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Overview of The E.W. Scripps Company (NASDAQ: SSP)
The E.W. Scripps Company is a leading diversified media organization that operates across multiple platforms, including broadcast television, digital media, and national entertainment networks. Founded in 1878, Scripps has a long-standing commitment to delivering high-quality journalism and entertainment to audiences nationwide. The company’s motto, "Give light and the people will find their own way," reflects its dedication to informing and empowering communities.
Core Business Segments
Scripps operates through two primary segments:
- Local Media: This segment encompasses more than 60 local television stations across 40+ markets in the United States. These stations include affiliates of major networks such as ABC, NBC, CBS, and FOX, as well as independent and low-power stations. Local Media generates revenue through advertising sales, retransmission fees, and digital operations, serving as a trusted source of news, weather, and community information.
- Scripps Networks: This segment includes national news outlets such as Scripps News and Court TV, alongside entertainment brands like ION, Bounce, Grit, ION Mystery, and Laff. These networks reach nearly every U.S. household through over-the-air broadcasts, cable, satellite, and digital platforms. Revenue is primarily derived from advertising sales and content distribution agreements.
Key Offerings and Partnerships
Scripps is known for its innovative approach to content delivery and strategic partnerships:
- Sports Programming: Through its Scripps Sports division, the company partners with professional leagues like the NHL, WNBA, and NWSL to broadcast games and related content. Recent agreements include deals with the Florida Panthers and Vegas Golden Knights, enhancing its portfolio of live sports programming.
- National Programming: Scripps produces and distributes popular shows such as "The List" and "The Now," and operates award-winning investigative journalism teams.
- Educational Initiatives: The company is the long-time steward of the Scripps National Spelling Bee, the nation’s largest and most successful educational program.
Market Position and Competitive Landscape
Scripps is one of the largest independent owners of local TV stations in the U.S., reaching nearly 20% of American households. It competes with other media conglomerates by emphasizing local journalism, free over-the-air broadcasting, and digital innovation. Its commitment to objective reporting and community engagement sets it apart in a crowded media landscape.
Revenue Streams and Business Model
The company’s revenue is driven by:
- Advertising: Local and national advertisers leverage Scripps’ platforms to reach targeted audiences.
- Retransmission Fees: Payments from cable and satellite providers for carrying Scripps’ local stations.
- Content Licensing: Distribution agreements for its national networks and digital platforms.
Commitment to Journalism and Public Service
Scripps has a deep-rooted commitment to journalism, as evidenced by its award-winning investigative reporting and initiatives like National News Literacy Week. The company also prioritizes public service through its local news coverage, emergency weather alerts, and community programming.
Conclusion
As a pioneer in the media industry, The E.W. Scripps Company continues to adapt to changing audience preferences while maintaining its focus on quality journalism and innovative content delivery. Its diverse portfolio, strategic partnerships, and commitment to public service make it a significant player in the U.S. media landscape.
Bounce is set to premiere its original series, Finding Happy, on September 24, 2022, at 8 p.m. EDT. This dramedy, centering on the Black female experience, follows protagonist Yaz Carter as she navigates her unfulfilled life, marked by family complexities and romantic challenges in Atlanta. The debut season consists of 10 episodes, showcasing Yaz's journey toward self-discovery. The show stars B. Simone and features notable actors like Kim Coles and Marketta Patrice. Executive producers include Eric C. Rhone and Cedric The Entertainer.
The E.W. Scripps Company (NASDAQ: SSP) will present its business strategies at the 30th annual Deutsche Bank Leveraged Finance Conference in Scottsdale, Arizona. Executives Jason Combs and Rebecca Riegelsberger will engage with investors on September 20-21, 2022, with a presentation scheduled for 8 a.m. Pacific Time on September 21. Live audio of the presentation will be available for listeners from 8 a.m. to 8:35 a.m. Pacific via the Scripps website. Scripps, a leading media company, operates 61 stations in 41 markets and delivers quality local journalism.
The E.W. Scripps Company and The Washington Post are launching a new political show titled 'Election 22: What Matters', premiering on Sept. 9, 2022. This 30-minute program will focus on key voter issues ahead of the November elections, airing weekly on Fridays at 8:30 p.m. and re-running on weekends. The show will feature insights on topics like the economy and healthcare, with reporters from various states collaborating for in-depth coverage. This collaboration aims to provide a comprehensive view of what matters to voters across the nation.
Bounce and Grit networks have launched on DIRECTV, providing new content options for subscribers. Bounce, focused on original series and films for Black audiences, airs on channel 82, while Grit showcases classic westerns on channel 81. Both networks are part of The E.W. Scripps Company (NASDAQ: SSP). Bounce introduces new episodes of 'Johnson' at 8 p.m. ET on Sundays, with 'Finding Happy' premiering on Sept. 24. This partnership emphasizes the growing demand for diverse programming and classic genres.
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.
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