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Overview of The E.W. Scripps Company (NASDAQ: SSP)
The E.W. Scripps Company is a leading diversified media organization that operates across multiple platforms, including broadcast television, digital media, and national entertainment networks. Founded in 1878, Scripps has a long-standing commitment to delivering high-quality journalism and entertainment to audiences nationwide. The company’s motto, "Give light and the people will find their own way," reflects its dedication to informing and empowering communities.
Core Business Segments
Scripps operates through two primary segments:
- Local Media: This segment encompasses more than 60 local television stations across 40+ markets in the United States. These stations include affiliates of major networks such as ABC, NBC, CBS, and FOX, as well as independent and low-power stations. Local Media generates revenue through advertising sales, retransmission fees, and digital operations, serving as a trusted source of news, weather, and community information.
- Scripps Networks: This segment includes national news outlets such as Scripps News and Court TV, alongside entertainment brands like ION, Bounce, Grit, ION Mystery, and Laff. These networks reach nearly every U.S. household through over-the-air broadcasts, cable, satellite, and digital platforms. Revenue is primarily derived from advertising sales and content distribution agreements.
Key Offerings and Partnerships
Scripps is known for its innovative approach to content delivery and strategic partnerships:
- Sports Programming: Through its Scripps Sports division, the company partners with professional leagues like the NHL, WNBA, and NWSL to broadcast games and related content. Recent agreements include deals with the Florida Panthers and Vegas Golden Knights, enhancing its portfolio of live sports programming.
- National Programming: Scripps produces and distributes popular shows such as "The List" and "The Now," and operates award-winning investigative journalism teams.
- Educational Initiatives: The company is the long-time steward of the Scripps National Spelling Bee, the nation’s largest and most successful educational program.
Market Position and Competitive Landscape
Scripps is one of the largest independent owners of local TV stations in the U.S., reaching nearly 20% of American households. It competes with other media conglomerates by emphasizing local journalism, free over-the-air broadcasting, and digital innovation. Its commitment to objective reporting and community engagement sets it apart in a crowded media landscape.
Revenue Streams and Business Model
The company’s revenue is driven by:
- Advertising: Local and national advertisers leverage Scripps’ platforms to reach targeted audiences.
- Retransmission Fees: Payments from cable and satellite providers for carrying Scripps’ local stations.
- Content Licensing: Distribution agreements for its national networks and digital platforms.
Commitment to Journalism and Public Service
Scripps has a deep-rooted commitment to journalism, as evidenced by its award-winning investigative reporting and initiatives like National News Literacy Week. The company also prioritizes public service through its local news coverage, emergency weather alerts, and community programming.
Conclusion
As a pioneer in the media industry, The E.W. Scripps Company continues to adapt to changing audience preferences while maintaining its focus on quality journalism and innovative content delivery. Its diverse portfolio, strategic partnerships, and commitment to public service make it a significant player in the U.S. media landscape.
WorkingNation and Scripps News are collaborating to release a special titled “Breaking Barriers: Embracing Age in the Workforce,” airing on June 21 at 9 p.m. ET. This is the second installment of WorkingNation's Emmy-nominated series, aiming to address ageism in the workplace. The initiative is part of a week-long program called “Age in America.”
Key figures like Dianne Primavera, Carly Roszkowski, Diana Caba, and Taylor McLemore will participate in roundtable discussions. The special highlights the critical issue of ageism, emphasizing the contributions of workers over 55, who bring key skills and stability to the workplace. Despite their value, many older workers face stereotypes and are underrepresented in workforce development programs.
The program is funded by the Ares Charitable Foundation and represents the first of many collaborations between WorkingNation and Scripps News to explore future work solutions and address job skills gaps.
The E.W. Scripps Company (NASDAQ: SSP) has appointed Charlie Grisham as the new vice president and general manager of WRTV, an ABC affiliate in Indianapolis, effective June 10, 2024.
Grisham brings a wealth of experience from his previous role as vice president and general manager of WSIL-TV in Carterville, Illinois, where he led the station to achieve record revenue and ratings growth. His extensive background includes roles in sales management and content development at KSDK-TV, KUSI-TV, and Bitcentral, as well as on-air roles and a military career as a meteorologist in the U.S. Air Force.
Grisham holds an MBA from the University of Phoenix and a Bachelor of Science in atmospheric sciences from Creighton University. He has also been active in community initiatives, notably co-founding Give SI, which has raised nearly $1 million for local nonprofits since 2020.
On May 30, 2024, Bruhat Soma, a 12-year-old from Tampa, Florida, emerged as the champion of the 2024 Scripps National Spelling Bee. Soma set a new spell-off record by correctly spelling 29 out of 30 words. His winning word was 'abseil,' a mountaineering term.
Adam Symson, CEO of The E.W. Scripps Company (NASDAQ: SSP), awarded Soma the championship trophy. The champion also received a total of $54,250 in cash prizes and other awards from Scripps, Merriam-Webster, Encyclopædia Britannica, SugarBee Apple, and Scholastic.
Soma's competitors, Faizan Zaki and Shrey Parikh, placed second and third, respectively, with Zaki receiving $25,000 and Parikh $12,500. The event was held at the Gaylord National Resort & Convention Center in Maryland and featured 245 participants.
The new Bounce TV original series 'Mind Your Business' premieres this Saturday, June 1, at 8 p.m. ET with back-to-back episodes. The show centers on the Williams family, who run an event and party space in Chicago. The business, initially hard-hit by the pandemic, is revived by Lucille Williams' brother, Henry, and his fraternal twins, Aaliyah and Alfonso, who bring their creative and business minds together. The cast includes Columbus Short, Drew Sidora, Rolonda Watts, and Bebe Winans. The 10-episode season will air throughout summer, concluding before the return of the hit series 'Johnson' on August 3.
Robin Davis has been appointed senior vice president and chief distribution officer for The E.W. Scripps Company (NASDAQ: SSP), effective immediately. Davis, who joined Scripps in 2005, has held various strategic and financial leadership positions. Most recently, she was the senior vice president for strategy, planning, and development, where she spearheaded growth strategies and corporate development, including significant acquisitions like Newsy, Journal Communications, Katz Networks, and ION.
Her leadership has expanded Scripps' portfolio from 10 local TV stations in 2010 to over 60 stations today. As the new chief distribution officer, Davis will manage distribution across multiple platforms, including cable, satellite, and virtual carriers. Adam Symson, Scripps CEO, expressed confidence in her ability to maximize the value of Scripps' distribution platforms.
Davis holds a bachelor's degree in business administration from Saint Louis University and is a certified public accountant.
Scripps News has won two national journalism awards for its investigation titled "Scripps News Investigates: Ukraine's Stolen Orphans." This report, led by international correspondent Jason Bellini, highlights the plight of Ukrainian orphans abducted and transported to Russia during the ongoing war. The investigation received a Deadline Club Award for National TV Series or Investigative Reporting and a New York Press Club Journalism Award for national continuing coverage in television. The report has also sparked a sense of urgency to rescue Denys, one of the central figures, with Bellini exclusively covering his story over two years. The awards were announced at events in May and June 2024.
The E.W. Scripps Company (NASDAQ: SSP) has promoted Jeff Kiernan to vice president of local news, effective June 10. Kiernan will collaborate with Kate O'Brian, Scripps' president of news, on local news content strategy. He has been the VP and GM of Scripps' Las Vegas stations KTNV and KMCC since 2022. Kiernan's extensive experience includes roles at WXYZ, WMYD, WTMJ, WBBM-TV, WBZ-TV, and WCCO-TV. This promotion aligns with Scripps' strategy to unify local and national news under one structure, led by O'Brian. Anita Helt will serve as interim GM for KTNV and KMCC.
WTVF Nashville's investigation into Tennessee mayoral candidate wins prestigious Peabody Award. The investigation exposed mayoral candidate Gabrielle Hanson's white supremacist ties and other background questions. WTVF's investigative team uncovered inconsistencies and revelations about Hanson during the 2023 elections. Peabody judges highlighted the trail of hypocrisy and deceit in Hanson's campaign. The Peabody Awards recognize stories reflecting social issues and emerging voices. Phil Williams received his fourth Peabody Award for this investigation. Williams' reporting is commended for its impact on the local community.
The E.W. Scripps Company (NASDAQ: SSP) reported $561 million in revenue for Q1 2024. Loss attributable to shareholders was $12.8 million. Scripps expects political advertising revenue for 2024 to be $240-$270 million. The company is exploring a sale of Bounce TV network. Operating performance was boosted by political advertising and expense management. Scripps Networks showcased women's sports programming and journalism. NWSL season kickoff on ION attracted new viewers. Scripps aims to reduce debt levels and leverage, benefit from political advertising, and sale of assets.
The 2024 Scripps National Spelling Bee will host 245 spellers at the Gaylord National Resort & Convention Center in Maryland from May 28-30. The field includes former finalists and national participants, with competitors ranging from 8 to 15 years old. The event will feature spellers from all 50 states, with Texas having the largest representation. The Bee will be broadcast on ION and other Scripps Networks, continuing its success in viewership. Special recognitions will be awarded to outstanding individuals in education and volunteering.
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