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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 Scripps National Spelling Bee will host 234 spellers from May 31 to June 2, 2022, at National Harbor, Maryland, marking its first fully in-person event since 2019. The competitors, aged 7 to 15, qualified through local and regional bees. Semifinals will air live on ION and Bounce on June 1, while the finals will follow on June 2. Participants will engage in activities like STEM workshops and creative arts. The champion will receive a $50,000 cash prize. This year's Bee aims to inspire future generations through broadcasting in over 120 million households.
On May 3, 2022, shareholders of The E.W. Scripps Company (NASDAQ: SSP) elected two new members, Burton Jablin and Leigh Radford, to the board of directors. Jablin, a seasoned programming executive, previously led Scripps Networks Interactive before its acquisition by Discovery Communications. Radford, a retired senior VP from Procter & Gamble, has considerable experience in consumer brand marketing. Their appointments aim to strengthen Scripps' media industry expertise as the company navigates ongoing evolution.
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The E.W. Scripps Company (NASDAQ: SSP) will announce its first-quarter 2022 operating results before the market opens on May 6, 2022. A conference call with senior management is scheduled for 9:30 a.m. Eastern time on the same day. Investors can join via a live webcast, accessible at ir.scripps.com. For those preferring phone access, dial (844) 867-6169 in the U.S. or (409) 207-6975 internationally, using access code 3859521. A replay will be available from 1:30 p.m. Eastern time on May 6 until June 6.
All seven local television stations in Richmond-Petersburg, including WRIC-TV, WTVR-TV, and WWBT, have launched NextGen TV, a new digital broadcast technology. This upgrade, based on ATSC 3.0, offers enhanced video quality, improved emergency alerts, and a better auditory experience through Voice+ dialogue enhancement. Broadcasters can incorporate Internet content for live events. The rollout follows years of planning and is already operational in over 40 cities nationwide. For viewers, rescanning their TVs is required for uninterrupted service. More details are available at www.WatchNextGenTV.com.
The E.W. Scripps Company (NASDAQ: SSP) announced the appointment of Andrés Chaparro as the new vice president and general manager for WSFL, the CW affiliate in Miami, effective May 2. Chaparro previously led Scripps ABC affiliates in Texas, enhancing news coverage and community engagement. Brian Lawlor, Local Media President, expressed confidence in Chaparro's ability to foster business relationships and quality journalism to drive WSFL's success. Chaparro's background includes a focus on public health and education and extensive community involvement.
On April 5, 2022, Court TV announced it will provide live coverage as the pool feed provider for the high-profile defamation trial between Johnny Depp and Amber Heard, starting April 11 in Virginia. Court TV aims to deliver unbiased coverage, with cameras capturing unobstructed views of courtroom proceedings. The network's team, which includes experienced anchors and correspondents, promises comprehensive legal insights. Court TV has previously covered significant trials, enhancing its reputation as a reliable source for legal reporting, available to 97% of U.S. households.
A coalition of local broadcasters, led by The E.W. Scripps Company (NASDAQ: SSP), has launched the Scripps Political CTV Consortium to streamline political advertising on connected TV platforms. The initiative aims to facilitate access for agencies, enabling them to reach a significant portion of voters while managing campaigns efficiently. Experts forecast approximately $9 billion in political ad spending in 2022, with $1.8 billion directed towards CTV. Scripps collaborates with Magnite to provide programmatic access to premium advertising inventory, further enhancing market efficiency.
The E.W. Scripps Company has appointed TRG as its advertising and communications agency to enhance awareness and education about high-quality free TV services. This partnership aims to increase over-the-air TV viewing, with TRG handling creative strategy, brand planning, and media. A campaign is set to launch in May 2022, directing consumers to TheFreeTVProject.org. Scripps operates 61 stations across 41 markets and is the largest holder of broadcast spectrum.
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