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Overview
The E.W. Scripps Company (SSP) is a diversified media enterprise with a rich heritage dating back to 1878. Known for its commitment to objective local journalism and innovative digital storytelling, Scripps serves communities across the United States with a powerful blend of television, radio, and digital media assets. With a core focus on quality content and extensive local market penetration, the company provides trusted news and information that enable citizens to stay informed through both traditional and modern platforms.
Business Segments and Revenue Streams
Scripps operates through several key segments:
- Local Media: This segment comprises a broad network of local television stations and digital operations. These stations are affiliated with major networks including ABC, NBC, CBS, and FOX, enabling dynamic local advertising opportunities, retransmission fees and political advertising revenues. The wide reach in minute local markets is instrumental in delivering community news and real-time information.
- Scripps Networks: Under this umbrella, the company manages national news outlets and entertainment channels such as Scripps News, Court TV, ION, Bounce, and others. These networks maximize revenue primarily through advertising while maintaining a broad distribution that touches nearly every U.S. household.
- Digital and Sports Platforms: Recognizing the digital transformation, Scripps has expanded its scope into digital journalism and multimedia content. This includes owning innovative platforms in podcasting, over-the-top (OTT) video services, and dedicated sports broadcasting via Scripps Sports. Strategic partnerships with major sports leagues and teams have further diversified its content offerings and audience engagement on platforms such as ION and mobile streaming applications.
Content, Innovation, and Investigative Journalism
Scripps is not only a major broadcaster but also a content innovator. It underpins an award-winning investigative newsroom in Washington, D.C., known for its incisive reporting and its commitment to uncovering critical public interest stories. The company's production of educational and entertaining content, including long-standing institutions like the Scripps National Spelling Bee, showcases its versatility and deep-rooted trust within the media landscape.
Market Position and Industry Impact
As one of America’s largest independent TV station owners and the nation’s most extensive holder of broadcast spectrum, Scripps has a significant market presence. It operates in a competitive environment that demands high standards in local journalism, digital innovation, and sports broadcasting. Its ability to adapt to technological changes and shifts in content consumption underlines its resilience. By integrating traditional broadcast strengths with emerging digital trends, Scripps continues to set benchmarks in quality journalism and diversified media content.
Commitment to Excellence and Trustworthiness
Reflecting its long-time motto, "Give light and the people will find their own way," Scripps emphasizes credibility and authority in its operations. The company maintains rigorous journalistic standards and focuses on providing well-researched, fact-based reporting—a principle that has built a loyal audience and solidified its reputation among media professionals and investors alike.
Strategic Partnerships and Future-Proof Operations
Scripps has established multiple strategic partnerships to expand its reach and enhance its content offerings. Through collaborations with major sports leagues, digital partners, and content distribution platforms, Scripps has effectively diversified its audience base and revenue sources without compromising its commitment to quality journalism. These initiatives ensure that the company remains a pivotal player in both local and national media ecosystems.
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.
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.
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