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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 69th Scripps Howard Awards honored outstanding journalism that led to significant societal reforms. Held on June 12, 2022, the event showcased winners chosen from over 800 entries across 15 categories. The Scripps Howard Foundation awarded $170,000 in prizes to several organizations, including ProPublica for its impactful work highlighting wealth inequality. Other notable winners included The Tennessean and ABC News, which exposed critical social issues. The awards underscore the enduring influence of journalism in shaping public policy and addressing injustices.
Court TV achieved record viewership, with over 500,000 viewers tuning in for the verdict in the Johnny Depp vs. Amber Heard trial on June 1, 2022. This marked a 278% increase from pre-trial audience levels, and daily streaming hours surged by 415%. The network ranked among the top broadcasters, surpassing major channels like ESPN and FX during key viewing times. Future trials include high-profile cases such as Florida vs. Danielle Redlick and Florida vs. Nikolas Cruz. Court TV is accessible to 97% of U.S. homes and continues to expand its streaming presence.
Harini Logan, a 14-year-old from San Antonio, Texas, won the 2022 Scripps National Spelling Bee in its first-ever spell-off by correctly spelling 'moorhen.' The competition featured 229 spellers, with Logan spelling 22 out of 26 words correctly. The event, held at the Gaylord National Hotel in Maryland, was overseen by Dr. J. Michael Durnil and concluded with a trophy presentation by Scripps CEO Adam Symson. Logan receives a $50,000 cash prize and other rewards totaling over $52,000, further solidifying the Bee's status in American culture.
The E.W. Scripps Company (NASDAQ: SSP) has appointed Dave German as the new vice president and general manager for KXXV and KHRD, Scripps ABC affiliates in the Waco/Temple/Bryan, Texas market, effective June 20, 2022. German, who has over 30 years of experience in broadcasting, previously served as general manager at KMTV in Omaha, Nebraska. His leadership is expected to enhance revenue growth and improve local news coverage. He takes over from Andrés Chapparo, who moved to a position in Miami.
The Scripps Howard Foundation announces the finalists for the 69th Scripps Howard Awards, showcasing impactful journalism across 15 categories. Over 800 entries were evaluated by a panel of veteran journalists. A total of $170,000 in prizes will be awarded to the winners, with the ceremony taking place on June 12, 2022, at 8 p.m. ET, airing on Newsy. The awards highlight excellent reporting on crucial issues such as breaking news, business, environmental, and investigative journalism, emphasizing the importance of accountability and truth in media.
The E.W. Scripps Company (NASDAQ: SSP) announces the premiere of "Road to the Bee," a one-hour special airing on ION and Bounce on May 26 at 8 p.m. ET. This show provides an inside look at the preparation for the Scripps National Spelling Bee, featuring insights from competitors and supporters. The semifinals will be held on June 1, and the finals on June 2, both broadcast live on ION and Bounce. This event marks the first time the competition will be aired on these networks, as part of Scripps' strategy to enhance the Bee's visibility.
The E.W. Scripps Company (NASDAQ: SSP) announced a multi-year partnership with Google on May 17, 2022, to launch the Scripps Journalism Journey Initiative. This initiative aims to transition experienced print journalists into broadcast news roles through dedicated training and support. Google has financially committed to this initiative, which will enable full-time career positions in Scripps’ local and national newsrooms. Applications for the program are anticipated to open in early summer, with positions including reporters, editors, and producers.
The E.W. Scripps Company (NASDAQ: SSP) announced a strong financial performance for Q1 2022, achieving $566 million in total revenue, a 4.6% increase year-over-year, and segment profit of $115 million. The company is on track to generate free cash flow between $400-$450 million for the year, bolstered by projected $270 million in political advertising revenue. Highlights include a 3.4% rise in core advertising revenue and an 8.5% increase in combined revenue from Scripps Networks.
On May 5, 2022, Bounce announced its original programming schedule featuring the new series Finding Happy, premiering in Fall 2022. This dramedy portrays the life of Yaz Carter, exploring themes of unfulfilled dreams and self-discovery, with a cast led by B. Simone. The lineup also includes the return of Johnson on July 10 and the holiday movie Faith Heist 2. Special events like the Scripps National Spelling Bee and the 30th Bounce Trumpet Awards will further enrich Bounce's offerings in June.
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