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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.
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.
Bounce will premiere its original movie Don't Hang Up on March 20, 2022, at 8pm ET. The action-thriller, based on true events, stars Wendell Pierce, Lauren Holly, and Eden Cupid. The plot follows Chris Daniels, whose life takes a dark turn when he receives a phone call about his daughter's kidnapping. Chris must complete tasks as instructed by the kidnappers while maintaining one critical rule: Don't hang up. This film is directed by J.B. Sugar and produced by No Equal Entertainment.
Sinclair Broadcast Group and local stations in West Palm Beach have launched NextGen TV, a new digital broadcast technology. This upgrade enhances viewer experience with improved video quality and sound, offering features like Voice+ dialogue enhancement and advanced emergency alerts. The rollout follows extensive planning and aims to expand across the U.S., with service already live in over 40 cities. Viewers can access programming via existing DTV formats while new devices support enhanced features. The initiative reflects a significant upgrade in broadcast technology.
The E.W. Scripps Company (NASDAQ: SSP) appointed Bill Siegel as vice president and general manager for WPTV and WHDT in West Palm Beach, Florida, effective March 7. Siegel previously served as vice president and general manager of WSFL in Miami since December 2019. He has extensive experience in broadcasting and led initiatives like Florida 24, a free statewide news channel. Local Media President Brian Lawlor highlighted Siegel's commitment to impactful journalism as key for WPTV's success.
The E.W. Scripps Company (NASDAQ: SSP) will outline its business strategies at the 30th Annual Deutsche Bank Media, Internet and Telecom Conference on March 15, 2022, in Palm Beach, Florida. Key executives, including Adam Symson (CEO) and Jason Combs (CFO), will participate in one-on-one meetings and a fireside chat starting at 11:50 a.m. Eastern. A live audio stream will be available during the event, with a replay accessible for 30 days. Scripps, a major local TV broadcaster, operates a portfolio of 61 stations and provides quality journalism across its platforms.
The E.W. Scripps Company (NASDAQ: SSP) reported strong financial performance for the fourth quarter of 2021, with a 14% year-over-year revenue growth in its Scripps Networks division and 8% growth in Local Media core advertising. The company achieved a record $280 million in free cash flow, bolstered by rebounding advertising markets. Scripps anticipates $270 million in political advertising revenue for 2022, a 40% increase compared to the last mid-term election. Despite a decline in political revenue from $138 million to $11.1 million, overall revenue rose to $622 million, with an income from continuing operations of $40.2 million.
Scripps Networks has officially rebranded Court TV Mystery as ION Mystery as of February 24, 2022. This change aims to enhance consumer recognition and strengthen cross-promotional efforts by aligning with ION's popular programming. ION Mystery now features popular procedural dramas and reaches approximately 120 million households across the US, covering 98% of the country. The Scripps portfolio includes notable brands such as Court TV, Newsy, and Bounce, ensuring broad national outreach.
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