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Overview of The E.W. Scripps Company (NASDAQ: SSP)
The E.W. Scripps Company is a leading diversified media organization that operates across multiple platforms, including broadcast television, digital media, and national entertainment networks. Founded in 1878, Scripps has a long-standing commitment to delivering high-quality journalism and entertainment to audiences nationwide. The company’s motto, "Give light and the people will find their own way," reflects its dedication to informing and empowering communities.
Core Business Segments
Scripps operates through two primary segments:
- Local Media: This segment encompasses more than 60 local television stations across 40+ markets in the United States. These stations include affiliates of major networks such as ABC, NBC, CBS, and FOX, as well as independent and low-power stations. Local Media generates revenue through advertising sales, retransmission fees, and digital operations, serving as a trusted source of news, weather, and community information.
- Scripps Networks: This segment includes national news outlets such as Scripps News and Court TV, alongside entertainment brands like ION, Bounce, Grit, ION Mystery, and Laff. These networks reach nearly every U.S. household through over-the-air broadcasts, cable, satellite, and digital platforms. Revenue is primarily derived from advertising sales and content distribution agreements.
Key Offerings and Partnerships
Scripps is known for its innovative approach to content delivery and strategic partnerships:
- Sports Programming: Through its Scripps Sports division, the company partners with professional leagues like the NHL, WNBA, and NWSL to broadcast games and related content. Recent agreements include deals with the Florida Panthers and Vegas Golden Knights, enhancing its portfolio of live sports programming.
- National Programming: Scripps produces and distributes popular shows such as "The List" and "The Now," and operates award-winning investigative journalism teams.
- Educational Initiatives: The company is the long-time steward of the Scripps National Spelling Bee, the nation’s largest and most successful educational program.
Market Position and Competitive Landscape
Scripps is one of the largest independent owners of local TV stations in the U.S., reaching nearly 20% of American households. It competes with other media conglomerates by emphasizing local journalism, free over-the-air broadcasting, and digital innovation. Its commitment to objective reporting and community engagement sets it apart in a crowded media landscape.
Revenue Streams and Business Model
The company’s revenue is driven by:
- Advertising: Local and national advertisers leverage Scripps’ platforms to reach targeted audiences.
- Retransmission Fees: Payments from cable and satellite providers for carrying Scripps’ local stations.
- Content Licensing: Distribution agreements for its national networks and digital platforms.
Commitment to Journalism and Public Service
Scripps has a deep-rooted commitment to journalism, as evidenced by its award-winning investigative reporting and initiatives like National News Literacy Week. The company also prioritizes public service through its local news coverage, emergency weather alerts, and community programming.
Conclusion
As a pioneer in the media industry, The E.W. Scripps Company continues to adapt to changing audience preferences while maintaining its focus on quality journalism and innovative content delivery. Its diverse portfolio, strategic partnerships, and commitment to public service make it a significant player in the U.S. media landscape.
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.
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.
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