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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 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.
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.
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