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Overview
The E.W. Scripps Company (SSP) is a diversified media enterprise with a rich heritage dating back to 1878. Known for its commitment to objective local journalism and innovative digital storytelling, Scripps serves communities across the United States with a powerful blend of television, radio, and digital media assets. With a core focus on quality content and extensive local market penetration, the company provides trusted news and information that enable citizens to stay informed through both traditional and modern platforms.
Business Segments and Revenue Streams
Scripps operates through several key segments:
- Local Media: This segment comprises a broad network of local television stations and digital operations. These stations are affiliated with major networks including ABC, NBC, CBS, and FOX, enabling dynamic local advertising opportunities, retransmission fees and political advertising revenues. The wide reach in minute local markets is instrumental in delivering community news and real-time information.
- Scripps Networks: Under this umbrella, the company manages national news outlets and entertainment channels such as Scripps News, Court TV, ION, Bounce, and others. These networks maximize revenue primarily through advertising while maintaining a broad distribution that touches nearly every U.S. household.
- Digital and Sports Platforms: Recognizing the digital transformation, Scripps has expanded its scope into digital journalism and multimedia content. This includes owning innovative platforms in podcasting, over-the-top (OTT) video services, and dedicated sports broadcasting via Scripps Sports. Strategic partnerships with major sports leagues and teams have further diversified its content offerings and audience engagement on platforms such as ION and mobile streaming applications.
Content, Innovation, and Investigative Journalism
Scripps is not only a major broadcaster but also a content innovator. It underpins an award-winning investigative newsroom in Washington, D.C., known for its incisive reporting and its commitment to uncovering critical public interest stories. The company's production of educational and entertaining content, including long-standing institutions like the Scripps National Spelling Bee, showcases its versatility and deep-rooted trust within the media landscape.
Market Position and Industry Impact
As one of America’s largest independent TV station owners and the nation’s most extensive holder of broadcast spectrum, Scripps has a significant market presence. It operates in a competitive environment that demands high standards in local journalism, digital innovation, and sports broadcasting. Its ability to adapt to technological changes and shifts in content consumption underlines its resilience. By integrating traditional broadcast strengths with emerging digital trends, Scripps continues to set benchmarks in quality journalism and diversified media content.
Commitment to Excellence and Trustworthiness
Reflecting its long-time motto, "Give light and the people will find their own way," Scripps emphasizes credibility and authority in its operations. The company maintains rigorous journalistic standards and focuses on providing well-researched, fact-based reporting—a principle that has built a loyal audience and solidified its reputation among media professionals and investors alike.
Strategic Partnerships and Future-Proof Operations
Scripps has established multiple strategic partnerships to expand its reach and enhance its content offerings. Through collaborations with major sports leagues, digital partners, and content distribution platforms, Scripps has effectively diversified its audience base and revenue sources without compromising its commitment to quality journalism. These initiatives ensure that the company remains a pivotal player in both local and national media ecosystems.
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.
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.
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