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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.
Court TV has commenced its comprehensive coverage of the murder trial related to the death of George Floyd, with jury selection currently in progress. This trial will be covered live and exclusively by Court TV, which aims to provide full transparency due to the trial's significant cultural impact. The trial involves former Minneapolis police officer Derek Chauvin, facing murder charges, along with three other officers charged as accomplices. Court TV's expert team will deliver in-depth analysis and virtual recreations of the proceedings.
The Scripps Howard Awards, recognizing excellence in journalism, revealed finalists from nearly 900 entries. The New York Times and The Washington Post lead with three nominations each. The awards, featuring a total prize of $160,000, cover 14 categories, applauding journalists for their crucial role during a tumultuous year of societal challenges. The Impact Award winner will be announced on April 21, 2021.
Additionally, finalists for journalism education awards were also announced, celebrating teaching and administrative excellence in journalism and communication.
The E.W. Scripps Company (NASDAQ: SSP) is launching a commercial interruption-free special titled "Hidden Bias of Good People" across its 61 local television stations in 41 markets to foster dialogue on implicit bias. Scheduled to air the week of March 8, the hour-long program is hosted by Dr. Bryant T. Marks, aiming to facilitate discussions about unconscious biases. Scripps also plans to produce additional content on race relations, equity, diversity, and inclusion, including Facebook Live sessions and Zoom Q&As with local experts.
The E.W. Scripps Company (NASDAQ: SSP) announced the launch of two new national television networks, Doozy and Defy TV, set to premiere on July 1, 2021. These networks will enhance Scripps' portfolio to nine networks, allowing broader audience reach across nearly every U.S. television home. Doozy targets women aged 25-54 with popular unscripted dramas, while Defy TV is aimed at men in the same age group, focusing on reality-based programming. The expansion aims to strengthen Scripps' position in free TV and attract advertisers.
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.
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