Welcome to our dedicated page for The E.W. Scripps Company news (Ticker: SSP), a resource for investors and traders seeking the latest updates and insights on The E.W. Scripps Company stock.
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 E.W. Scripps Company (NASDAQ: SSP) will participate in the 23rd Annual Needham Virtual Growth Conference on January 13, 2021. President and CEO Adam Symson and SVP Carolyn Micheli will discuss the company's business strategies, including one-on-one investor meetings. A fireside chat hosted by Symson is scheduled for 11:30 a.m. Eastern time.
The live audio of the chat will be accessible on Scripps' website, with a replay available for 30 days.
The E.W. Scripps Company (NASDAQ: SSP) has appointed Tom Zappala as head of programming for its national television networks, effective January 25, 2021. Zappala, with over 30 years of experience from companies like Viacom and The Walt Disney Company, will develop programming strategies for Scripps’ networks. His appointment coincides with other leadership changes aimed at strengthening Scripps' national networks business. Zappala will report to Jonathan Katz, COO of Scripps networks.
The E.W. Scripps Company (NASDAQ: SSP) has finalized its acquisition of ION Media Networks from Black Diamond Capital Management. This strategic move combines ION with Katz networks and Newsy, creating a national television business that will reach nearly all Americans via various platforms. The acquisition is expected to generate $500 million in synergies over six years. ION, which has transformed under Black Diamond's ownership, will significantly enhance Scripps' broadcasting capabilities and audience reach. The transaction was financed through multiple sources, including $600 million from Berkshire Hathaway.
The E.W. Scripps Company (NASDAQ: SSP) has appointed three media veterans to lead distribution strategies for its new national networks business following the acquisition of ION Media. Jeffrey Wolf has been named chief distribution officer, overseeing distribution across various platforms. The new leadership team includes Brad Samuels as vice president for distribution partnerships, Damian Riordan as vice president of broadcast distribution, and Yvonne Haugh as vice president for distribution and affiliate operations. This restructuring aims to enhance Scripps' market presence and viewer engagement.
The E.W. Scripps Company (NASDAQ: SSP) has appointed Jason Combs as its new chief financial officer, effective after the acquisition of ION Media. Combs, previously the vice president of financial planning and analysis at Scripps, has a strong background in finance and M&A, having worked at Convergys Corp. for 14 years. CEO Adam Symson emphasized Combs' strategic contributions during his tenure, especially regarding integration and debt management following the acquisition. This move aims to bolster Scripps' financial outlook as it prepares to become the largest U.S. television broadcaster.
The E.W. Scripps Company (NASDAQ: SSP) has appointed Jonathan Katz as chief operating officer and head of entertainment for its national television networks, effective upon the acquisition of ION Media. Katz, previously CEO and founder of the Katz networks, will oversee brands such as Bounce, Grit, and Court TV Mystery, focusing on revenue, research, marketing, and programming. His experience includes leadership roles at Turner Entertainment Networks, and he is credited with significant audience growth in his prior roles. This strategic appointment aims to enhance Scripps' position in the television industry.
Triton Digital, a leader in digital audio technology, announced its October 2020 Webcast Metrics rankers, showing a 5% increase in Total Listening Hours compared to October 2019. This data highlights the performance of streaming audio stations globally, providing insights into audience consumption patterns across various platforms and regions. Triton Digital's services are essential for audio publishers, allowing them to analyze content performance effectively and maximize revenue. The company operates in over 45 countries and is a subsidiary of The E.W. Scripps Company (NASDAQ:SSP).
The E.W. Scripps Company (NASDAQ: SSP) announced the pricing of a $550 million offering of new 3.875% senior secured notes and $500 million of new 5.375% senior unsecured notes. The secured notes will mature in 2029, while the unsecured notes will mature in 2031. The offering is expected to close on December 30, 2020. Proceeds will finance the $2.65 billion acquisition of ION Media, recently approved by the FCC. The financing includes a $600 million equity investment from Berkshire Hathaway and an $800 million term loan.
The E.W. Scripps Company (NASDAQ: SSP) has announced a new offering of $700 million in senior secured notes and $500 million in senior unsecured notes. The secured notes will mature in 2029 and the unsecured notes in 2031. The proceeds will primarily finance the acquisition of ION Media for $2.65 billion, alongside other financing methods including a $600 million preferred equity investment from Berkshire Hathaway. The offering is exempt from the Securities Act registration requirements and will be used to support Scripps' expansion in the media landscape.
Bounce, a broadcast and multi-platform entertainment network for African Americans, will air the 2020 Bounce Trumpet Awards on December 13 at 8:00 p.m. ET/PT. This year’s ceremony, titled The Bounce Trumpet Awards: Stand Up, will honor individuals fighting social injustice. Notable honorees include Naomi Campbell (Vanguard Award), Yara Shahidi (Trailblazer Award), Stacey Abrams (Valor Award), and Tommie Smith (Xernona Clayton Award). The show will also premiere the documentary With Drawn Arms, highlighting Smith's legacy in social activism.
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