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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) will release its first-quarter 2021 operating results on May 7, 2021, before Nasdaq trading begins. A conference call with senior management will occur the same day at 9:30 a.m. Eastern time, which will be accessible via a live webcast on their investor relations page. For those wishing to participate by phone, the U.S. number is (844) 867-6169, with an access code of 3859521. A replay of the call will be available until May 21, 2021, with specific numbers provided for access.
The E.W. Scripps Company (NASDAQ: SSP) plans to redeem $400 million in 5.125% senior notes due 2025, with cash on hand. The redemption, scheduled for May 15, 2021, will occur at a price of 102.563% of the principal amount, plus accrued interest. This initiative reflects Scripps' commitment to reducing debt incurred from strategic acquisitions. The company aims to expedite this process following the sale of digital audio assets and a record in political advertising revenue.
Bounce, the premier entertainment network for African Americans, will launch the fifth season of Saints & Sinners on April 11 at 9:00 p.m. ET/PT. The new episodes follow the events of the film Judgment Day, aired in February. The series returns with a star-studded cast including Gregory Alan Williams and Vanessa Bell Calloway, highlighting themes of power, greed, and corruption within a Southern church setting. Bounce will air daily marathons of all previous seasons leading up to the premiere. The series is produced by Swirl Films in partnership with Bounce and is part of The E.W. Scripps Company (NASDAQ: SSP).
The E.W. Scripps Company (NASDAQ: SSP) is set to launch Newsy as a free over-the-air (OTA) news network on October 1, 2021, reaching 80% of U.S. TV homes. This expansion aims to attract cord-cutting viewers seeking quality journalism, particularly millennials. Newsy will provide objective reporting, building on its success in the OTT marketplace. The network's headquarters will be in Atlanta with multiple bureaus nationwide, enhancing its newsgathering capabilities. This move could solidify Scripps' position in the competitive news landscape.
The Scripps National Spelling Bee has announced its 2021 competition schedule, starting with virtual preliminaries on June 12 and culminating in the finals on July 8. The finals will take place at the ESPN Wide World of Sports Complex in Orlando, Florida, featuring 10-12 finalists. Broadcasts will air on ESPN platforms, with enhanced health protocols in place due to COVID-19. Executive director Dr. J. Michael Durnil emphasized the commitment to safety while celebrating the event's return, following challenges posed by the pandemic.
The E.W. Scripps Company (NASDAQ: SSP) has finalized the sale of Triton to iHeartMedia (NASDAQ: IHRT) for $230 million, marking a significant move in its portfolio strategy. Scripps acquired Triton in 2018 for $150 million, and the divestment has allowed the company to nearly double its return on investment. The proceeds from this sale will be directed towards debt reduction. This transaction follows the earlier sale of podcast company Stitcher, signaling Scripps' exit from the podcasting and digital audio sectors and a renewed focus on growth in television.
The E.W. Scripps Company (NASDAQ: SSP) has appointed Keith Summa as the new deputy bureau chief for its Washington Bureau, effective immediately. Summa, an award-winning producer and journalist, will lead the national investigative team, shaping editorial strategies and overseeing the bureau's operations. He brings extensive experience, including senior VP roles at Fusion and leadership roles at CBS News. The bureau aims to provide high-impact investigative journalism supporting Scripps' 61 local TV stations and its networks like Newsy.
The E.W. Scripps Company (NASDAQ: SSP) has appointed Evan Pappas as the new vice president and general manager of WFTX, their Fox affiliate in Ft. Myers, effective April 12. Pappas brings over 30 years of broadcasting experience, having previously led Scripps' NBC affiliate in Colorado Springs since 2011. His leadership is expected to enhance WFTX's performance. Pappas holds degrees from Southern Methodist University and Roosevelt University. He has received multiple awards, including the Colorado Broadcaster of the Year award.
The E.W. Scripps Company (NASDAQ: SSP) has appointed Kate O'Brian as head of news for its national television networks, effective April 12. O'Brian will manage the news strategy for Newsy and Court TV, emphasizing the company's commitment to quality and objective journalism. With nearly four decades in news, including leadership roles at ABC News and Al Jazeera America, she brings extensive editorial experience. Scripps, as a major local TV broadcaster, serves communities with quality journalism and operates a portfolio of 61 stations nationwide.
WSFL-TV39, a CW affiliate owned by The E.W. Scripps Company (NASDAQ: SSP), will enhance its local news offerings in South Florida by launching new daily broadcasts in partnership with WPLG Local 10 starting June. The newscasts will air from 7-9 a.m. and 10-11 p.m. Eastern on weekdays, and 10-10:30 p.m. on weekends. This partnership aims to increase local news coverage, especially during severe weather events, providing viewers with three additional hours of trusted news daily. Scripps operates six stations in Florida, reaching about two-thirds of the state’s TV households.
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