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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 completion of a retransmission consent agreement with Dish Network, finalizing its three major cable and satellite distribution contracts for 2020. These agreements cover 42% of Scripps' pay TV households, effectively restoring service after a six-week blackout period. The company's strategy of expanding its TV station footprint through acquiring 27 local stations last year has proven successful, according to CEO Adam Symson. This move reinforces Scripps' financial resilience and growth in the media sector.
Laff, the first 24/7 comedy broadcast network, has licensed all nine seasons and 208 episodes of the acclaimed sitcom How I Met Your Mother. The series will debut with a two-day marathon on September 6 and 7, airing from 8:00 a.m. to midnight ET, before airing nightly from 9:00 p.m. starting September 8. How I Met Your Mother, a staple on CBS from 2005 to 2014, has received numerous awards including EMMYs and Golden Globes. Laff caters to adults aged 18-49 and is part of The E.W. Scripps Company (NYSE: SSP).
The E.W. Scripps Company (NASDAQ: SSP) has launched its annual "If You Give a Child a Book ..." campaign, raising funds to provide books to children from low-income households. Over four years, the Scripps Howard Foundation has donated over 352,000 books. This year, donations from local markets will be matched up to $5,000 by Scripps family members, and the first $50,000 from national brands will be matched by The Kroger Co. Foundation. The campaign runs until September 11, 2020, with a mission to enhance childhood literacy and support community education.
Bounce, an entertainment network for African Americans, announced a partnership with the NAACP to live stream the 2020 Virtual March on Washington on August 27-28, commemorating the anniversary of Dr. Martin Luther King Jr.'s historic speech. This event will feature prominent speakers like Rev. William Barber II and performances by artists such as H.E.R. and Macy Gray. The initiative emphasizes the need for policy changes to combat police brutality and racial discrimination, while promoting voter engagement through the 'Your Vote, Your Voice' campaign.
Court TV announced the premiere of a new true-crime series, Judgment With Ashleigh Banfield, debuting Sept. 13, 2020, which will explore high-profile trials with exclusive interviews. Michael Ayala returns as an anchor on Aug. 24, joining the team of experienced anchors. The network will also air a special marathon of the OJ25 docuseries, commemorating the 25th anniversary of O.J. Simpson's trial, on Oct. 3-4. Court TV, part of Katz Networks and the E.W. Scripps Company (NASDAQ: SSP), offers extensive legal coverage across multiple platforms.
Court TV has announced its coverage of significant upcoming trials, including the cases of George Floyd, Ahmaud Arbery, Robert Durst, and R. Kelly. These cases reflect critical issues in modern society, such as race relations and criminal justice. Court TV promises unparalleled access and expert insights, led by a team of experienced legal professionals. The network is accessible through multiple platforms, including live streaming on CourtTV.com and popular streaming devices, ensuring widespread viewership.
Bounce, the first broadcast network for African Americans, has unveiled its 2020-21 original programming slate, featuring new comedies, movies, and a true crime docuseries. Highlights include two new comedy series by Cedric The Entertainer, the U.S. premiere of Killing Michael Jackson on Sept. 7, and the renewal of Saints & Sinners for a fifth season in Spring 2021. Other notable content includes inspiring original movies like A Chance in the World and the documentary Dying To Be Famous. Bounce is part of The E.W. Scripps Company (NASDAQ: SSP).
The E.W. Scripps Company (NASDAQ: SSP) has announced a cash dividend for Q3 2020, set at 5 cents per share. Shareholders on record by Sept. 15, 2020, will receive this dividend, payable on Sept. 25, 2020. The payment will come out of the company’s surplus funds. Operating as the fourth-largest independent TV station owner in the U.S., Scripps serves audiences through multiple platforms including Newsy and various broadcast networks.
The E.W. Scripps Company (NASDAQ: SSP) announced its Q2 2020 results, reporting a revenue increase to $359 million, up 12% from the previous year. However, the company faced a loss from continuing operations of $17.5 million, contrasting with a profit of $5.8 million in Q2 2019. Key developments included the sale of its podcast business, Stitcher, for $325 million, and a 39% decline in core advertising revenue amid COVID-19 impacts. Political ad revenue reached $13.4 million, surpassing expectations, while the company dealt with a distributor blackout with Dish Network.
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