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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 E.W. Scripps Company (NASDAQ: SSP) reported a 23% increase in consolidated revenue for Q2 2021, attributed to strong advertising market recovery and sales execution. Local Media core advertising surged 48%, including a remarkable 623% rise in travel and leisure spending. The company's free cash flow guidance for 2021 was raised to $240-$260 million. Despite a loss of $11.4 million for continuing operations, Scripps showed robust performance in both Local Media and Scripps Networks. Total revenue for the quarter reached $565 million, reflecting a 57% year-over-year increase.
The E.W. Scripps Company (NASDAQ: SSP) appointed Eric Ludgood as the head of Newsy, effective August 16, 2021. Ludgood will oversee the editorial leadership and programming for Newsy, which aims to launch as a national news network by October 1, 2021. He brings extensive experience from CNN International, where he played key roles in major global events. Newsy, already available on major platforms, will soon reach over 90% of U.S. television homes, marking a significant expansion in its distribution.
Court TV will broadcast live coverage of real estate heir Robert Durst's testimony in his murder trial, where he is accused of killing Susan Berman in 2000. Durst pleaded not guilty and is expected to testify following expert witness Dr. Elizabeth Loftus. The trial is significant due to Durst's connection to the HBO documentary The Jinx, which renewed interest in the case. Durst was previously acquitted of another murder charge in Texas.
The E.W. Scripps Company (NASDAQ: SSP) has received recognition at the 2021 Top Women in Media Awards by Cynopsis Media for its commitment to equity and inclusion. Scripps was named a "Distinguished Company" for promoting equal opportunities and women's leadership. Two leaders, Lisa Knutson and Danyelle S.T. Wright, received individual honors in the "Corporate Visionaries" and "Innovators and Disruptors" categories, respectively. This acknowledgment follows Scripps' $2.65 billion acquisition of ION Media in January 2021, showcasing its leadership in the media industry.
The E.W. Scripps Company (NASDAQ: SSP) will announce its second-quarter 2021 operating results before Nasdaq trading on August 6, 2021. A conference call with senior management is scheduled for 9:30 a.m. Eastern time the same day. Investors can access the call via telephone or through a live webcast available on Scripps' investor relations page. A replay will be offered from 1:30 p.m. on August 6 until midnight August 20. Scripps is a leading media company operating 61 stations across 41 markets, known for quality journalism and entertainment.
On July 8, 2021, Zaila Avant-garde, a 14-year-old speller from New Orleans, won the 2021 Scripps National Spelling Bee, becoming the first Black American champion. She triumphed in round 18 by spelling 'Murraya.' The event, held at ESPN Wide World of Sports near Orlando, Florida, was attended virtually with health protocols in place due to COVID-19. Zaila received a $50,000 cash prize along with additional educational resources. The competition featured 209 qualifiers, with Chaitra Thummala and Bhavana Madini taking second and third place, respectively.
Defy TV and TrueReal launched on July 1, 2021, expanding The E.W. Scripps Company's network portfolio to nine channels, covering 92% of U.S. households. Defy TV targets men aged 25-54 with popular unscripted shows like 'Swamp People' and 'Pawn Stars', while TrueReal focuses on women with series like 'Hoarders' and 'Married at First Sight'. Both networks will be available for free on various platforms, including ION stations and select Scripps local stations. This strategic move aims to enhance viewership and ad revenue while catering to specific demographic preferences.
The Scripps National Spelling Bee has announced 11 finalists competing for the championship on July 8, 2021, at the ESPN Wide World of Sports Complex in Orlando, Florida. These spellers advanced through virtual rounds, including the Preliminaries, Quarterfinals, and Semifinals, which took place in June. The champion will receive a $50,000 cash prize, a commemorative medal, and other awards. Due to COVID-19, the event will not be open to spectators, following strict health protocols to ensure safety. The competition can be watched live on ESPN2 at 8 p.m. ET.
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