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Overview of The E.W. Scripps Company (NASDAQ: SSP)
The E.W. Scripps Company is a leading diversified media organization that operates across multiple platforms, including broadcast television, digital media, and national entertainment networks. Founded in 1878, Scripps has a long-standing commitment to delivering high-quality journalism and entertainment to audiences nationwide. The company’s motto, "Give light and the people will find their own way," reflects its dedication to informing and empowering communities.
Core Business Segments
Scripps operates through two primary segments:
- Local Media: This segment encompasses more than 60 local television stations across 40+ markets in the United States. These stations include affiliates of major networks such as ABC, NBC, CBS, and FOX, as well as independent and low-power stations. Local Media generates revenue through advertising sales, retransmission fees, and digital operations, serving as a trusted source of news, weather, and community information.
- Scripps Networks: This segment includes national news outlets such as Scripps News and Court TV, alongside entertainment brands like ION, Bounce, Grit, ION Mystery, and Laff. These networks reach nearly every U.S. household through over-the-air broadcasts, cable, satellite, and digital platforms. Revenue is primarily derived from advertising sales and content distribution agreements.
Key Offerings and Partnerships
Scripps is known for its innovative approach to content delivery and strategic partnerships:
- Sports Programming: Through its Scripps Sports division, the company partners with professional leagues like the NHL, WNBA, and NWSL to broadcast games and related content. Recent agreements include deals with the Florida Panthers and Vegas Golden Knights, enhancing its portfolio of live sports programming.
- National Programming: Scripps produces and distributes popular shows such as "The List" and "The Now," and operates award-winning investigative journalism teams.
- Educational Initiatives: The company is the long-time steward of the Scripps National Spelling Bee, the nation’s largest and most successful educational program.
Market Position and Competitive Landscape
Scripps is one of the largest independent owners of local TV stations in the U.S., reaching nearly 20% of American households. It competes with other media conglomerates by emphasizing local journalism, free over-the-air broadcasting, and digital innovation. Its commitment to objective reporting and community engagement sets it apart in a crowded media landscape.
Revenue Streams and Business Model
The company’s revenue is driven by:
- Advertising: Local and national advertisers leverage Scripps’ platforms to reach targeted audiences.
- Retransmission Fees: Payments from cable and satellite providers for carrying Scripps’ local stations.
- Content Licensing: Distribution agreements for its national networks and digital platforms.
Commitment to Journalism and Public Service
Scripps has a deep-rooted commitment to journalism, as evidenced by its award-winning investigative reporting and initiatives like National News Literacy Week. The company also prioritizes public service through its local news coverage, emergency weather alerts, and community programming.
Conclusion
As a pioneer in the media industry, The E.W. Scripps Company continues to adapt to changing audience preferences while maintaining its focus on quality journalism and innovative content delivery. Its diverse portfolio, strategic partnerships, and commitment to public service make it a significant player in the U.S. media landscape.
The E.W. Scripps Company (NASDAQ: SSP) has appointed Michael Teicher as the chief revenue officer for its national television networks, effective January 19, 2021. With over 30 years of experience, Teicher previously held executive roles at 20th Television and Warner Bros. Domestic TV Distribution, overseeing popular syndicated shows. He will develop the ad sales strategy across all platforms and report to COO Jonathan Katz. Scripps, a diversified media company, operates 60 stations and multiple national networks.
The E.W. Scripps Company (NASDAQ: SSP) will start migrating its multicast networks—Bounce, Court TV, Court TV Mystery, Grit, and Laff—to its newly acquired ION stations from March 1, 2021. This transition aligns with the expiration of affiliation agreements over the next five years. Concurrently, Scripps will reduce its workforce by approximately 120 jobs as part of cost-saving measures related to the ION acquisition. The company anticipates exceeding its initial synergy estimates of $500 million over the next six years, enhancing its operational efficiencies.
Court TV will premiere a special titled "I Can't Breathe" on January 17 at 9:00 p.m. ET, focusing on the life and death of George Floyd. The hour-long program will detail Floyd's life, his tragic death, and the subsequent national movement for racial justice. It lays the groundwork for the upcoming trials of the four police officers charged in his case, set to begin in March. Exclusive interviews and contributions from community activists will be included, providing comprehensive coverage of this pivotal event.
The E.W. Scripps Company (NASDAQ: SSP) is collaborating with the News Literacy Project to launch a national public awareness campaign during the second annual National News Literacy Week, from January 25-29. This initiative aims to promote news literacy as a vital life skill amidst the rise of misinformation. The campaign features a public service announcement and various activities, including quizzes and events like NewsLitCamp. Major media partners are joining in to amplify the campaign's reach, addressing the critical need for discerning fact from misinformation in today's media landscape.
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.
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