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Overview
The E.W. Scripps Company (SSP) is a diversified media enterprise with a rich heritage dating back to 1878. Known for its commitment to objective local journalism and innovative digital storytelling, Scripps serves communities across the United States with a powerful blend of television, radio, and digital media assets. With a core focus on quality content and extensive local market penetration, the company provides trusted news and information that enable citizens to stay informed through both traditional and modern platforms.
Business Segments and Revenue Streams
Scripps operates through several key segments:
- Local Media: This segment comprises a broad network of local television stations and digital operations. These stations are affiliated with major networks including ABC, NBC, CBS, and FOX, enabling dynamic local advertising opportunities, retransmission fees and political advertising revenues. The wide reach in minute local markets is instrumental in delivering community news and real-time information.
- Scripps Networks: Under this umbrella, the company manages national news outlets and entertainment channels such as Scripps News, Court TV, ION, Bounce, and others. These networks maximize revenue primarily through advertising while maintaining a broad distribution that touches nearly every U.S. household.
- Digital and Sports Platforms: Recognizing the digital transformation, Scripps has expanded its scope into digital journalism and multimedia content. This includes owning innovative platforms in podcasting, over-the-top (OTT) video services, and dedicated sports broadcasting via Scripps Sports. Strategic partnerships with major sports leagues and teams have further diversified its content offerings and audience engagement on platforms such as ION and mobile streaming applications.
Content, Innovation, and Investigative Journalism
Scripps is not only a major broadcaster but also a content innovator. It underpins an award-winning investigative newsroom in Washington, D.C., known for its incisive reporting and its commitment to uncovering critical public interest stories. The company's production of educational and entertaining content, including long-standing institutions like the Scripps National Spelling Bee, showcases its versatility and deep-rooted trust within the media landscape.
Market Position and Industry Impact
As one of America’s largest independent TV station owners and the nation’s most extensive holder of broadcast spectrum, Scripps has a significant market presence. It operates in a competitive environment that demands high standards in local journalism, digital innovation, and sports broadcasting. Its ability to adapt to technological changes and shifts in content consumption underlines its resilience. By integrating traditional broadcast strengths with emerging digital trends, Scripps continues to set benchmarks in quality journalism and diversified media content.
Commitment to Excellence and Trustworthiness
Reflecting its long-time motto, "Give light and the people will find their own way," Scripps emphasizes credibility and authority in its operations. The company maintains rigorous journalistic standards and focuses on providing well-researched, fact-based reporting—a principle that has built a loyal audience and solidified its reputation among media professionals and investors alike.
Strategic Partnerships and Future-Proof Operations
Scripps has established multiple strategic partnerships to expand its reach and enhance its content offerings. Through collaborations with major sports leagues, digital partners, and content distribution platforms, Scripps has effectively diversified its audience base and revenue sources without compromising its commitment to quality journalism. These initiatives ensure that the company remains a pivotal player in both local and national media ecosystems.
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.
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.
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