Scripps Company (NASDAQ: SSP) has appointed Quinn Pacini as vice president and general manager for KBZK/KXLF, the CBS affiliates in the Bozeman/Butte, Montana market, effective July 1, 2022. Pacini, with over 15 years of experience in media and marketing, previously worked with Learfield/Bobcat Sports Properties. His background includes roles at CDK Global and Rally Marketing Group. Scripps Local Media President Brian Lawlor praised Pacini's ability to drive revenue growth and lead multimedia campaigns, enhancing Scripps' local journalism mission.
The 2022 Scripps National Spelling Bee finals achieved a 147% increase in viewership compared to 2021, reaching the largest television audience since 2015. The finals aired on June 2 and were watched by 3.7 million viewers. Overall, Scripps networks attracted 7.5 million viewers across all programming, including the semifinals and original special. The event was broadcasted on ION, Bounce, Laff, and TrueReal, which are free-to-air networks. Scripps aims to make the Bee more accessible to audiences nationwide.
Court TV has renewed the original true-crime series "Someone They Knew With Tamron Hall" for a second season, premiering weeknights at 7 p.m. ET. The show will lead into "Closing Arguments" with Vinnie Politan. This renewal follows the successful live coverage of the Johnny Depp vs. Amber Heard trial, which saw viewership increase by 278%, and streaming hours grow by 415%. Court TV is on track for its most-watched year, with over 500,000 viewers for the trial verdict on June 1.
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