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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) has been awarded three prestigious 2024 National Edward R. Murrow Awards for outstanding journalism. Scripps News received two awards in the television network category: one for 'continuing coverage' with 'In Real Life: Injected,' an investigation into ketamine use by paramedics, and another for 'excellence in innovation' with 'Russia's Ghost Fleet,' uncovering covert Russian operations in Ukraine. WTVR in Richmond, Virginia, won in the small-market television category for 'news documentary' with 'Reopen the case: Center Street,' investigating unsolved deaths in Lunenburg, Virginia.
These awards highlight Scripps' commitment to impactful journalism across national and local newsrooms. The winners will be celebrated at the Edward R. Murrow Awards Gala in New York City on October 14, 2024.
The Florida Panthers, reigning NHL Stanley Cup Champions, have partnered with ViewLift to launch a new direct-to-consumer streaming service. This multi-year alliance will allow fans to stream all locally-available games live on major devices, including web, mobile, and connected TV platforms. In collaboration with Scripps Sports, games will also be distributed via local broadcast stations.
The new service aims to enhance fan engagement by offering multiple viewing options, including live game content, on-demand video, and original programs. ViewLift, already working with other NHL teams, will create Panthers-branded properties across multiple platforms. The streaming service will launch for the upcoming season, with more features to be announced later.
The E.W. Scripps Company (NASDAQ: SSP) reported Q2 2024 financial results with $574 million in revenue, down 1.6% year-over-year. The company posted a loss of $13 million or $0.15 per share. Scripps raised its 2024 Local Media election-year political advertising revenue outlook to $270-$290 million, driven by U.S. Senate races and ballot issues. The Scripps Networks' national advertising upfront sales saw low single-digit percent volume increases. Local Media revenue grew 3.6% to $365 million, while Scripps Networks revenue declined 9.7% to $209 million. The company's total debt stood at $2.9 billion as of June 30, 2024.
The E.W. Scripps Company (NASDAQ: SSP) has promoted John Cook to vice president and general manager for KTNV, the Scripps-owned ABC affiliate in Las Vegas, effective Sept. 3, 2024. Cook, previously serving as senior director of sales for WXYZ and WMYD in Detroit, will lead the Las Vegas station, bringing extensive experience in local media and sales leadership.
Cook's background includes roles at Graham Media Group's WDIV in Detroit and experience in direct mail and print advertising sales. He has been recognized for his ability to navigate the changing media landscape and deliver strong revenue results. Cook is also actively involved in industry leadership, serving on the ABC Sales Advisory Board and as a board member of the Better Business Bureau Serving Eastern Michigan.
Bounce TV's hit dramedy 'Johnson' returns for its fourth season on August 3, 2024, airing Saturday nights at 8 p.m. ET/7 p.m. CT. The show, focusing on four best friends sharing the same last name, explores themes of love, self-discovery, and brotherhood, tackling issues like race, mental health, and relationship dynamics.
Produced by A Bird & A Bear Entertainment and Midnight Train Productions, 'Johnson' features an ensemble cast led by Thomas Q. Jones, Deji LaRay, Philip Smithey, and Derrex Brady, with D.L. Hughley. Viewers can catch up on previous seasons through Brown Sugar, Bounce's subscription video-on-demand service.
North Island Credit Union launched a book drive to promote childhood literacy among students in Title 1 schools in San Diego. Partnering with the Scripps Howard Fund and ABC 10News, the drive runs through August 31st and encourages community members to donate new books suitable for kindergarten through elementary school students at any North Island Credit Union branch in San Diego County.
All collected books will benefit students in low-income households, aiming to bridge the literacy gap. The initiative is part of the 'If You Give a Child a Book...' campaign, which has distributed over 1,000,000 books since 2016. Participants can also make monetary donations to purchase books for students.
Additionally, the Credit Union and ABC 10News hold monthly 'mini' book fairs in partnership with the San Diego Council on Literacy, providing free books to students. More information and donation options are available on the Credit Union’s website.
The E.W. Scripps Company (NASDAQ: SSP) reported minimal impact from a global IT outage that occurred overnight. Despite the incident, the majority of Scripps' 40+ local news operations maintained uninterrupted broadcasts, with none going completely off-air. Scripps News experienced only a brief 10-minute interruption. By 8 a.m. EDT, most stations resumed local news broadcasts, and all were operational by noon.
The company's swift recovery and the overnight timing of the outage resulted in no significant effect on advertising revenue. This demonstrates Scripps' resilience and effective crisis management in maintaining its broadcasting operations and protecting its revenue streams during unexpected technical challenges.
The E.W. Scripps Company (NASDAQ: SSP) announced it will report its second-quarter 2024 operating results after the market closes on Thursday, Aug. 8. A conference call with senior management is scheduled for 9:30 a.m. Eastern time on Friday, Aug. 9, with a live webcast available on the company's investor relations website. The call can be accessed via phone with specific access codes provided. A replay of the call will be available both by phone and online from Aug. 9 to Sept. 9. Contact details for media and investor inquiries were also provided.
On July 11, 2024, the Society of Professional Journalists awarded KNXV-ABC15, owned by The E.W. Scripps Company (NASDAQ: SSP), the 2023 Sigma Delta Chi Award for excellence in journalism. Chief Investigative Reporter Dave Biscobing and the ABC15 Investigators won in the television investigative reporting (large market) category for their series 'Too Unwell to Testify.' The series uncovered evidence mishandling by Phoenix homicide detective Jennifer DiPonzio, who falsely claimed illness to avoid accountability.
The investigation revealed DiPonzio's ability to work other jobs and travel while claiming to be too sick to testify. ABC15's reporting led to significant actions, including the Department of Justice's involvement, the Arizona Peace Officer Standards and Training Board's investigation, and DiPonzio's loss of police certification. The series also impacted court rulings and post-conviction appeals.
This recognition marks the second consecutive year that ABC15 and Biscobing have received a Sigma Delta Chi Award. The 2022 series 'The Secrets They Keep' won in the public service category.
Court TV is gearing up for extensive coverage of Alec Baldwin's trial, starting on July 9, 2024, in Santa Fe, New Mexico. The trial, involving charges of involuntary manslaughter in the death of 'Rust' cinematographer Halyna Hutchins, will be broadcast live by Court TV. The network will serve as the pool feed provider, ensuring broad media access. Coverage will be led by anchors Vinnie Politan and Ted Rowlands, along with correspondents Matt Johnson and Kelly Krapf. A key feature includes an exclusive documentary, 'The Case Against Alec Baldwin,' which delves into the incident and the ensuing legal battles. Court TV aims to offer in-depth analysis and expert commentary from seasoned legal professionals, investigators, and forensic experts throughout the trial.
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