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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.
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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