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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 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.
The E.W. Scripps Company (NASDAQ: SSP) will participate in the 16th Annual Needham Virtual Technology and Media Conference on May 20, 2021. CEO Adam Symson, CFO Jason Combs, and SVP Carolyn Micheli will present the company's business strategies. Symson will host a fireside chat at 9:30 a.m. Eastern, which will be webcast for public access. Interested parties can tune into the live audio from 9:30 to 10:10 a.m. on the Scripps website, with a replay available for 30 days.
Scripps, a major local TV broadcaster, operates 61 stations across 41 markets.
The E.W. Scripps Company (NASDAQ: SSP) reported a strong first quarter for 2021, achieving record revenue of $541 million, a 31% increase from the prior year. Local Media advertising rose 2%, while retransmission revenue grew 15%. The company completed its acquisition of ION and sold Triton for $230 million, enhancing its financial position. However, the first quarter showed a loss of $8.1 million, impacted by one-time costs related to acquisitions and restructuring. Looking ahead, Scripps anticipates revenue growth across its segments and plans to redeem $400 million in bonds to reduce debt.
On April 20, 2021, Court TV recorded over 400,000 viewers for the verdict in the Derek Chauvin trial, marking the highest viewership since the network's relaunch in May 2019. The peak viewership reached 402K during the verdict reading, ranking Court TV among the top 15 ad-supported cable networks for that time slot. Streaming numbers surged by more than 20 times during the trial and 40 times during the verdict. The trial coverage was up +330 percent compared to previous averages, demonstrating significant audience engagement and interest.
The Scripps Howard Foundation announced the winners of the 68th Scripps Howard Awards, recognizing excellence in journalism from 2020. A panel selected winners from nearly 900 entries, emphasizing the crucial role of independent reporting during a tumultuous year. The New York Times Visual Investigations Team received the prestigious Impact Award for its significant contributions to the discourse on systemic racism. The foundation awarded a total of $160,000 to various journalists and organizations, with a virtual awards show scheduled for rebroadcast on May 8-9.
The National Association of Broadcasters (NAB), in collaboration with The E.W. Scripps Company, Fincons Group, and the News Literacy Project, is launching a demonstration at the NAB Show to showcase how NextGen TV can help combat misinformation. The initiative, part of a session on April 21, highlights the interactive capabilities of ATSC 3.0, allowing local newsrooms to engage audiences through quizzes, polls, and educational content. This innovative approach aims to empower viewers in discerning credible news sources, reinforcing the essential role of broadcasters in promoting news literacy.
The Scripps National Spelling Bee returns to television with new elements, as announced on April 19, 2021. Starting June 12, the competition will feature virtual preliminaries and a live finals event on July 8 at Walt Disney World Resort. For the first time, a word meaning component will be included in live broadcasts, enhancing the focus on literacy. A spell-off option will also be available if a champion has not been determined. Scripps is committed to safety protocols amid the pandemic while promoting educational engagement.
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