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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.
LeVar Burton, a celebrated actor and literacy advocate, will host the 94th Scripps National Spelling Bee semifinals on June 1, 2022, and finals on June 2, 2022, in Washington, D.C. Burton's involvement reflects the Bee's mission to promote children's literacy. He has received multiple Emmy and Grammy awards and is renowned for his role in 'Reading Rainbow' and 'Roots.' The 2022 competition will be broadcasted widely, ensuring accessibility. The E.W. Scripps Company (NASDAQ: SSP) oversees the event, which has been running since 1925, emphasizing students' spelling and vocabulary development.
Keisha Taylor Starr has been appointed as the new chief marketing officer for Scripps Networks, effective January 3, 2022. With over 20 years of media experience, she previously served as senior vice president of marketing and public relations for The Recount. Starr will lead marketing strategies across Scripps' nine national networks, reporting to president Lisa Knutson. Scripps Networks, part of The E.W. Scripps Company (NASDAQ: SSP), includes prominent brands like Court TV and ION, reaching nearly every American household.
Cheryle Harrison has been appointed as the head of Bounce, a leading network serving African Americans. With over 30 years of experience in broadcasting, Harrison aims to enhance Bounce's strategic vision, which includes marketing, programming, and digital community relations. Known for her contributions since the network's inception in 2011, she is expected to guide Bounce into a new era of growth and cultural significance. Bounce is available to 98% of the U.S. and has recently launched BounceXL, a free ad-supported streaming channel.
The Scripps Howard Awards will accept entries from Dec. 1, 2021 to Feb. 6, 2022 for outstanding journalism produced during 2021. A total of $170,000 in prize money will be awarded across 15 categories, with the ceremony taking place in June on Newsy. The awards emphasize impactful reporting that drives change. Last year, winners included The New York Times and The Washington Post, recognizing the importance of journalism in democracy and social change.
Joseph Naylor has been appointed as vice president of emerging products for The E.W. Scripps Company's Local Media division. His role focuses on digital thought leadership and the development of non-linear opportunities across Scripps' 61 TV stations in 41 markets. Naylor brings over 18 years of experience from Cox Media Group, where he was involved in product management and digital media strategies. Scripps aims to leverage his expertise to enhance content delivery and audience engagement through innovative technologies.
The E.W. Scripps Company (NASDAQ: SSP) reported Q3 2021 revenue of $555 million, up 13% year-over-year, driven by strong local and national ad sales. Local Media advertising exceeded 2019 levels, fueled by demand for connected TV and sports betting. Scripps Networks achieved 18% revenue growth, with adjusted profit margins expected at 40% for the year. The company paid down $500 million in debt and increased free cash flow guidance to $255-$265 million. Despite political ad revenue decline, the integration of ION and expansion in CTV bolstered financial performance.
Daytime EMMY Award-winning host Tamron Hall will lead a new true-crime series on Court TV titled "Someone They Knew…With Tamron Hall", debuting January 9, 2022, at 9 p.m. ET. The show investigates murder cases with prior connections between the victim and the perpetrator, featuring firsthand accounts from those impacted by the cases. Tamron, an experienced journalist and author, aims to deliver engaging and unbiased storytelling. Court TV, part of E.W. Scripps Company (NASDAQ: SSP), provides extensive live and on-demand legal content.
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