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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) 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.
The Scripps Howard Foundation's "If You Give a Child a Book..." campaign aims to distribute over 165,000 books to low-income children nationwide during the 2020 school year, following a successful fundraiser that raised $825,369. Starting in January 2021, Scripps TV stations will collaborate with local schools and nonprofits to ensure book distribution. Since 2016, the campaign has donated more than 352,000 books, with the total expected to exceed 500,000 this year. This initiative underscores Scripps’ commitment to childhood literacy and community support.
The E.W. Scripps Company (NASDAQ: SSP) is set to enhance its local news presence in Michigan by launching original newscasts at WSYM, its Fox affiliate in Lansing, starting early next year. This initiative expands Scripps' reach, covering approximately 81% of TV households in Michigan. WSYM aims to build a local newsgathering team, utilizing Scripps' existing Michigan stations and national content desk. This move aligns with Scripps' commitment to impactful journalism and strengthens its position as one of the largest independent TV station owners in the U.S.
The E.W. Scripps Company (NASDAQ: SSP) is launching an extensive initiative to assist voters during the pandemic-affected voting process. This includes local digital voter guides and national coverage across 42 markets, aimed at ensuring voters have necessary resources. Scripps is also partnering with ProPublica on election security issues. They are focusing on increasing voter engagement through multiplatform promotions and targeted initiatives for Latino and African American communities. The company aims to combat misinformation and provide vital information to aid voter participation in the unusual 2020 election cycle.
Bounce has announced the addition of two popular series, Greenleaf and Everybody Hates Chris. Greenleaf will air on Sundays at 8:00 p.m. starting October 4, while Everybody Hates Chris will debut on weeknights at 7:00 p.m. beginning October 5. The network has licensed all five seasons of Greenleaf, which has won multiple NAACP Image Awards. Additionally, actor Gregory Alan Williams joins the cast of Saints & Sinners for its fifth season slated for 2021. Bounce is part of The E.W. Scripps Company (NASDAQ: SSP).
The E.W. Scripps Company (NASDAQ: SSP) announced its acquisition of ION Media for $2.65 billion, aimed at forming a robust national television networks business. The deal is expected to generate $500 million in synergies over six years, with ION reaching over 100 million homes and boasting significant revenue growth. Berkshire Hathaway will invest $600 million in preferred equity to finance the transaction. This strategic move positions Scripps to enhance advertising reach and capitalize on evolving media consumption trends.
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