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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.
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.
Bounce has acquired exclusive rights for the world broadcast television premiere of With Drawn Arms, a documentary about Tommie Smith's iconic protest at the 1968 Olympics. Co-directed by Glenn Kaino and Afshin Shahidi, this film, produced by Jesse Williams and John Legend, highlights the enduring impact of Smith's gesture against social injustice. Bounce will also honor Smith at the Bounce Trumpet Awards on Dec. 13. The awards ceremony will air at 8:00 p.m. ET, followed by the documentary at 9:00 p.m. ET.
The Scripps Howard Awards, a prestigious journalism competition, will accept entries from Dec. 1 to Feb. 5 for works produced in 2020. Prize money totals $170,000, spread across 15 categories, with awards presented on April 21, 2021. The awards focus on impactful and investigative journalism, introducing a new subcategory for local reporting. Finalists will be announced on March 9. The Scripps Howard Foundation emphasizes recognizing local and regional stories, underscoring the importance of journalism in addressing significant societal issues.
The E.W. Scripps Company (NASDAQ: SSP) has promoted Brian Joyce to vice president and general manager of KPAX, its CBS affiliate in Missoula, Montana, effective Dec. 14, 2020. Joyce, with over 20 years of experience, previously served as director of sales at KMGH in Denver. He will succeed Bob Hermes, who is retiring after 40 years in broadcasting. Scripps aims to enhance local journalism and community engagement under Joyce's leadership, further positioning itself as a significant player in the media landscape.
The E.W. Scripps Company (NASDAQ: SSP) announces the promotions of Dan Perschke to vice president, controller, and Rebecca Riegelsberger to treasurer, vice president, tax. Perschke, who has been with Scripps since 2008, will oversee accounting systems and financial reporting. Riegelsberger, with the company since 2015, will manage cash flow and debt management. Both leaders will report to Lisa Knutson, the chief financial officer. These changes reflect Scripps' focus on leadership development and financial stewardship as the company prepares for its acquisition of ION Media.
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.
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