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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) has launched the Florida 24 Network, a new statewide news network available over-the-top (OTT) in Florida. This network will provide real-time reporting from Scripps' six local TV stations across major markets, focusing on local issues such as politics, tourism, and weather, particularly during hurricane season. The network is designed to enhance Scripps' commitment to Florida audiences and advertisers, offering services via various streaming platforms.
ION Television has secured a broadcast syndication agreement with NBCUniversal, acquiring all nine seasons and 195 episodes of Chicago Fire. The show will air on Tuesdays starting June 15, 2021, featuring episodes throughout the day. Chicago Fire, part of the One Chicago franchise, follows the heroic firefighters and paramedics at Chicago Fire Department's Firehouse 51. With this addition, ION enhances its existing lineup that includes popular series like Law & Order: Special Victims Unit and Blue Bloods. ION broadcasts to over 100 million homes in the U.S.
On May 24, 2021, WFTS, the ABC station owned by The E.W. Scripps Company (NASDAQ: SSP), received the prestigious Fourth Estate Award from The American Legion for its investigative series "The Price of Protection: Problems with Court-Ordered Guardianship." This award highlights the station's extensive seven-year investigation into exploitation of vulnerable seniors by court-appointed guardians in Florida. The series has spurred significant reforms in the state's guardianship system, including changes in agency leadership and legislative actions aimed at protecting at-risk individuals.
The E.W. Scripps Company (NASDAQ: SSP) has appointed Ross White as vice president and general manager of KOAA, its NBC affiliate in Colorado Springs, effective immediately. White, who has been with KOAA as director of sales since 2016, is recognized for his leadership and commitment to local journalism. He previously held positions at WMC in Memphis and KVII in Amarillo. Scripps, the fourth-largest local TV broadcaster in the U.S., aims to provide quality local news and information through its 61 stations across 41 markets.
The Scripps National Spelling Bee returns to TV on June 12, 2021, featuring a hybrid competition with 209 spellers from the U.S., the Bahamas, Canada, Ghana, and Japan. The finals will be held in-person at ESPN Wide World of Sports Complex on July 8. Contestants aged 9-15, many with previous national experience, will compete for a $50,000 cash prize. The Bee utilizes a digital platform for local competitions amid pandemic protocols, ensuring flexibility and safety in participation.
The E.W. Scripps Company (NASDAQ: SSP) is partnering with Amazon Advertising to enhance its over-the-top (OTT) advertising services for local businesses. This collaboration aims to leverage Amazon's OTT inventory across platforms like IMDb TV and Twitch, targeting an audience of 120 million U.S. viewers. Scripps' Octane OTT, launched in 2019, enables local advertisers to efficiently reach cord-cutting demographics. The partnership follows Scripps’ introduction of Octane Verify, a solution to measure campaign effectiveness, showing the company's commitment to helping local advertisers optimize their media investments.
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