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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 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.
The E.W. Scripps Company (NASDAQ: SSP) announced that its local television stations in 42 markets are now unavailable to DISH subscribers. This situation arises as Scripps seeks to negotiate a new contract that includes fair terms for both parties, following five months of discussions. President Brian Lawlor emphasized the importance of their programming during critical times, including a global pandemic and severe weather warnings. Scripps, which has never had a blackout with any pay TV distributor since 1947, remains hopeful for a resolution.
The E.W. Scripps Company (NASDAQ: SSP) has appointed Sean Trcalek as the new vice president and general manager of KATC, its ABC affiliate in Lafayette, Louisiana. With over 30 years of experience in broadcasting and sales, Trcalek returns to KATC, where he began his career in 1989. His extensive background includes roles at KADN, KLAF, and major companies like Warner Brothers. Trcalek aims to align KATC's mission with local community needs and enhance its service to Acadiana.
The E.W. Scripps Company (NASDAQ: SSP) will announce its second-quarter 2020 operating results before the market opens on August 7, 2020. A conference call with senior management will take place at 9:30 a.m. Eastern time on the same day, which will be available via live webcast. Access details include a domestic dial-in number at (877) 226-8216 and an international number at (409) 207-6983, using access code 5646140. A replay of the call will be accessible from 12:30 p.m. Eastern on August 7 until midnight on August 21.
The E.W. Scripps Company (NASDAQ: SSP) has agreed to sell its podcast business, Stitcher, to SiriusXM for $325 million, resulting in over a 2x return on its investment over five years. The deal includes $265 million in cash upfront and potential earnouts based on 2020 and 2021 results. Stitcher's revenue grew at a CAGR of 52% from 2016 to 2019, reaching $72.5 million in 2019. This divestiture will enhance Scripps' EBITDA and aid in debt reduction, aligning with its strategy to capitalize on changing media habits.
The Society of Professional Journalists awarded two investigative pieces from The E.W. Scripps Company (NASDAQ: SSP) as 2019 Sigma Delta Chi Award winners. WKBW in Buffalo, New York, was recognized in the Investigative Reporting category for "The Malone Recordings," which unveiled cover-ups within the Catholic Diocese. Additionally, KNXV in Phoenix received the Public Service in Television Journalism award for its series "Abuse of Force," exposing misconduct in a local police department. Winners were announced on June 26, 2020, selected from nearly 1,200 submissions.
Court TV has launched its first serialized podcast series titled Murder and the Menendez Brothers: A Court TV Mystery on June 23, 2020. The podcast delves into the infamous murder case of Jose and Kitty Menendez, committed by their sons Erik and Lyle, exploring significant trial events. Hosted by Vinnie Politan, new episodes will be released every Tuesday for six weeks. Available on multiple platforms including Stitcher and Spotify, this series revives the high-profile Menendez case that shaped Court TV's early popularity.
The E.W. Scripps Company (NASDAQ: SSP) has appointed Ramon Pineda as vice president and general manager of its operations in Corpus Christi, Texas, effective June 29, 2020. With over 30 years in broadcasting and sales, Pineda previously served as president and regional director at Univision Communications. He has held notable roles at various stations including KTVW and WXTV. Local Media President Brian Lawlor praised Pineda's skills and community commitment. Pineda aims to expand KRIS's audience and deepen connections with the Corpus Christi community.
Court TV has announced a new original news special titled Black and Blue, scheduled to air on June 22 at 8:00 p.m. ET. This hour-long program will delve into the criminal justice system's historical relationship with African Americans, examining issues such as police-targeting practices and the implications of controversial laws. The special will feature discussions with notable figures, including lawyer David Otunga and activist Marissa Alexander, alongside coverage of high-profile cases like those of George Floyd and Trayvon Martin. It's a critical exploration of ongoing racial issues in the justice system.
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