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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 Scripps National Spelling Bee has appointed Dr. J. Michael Durnil as its executive director. Durnil, an experienced nonprofit leader, aims to enhance the Bee's educational programs and expand its national outreach. With over 35 years of experience, he previously led the Simon Youth Foundation, emphasizing education for at-risk youth. Scripps President Adam Symson praised Durnil's leadership skills and understanding of media. The Bee plans to host its 2021 competition at the ESPN Wide World of Sports Complex in Orlando, Florida.
The E.W. Scripps Company (NASDAQ: SSP) reported a strong fourth quarter of 2020 with $591 million in revenue, a 40% increase from the previous year. Income from continuing operations rose to $114 million or $1.35 per share. The company benefited from political advertising revenue of $140 million and significant gains from the sale of WPIX. Despite a decrease in core advertising revenue by 8.9%, retransmission revenue increased 36%. Total debt stood at $3.8 billion as of January 31, 2021, with cash and equivalents at $210 million.
The Scripps National Spelling Bee will be held in-person on July 8, 2021, at ESPN Wide World of Sports Complex, Orlando, Florida. The finals will feature 10 to 12 finalists who advance through virtual preliminary rounds due to the COVID-19 pandemic. The semifinals are scheduled for June 27, 2021. To ensure safety, only a limited number of spellers will compete in person, adhering to health guidelines. Scripps aims to continue this long-standing tradition while adapting to current conditions, partnering with local sponsors and school bees for participation.
The E.W. Scripps Company (NASDAQ: SSP) announced that Rich Boehne will retire as chairman and from the board after May 3, 2021. Kim Williams, the board's independent lead director since 2018, will assume the chair position. Boehne served 13 years as a director and eight as chairman, playing a pivotal role in the company's evolution, including the 2008 spin-off of Scripps Networks Interactive. He emphasized Scripps' commitment to shareholders and communities. Williams brings over 25 years of investment management experience to her new role, aiming to guide the company in a changing media landscape.
The E.W. Scripps Company (NASDAQ: SSP) has signed an agreement to sell Triton Digital to iHeartMedia (NASDAQ: IHRT) for $230 million. This transaction yields a cash-on-cash return of 1.6x and follows Scripps' acquisition of Triton for $150 million in 2018. The sale is part of Scripps' growth strategy in digital audio and is expected to close in the first quarter of 2021, pending regulatory clearance. Proceeds will primarily be used to reduce debt, aiming to restore financial stability.
The E.W. Scripps Company (NASDAQ: SSP) recently celebrated its employees with the Give Light Awards, highlighting exceptional work during the challenging year of 2020. The awards reflect the company's motto, recognizing accomplishments in six categories, including 'Creating a Better-Informed World' and 'Doing Well by Doing Good.' Scripps President and CEO Adam Symson emphasized the commitment of employees amidst the global pandemic and social issues. Winners received Scripps stock as part of the recognition.
The E.W. Scripps Company (NASDAQ: SSP) will announce its fourth-quarter 2020 operating results before the market opens on Feb. 26, 2021. A conference call with senior management is scheduled for the same day at 9:30 a.m. Eastern time, with a live webcast available at ir.scripps.com. Additionally, a virtual investor presentation will take place on March 3, 2021, from 10 a.m. to noon. A replay of the conference call will be accessible until March 12. Scripps is a leading media company operating 61 TV stations in 41 markets.
Bounce has announced the world premiere of Saints & Sinners: Judgment Day on February 14 at 9:00 p.m. ET/PT. This film serves as a bridge to the fifth season of the series, set to debut on April 11 at the same time. The storyline revolves around Mayor Ella Johnson, who faces severe challenges after being arrested for murder, highlighting themes of power and family loyalty.
The film will be available on Bounce’s streaming service, Brown Sugar, the day after its premiere. A binge-viewing marathon of the first four seasons will occur on April 8.
The E.W. Scripps Company (NASDAQ: SSP) is set to host a virtual investor presentation on March 3, 2021, featuring President and CEO Adam Symson and key executives. The event will focus on growth strategies and the company's evolution into a significant local and national television broadcaster. Attendees will gain insights into the new national networks business, local media growth trends, and Scripps' financial outlook. Registration is required, and a replay will be accessible from March 4 at www.scripps.com.
The Scripps Howard Foundation, part of The E.W. Scripps Company (NASDAQ: SSP), donated $9 million in charitable gifts in 2020, focusing on COVID-19 relief and supporting employees financially impacted by the pandemic. Key contributions included $2.5 million for COVID-19 relief programs, $1.1 million for employee assistance, and $3.2 million for journalism education initiatives. The Foundation also promoted childhood literacy with $925,000 and engaged in community giving amounting to $1.3 million. Overall, the foundation emphasized its commitment to community support and journalism excellence during challenging times.
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