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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.
The E.W. Scripps Company (NASDAQ: SSP) announced the promotion of Merri Hanson to vice president and general manager of KIVI, its ABC affiliate in Boise, Idaho, effective January 1, 2021. With over 25 years in the industry, Hanson previously served as station manager at KIVI and held various roles in notable companies. She replaces Ken Ritchie, who is retiring after 40 years. Scripps is also in the process of acquiring ION Media, which will solidify its position as the largest television broadcaster in the U.S., reaching 73% of U.S. households.
The E.W. Scripps Company (NASDAQ: SSP) reported a strong third quarter of 2020, achieving revenues of $493 million, a 49% increase from $331 million in Q3 2019. Income from continuing operations reached $64 million, or 76 cents per share, rebounding from a loss in the prior year. Political advertising revenue soared to $98.3 million, driven by heightened election activity. Scripps is set to acquire ION Media for $2.65 billion, further expanding its national network reach. The company anticipates 2020 free cash flow will exceed $280 million, reflecting a robust operational recovery.
Court TV is set to premiere a new, one-hour special titled Hollywood Predator: The Trial of Harvey Weinstein on November 8 at 7:00 p.m. ET. The program will provide insights into Weinstein's trial, which was covered live by Court TV, featuring testimonials, interviews, and media coverage that highlight the significant impact of the #MeToo Movement. Court TV can be accessed via cable, streaming services, and its app, making it a key player in legal media coverage, as part of Katz Networks under The E.W. Scripps Company (NASDAQ: SSP).
The E.W. Scripps Company (NASDAQ: SSP) has declared a cash dividend of 5 cents per share for the fourth quarter of 2020. Shareholders of record as of December 15, 2020 will receive their dividends payable on December 24, 2020. This dividend will be drawn from the company's surplus funds. Scripps is poised to become the largest television broadcaster in the U.S. with the acquisition of ION Media, potentially reaching 73% of U.S. TV households through 108 stations across 76 markets.
Bounce, the multi-platform entertainment network for African Americans, will premiere its first true-crime docuseries, Dying To Be Famous: The Ryan Singleton Mystery, on November 1st at 9:00 p.m. (ET). The series explores the tragic death of 24-year-old Ryan Singleton, an aspiring model, found dead in California's Mojave Desert. The docuseries uses footage from Singleton's friends, along with new interviews, to uncover the mystery behind his disappearance and death. New episodes will air Sunday nights at 9:00 p.m. on Bounce, part of The E.W. Scripps Company (NASDAQ: SSP).
Sounder has partnered with Triton Digital to enhance monetization for podcast creators. This integration allows creators to easily insert targeted, dynamically-inserted audio ads in new and existing episodes. Creators maintain control over ad placements and can select the frequency of ads. The collaboration aims to boost the monetization potential of podcasts on major platforms like Spotify. This launch follows Sounder's recent partnership with DAX to expand monetization options, offering a comprehensive suite of solutions for creators.
The E.W. Scripps Company (NASDAQ: SSP) finalized the sale of Stitcher to SiriusXM for $325 million. The deal includes $265 million in cash and an earnout of up to $60 million based on Stitcher's 2020 and 2021 financial results. Stitcher, an early player in the podcast industry, had a revenue growth rate of 52% CAGR from 2016-2019, with $72.5 million in revenue in 2019. Scripps focuses on expanding its national television business, acquiring ION Media to enhance its reach across the U.S., pending regulatory approval.
The E.W. Scripps Company (NASDAQ: SSP) has announced leadership changes following its upcoming acquisition of ION Media, expected to finalize in Q1 2021. Lisa Knutson will take charge of the newly formed Scripps national television networks, while Laura Tomlin will become chief administrative officer. Both will report to President and CEO Adam Symson. Knutson, with the company since 2005, will oversee the integration of ION Media and other properties, while Tomlin will manage human resources and IT.
The E.W. Scripps Company (NASDAQ: SSP) is set to announce its third-quarter 2020 operating results before the market opens on November 6. A conference call with senior management will follow at 9:30 a.m. Eastern time on the same day. Investors can listen to the call via a live webcast on Scripps' investor relations website. A replay will be available starting 12:30 p.m. Eastern time on November 6 until midnight November 20, with specific access codes provided for both live and replay options.
CINCINNATI, Oct. 13, 2020 /PRNewswire/ -- Newsy expands its reach by adding its complete news programming lineup to Philo, a rapidly growing streaming service. Subscribers now have access to live shows like "Morning Rush" and "Newsy Tonight," alongside coverage of significant events including the presidential debates. With a subscription cost of $20 per month, Philo offers over 60 channels, enabling Newsy to engage over 750,000 customers. The network, a subsidiary of E.W. Scripps (NASDAQ: SSP), aims to deliver straightforward, opinion-free news across various platforms.
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