CINCINNATI, April 17, 2025 /PRNewswire/ -- The E.W. Scripps Company (NASDAQ: SSP) will report first-quarter 2025 operating results after the markets close on Thursday, May 8. The call with the company's senior management team will take place at 9:30 a.m. Eastern time on Friday, May 9. The company's protocol for joining its earnings calls is as follows: To access a live webcast of the call, participants will need to register by visiting http://ir.scripps.com/. The registration link can be found on that page ...

Together with viewers across the country, Scripps raised more than $289,000, providing critical aid to local communities in needCINCINNATI, April 15, 2025 /PRNewswire/ -- The National Association of Broadcasters has awarded The E.W. Scripps Company (NASDAQ: SSP) with the 2025 "Service to America" award for its relief efforts following Hurricanes Helene and Milton. Scripps received the top honor in the television ownership group category.The Celebration of Service to America Awards honor excellence in commun ...

CINCINNATI, April 10, 2025 /PRNewswire/ -- The E.W. Scripps Company (NASDAQ: SSP) has successfully completed a series of previously announced refinancing transactions, which include: Refinance of approximately $110.8 million aggregate principal amount of existing tranche B-2 term loans with new tranche B-2 term loans due 2028, with remaining existing tranche B-2 term loans repaid in cash, including with proceeds from a new accounts receivable securitization facility, approximately $223.5 million of proceeds ...

First national women's college basketball rights deal for Scripps Sports "As the popularity of women's sports among audiences and advertisers continues to explode, the Elevance Health Women's Fort Myers Tip-Off will immediately become another major sports property for ION," said Brian Lawlor, Scripps Sports president. "We're proud that women's sports have found a home on ION, and we look forward to bringing fans the action-packed world of women's college basketball this fall." "Scripps Sports and ION are no ...

WASHINGTON, March 25, 2025 /PRNewswire/ -- The Alliance for Women in Media is honoring Scripps News with a prestigious Gracie Award for its 2024 investigation, "Fentanyl: The Silent Toll."The Gracie Awards winners were announced today. Scripps News, the national streaming channel owned by The E.W. Scripps Company (NASDAQ: SSP), also received an honorable mention in two other categories."The recognition underscores Scripps News' unwavering commitment to investigative journalism," said Linda Pattillo, Scripps ...

LAS VEGAS and CINCINNATI, March 13, 2025 /PRNewswire/ -- The Las Vegas Aces and Scripps Sports have signed a multiyear agreement to make Vegas 34 the official broadcast home of the 2022-2023 back-to-back WNBA champion Aces.Under the new agreement, Scripps Sports will televise all non-nationally exclusive Aces games – with distribution on cable, satellite and over-the-air television. Financial terms are not being disclosed. The Las Vegas Aces partner with Scripps Sports to broadcast regular season games ...

Financial Performance - The E.W. Scripps Company achieved $40 million in annual savings from a strategic restructuring completed by the end of Q2 2024, with $20 million realized by the end of 2023[17]. - Political advertising revenues accounted for 20% of the Local Media segment's revenues in 2024, benefiting from the election year[34]. - Distribution revenues represented 46% of the Local Media segment's revenues in 2024, with renewal negotiations covering approximately 75% of subscriber households completed in 2023[36]. - Core advertising revenues made up 33% of the Local Media segment's revenues in 2024, driven by local and national business sales[29]. - Employee costs constituted 38% of the Local Media segment's costs and expenses in 2024[37]. - Programming costs, including network affiliation fees and local sports rights fees, accounted for 45% of the Local Media segment's costs and expenses in 2024[39]. - Revenue from advertising is subject to seasonality, with higher revenues typically in the second and fourth quarters due to increased demand[46]. Strategic Initiatives - Scripps News will significantly reduce its national network programming starting in Q4 2024, expected to generate annualized net savings of $35 million[20]. - The company is exploring the sale of its Bounce multi-cast television network, which reaches approximately 95% of U.S. television broadcast homes[18]. - A joint venture was formed with Gray Media, Nexstar Media Group, and Sinclair, contributing $6.4 million for a 25% ownership interest to provide data delivery services[21]. - Scripps continues to expand its presence in the connected television marketplace, leveraging its leadership in the over-the-air market[16]. Programming and Audience Reach - Scripps Networks segment generates revenue primarily from advertising sales, which depend on viewership ratings and advertising rates[45]. - Programming expenses accounted for 55% of Scripps Networks segment's costs and expenses in 2024, reflecting investment in quality programming and distribution costs[47]. - ION network is available in nearly 99% of U.S. television broadcast homes and has the fifth-largest average prime-time audience among all broadcast networks[48]. - Bounce network reaches approximately 95% of U.S. television broadcast homes, featuring original programming and a focus on the African American community[49]. - Court TV is available in about 93% of U.S. television broadcast homes, providing live coverage and analysis of significant trials[50]. - Grit network appeals to male viewers and is available in approximately 98% of U.S. television broadcast homes[51]. - ION Mystery and ION Plus are available in about 98% and 92% of U.S. television broadcast homes, respectively, featuring popular crime and action programming[52][53]. - Laff network targets comedy lovers aged 18 to 49 and is available in approximately 98% of U.S. television broadcast homes[54]. - Scripps News focuses on objective reporting and is available on multiple streaming platforms after ceasing over-the-air distribution in November 2024[55]. - Scripps' current national audience reach is 38.0% of television households after applying the UHF discount[61]. Employee Relations and Development - As of December 31, 2024, Scripps had approximately 5,000 employees, including full-time and part-time[72]. - The company has not experienced any work stoppages at its current operations since 1985[72]. - Scripps offers a voluntary Employee Stock Purchase Plan (ESPP) allowing employees to purchase company stock at a discounted price[76]. - Scripps prioritizes flexible and impactful learning and development opportunities for employees to support their growth[78]. - In 2024, employees completed training courses tailored to specific roles, focusing on competencies critical to future success[78]. - Leadership programs are designed to cultivate effective leaders at all levels, enhancing team performance and employee engagement[79]. - Targeted training in key areas such as journalism and sales combines hands-on learning and mentorship to enhance job-specific skills[80]. - Scripps emphasizes open communication with employees through various channels, including emails, videos, and town hall meetings[82]. - Employees are encouraged to engage in their local communities through reporting, fundraising, and volunteering efforts[82]. Regulatory and Compliance - The FCC's rule changes regarding television ownership went into effect in March 2024, impacting Scripps' operations[60]. - All Scripps stations completed the transition to new channels in the reduced broadcast spectrum band following the 2017 incentive spectrum auction[63]. - The FCC requires television broadcasters to close caption their programming for the benefit of persons with hearing impairment[58]. - Scripps has never had a broadcast license revoked and all previous renewals have been for the maximum term[59]. - The Low Power Protection Act allows certain low-power television stations to apply for "Class A" regulatory status, effective May 31, 2024[66]. - The FCC's new ownership rules, effective March 2024, prohibit broadcasters from using multicast channels to acquire two "top-four" affiliations in a single market[60]. - Scripps stations are operating with the new ATSC 3.0 transmission protocol, which allows for enhanced services and improved signal reception[64]. - The FCC's rules implementing the Low Power Protection Act went into effect on May 31, 2024, allowing eligible low-power stations to apply for "Class A" status[66]. - Scripps has elected to negotiate retransmission consent agreements with cable operators and satellite video providers for the majority of its stations[67]. - The FCC has increased enforcement efforts regarding programming issues, which may impact Scripps' operations[69]. Compensation and Benefits - Scripps' compensation philosophy includes a combination of fixed and variable pay, including base salary, bonuses, and share-based compensation[75]. - The company offers a comprehensive benefits package, including medical, dental, vision coverage, and a 401(k) plan[76].

Financial Data and Key Metrics Changes - The company reported a leverage ratio of 4.8 times by the end of 2024, nearly a full turn lower than the end of 2023 [16][28] - The income attributable to shareholders for Q4 was $80 million, or $0.92 per share, impacted by preferred stock dividends and restructuring charges [38][39] - Political advertising revenue reached a record $343 million for the full year 2024, with Q4 political advertising revenue at $174 million, up 34% year-over-year [31][28] Business Line Data and Key Metrics Changes - Local Media division revenue increased by 34% year-over-year, with a segment profit of nearly $200 million compared to $86 million in Q4 2023 [30][33] - Scripps Networks division revenue was $216 million, down 6% year-over-year, but expenses decreased by over 6% due to cost controls [34][35] - Local Media expenses increased by 5.7% year-over-year, while Scripps Networks division is expected to see margin improvements of 400 to 600 basis points in 2025 [32][36] Market Data and Key Metrics Changes - The company achieved record political advertising revenue, with over 80% of this revenue coming from six states [19] - Local distribution revenue decreased by 5% year-over-year, with a total subscriber base decline of about 5% [32] - Connected TV revenue grew by 16% in Q4, indicating a positive trend despite overall challenges in the advertising market [34][85] Company Strategy and Development Direction - The company is focused on transformation, reducing debt, and improving operating performance, with a significant round of debt refinancing announced [15][24] - Management highlighted the potential opportunities arising from changes in FCC regulations that could allow for greater consolidation in the local broadcast market [10][11] - The company aims to leverage its position in local journalism and live sports to enhance community connections and shareholder value [14][20] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for deregulation to enhance operational performance and investment in local content [10][15] - The company is closely monitoring economic conditions, particularly the impact of tariffs and inflation on advertising categories such as automotive and retail [65][66] - Management expects a bounce back in core advertising revenue in the latter half of the year, following a record political advertising year [67] Other Important Information - The company completed $20 million in property sales and anticipates closing over $70 million in transactions [39][40] - Cash and cash equivalents totaled $24 million at the end of Q4, with total debt at $2.6 billion [41] - The company is executing an aggressive plan for debt paydown and leverage reduction, with significant progress made [42] Q&A Session Summary Question: Comments on FCC and deregulation opportunities - Management believes greater scale is necessary for asset performance and is engaged in discussions to optimize the portfolio [47][50] Question: Distribution trends and subscriber renewals - Approximately mid-20% of the subscriber base is up for renewal this year, with expectations of mid-single-digit declines in core revenue [52][56] Question: Core advertising performance and macroeconomic impacts - Core advertising is expected to be down low to mid-single digits due to economic uncertainty, particularly affecting automotive and retail categories [65][66] Question: Update on EdgeBeam Wireless initiative - The joint venture aims to leverage broadcast spectrum for datacasting, with expectations for future revenue growth [70][72] Question: Local sports contribution to core revenue growth - Local sports is expected to contribute low single-digit growth, with a new franchise potentially adding to this [90][91] Question: Advertising trends in various categories - Automotive is experiencing significant declines, while services remain strong; consumer packaged goods and restaurants are also lagging [122][126] Question: Cost savings from Scripps News operation shutdown - The shutdown is expected to drive $35 million in annual savings, contributing to margin improvement [116][118]

Revenue Performance - Fourth-quarter 2024 revenue was $728 million, an increase of 18% or $113 million from the prior-year quarter[6]. - Local Media segment revenue reached $511 million, up 34% from the prior-year quarter[8]. - Political advertising revenue for the Local Media division was $343 million, with over 80% coming from six key states[5]. - Total operating revenues for the company increased by 18.3% to $728,379,000 for the three months ended December 31, 2024, compared to $615,769,000 in 2023[34]. - Local Media segment operating revenues increased by 34.1% to $511,003,000 for the three months ended December 31, 2024, compared to $381,027,000 in 2023[34]. - Scripps Networks segment revenue was $216 million, down 6.1% from the prior-year quarter[11]. - Scripps Networks segment operating revenues decreased by 6.1% to $216,139,000 for the three months ended December 31, 2024, compared to $230,139,000 in 2023[34]. Profitability - Income attributable to shareholders was $80.3 million or $0.92 per share, compared to a loss of $268 million or $3.17 per share in the prior-year quarter[7]. - Net income for the three months ended December 31, 2024, was $95,387,000, compared to a net loss of $255,762,000 in 2023[38]. - Segment profit for Local Media increased by 78.5% to $198,847,000 for the three months ended December 31, 2024, compared to $85,714,000 in 2023[35]. - Adjusted EBITDA for Q4 2024 reached $229,347 thousand, up 95% from $117,607 thousand in Q4 2023[41]. Debt and Financial Position - The company's net leverage improved to 4.8x at year-end 2024, down from 5.7x at year-end 2023[3]. - Total debt at year-end was $2.6 billion, with cash and cash equivalents totaling $23.9 million[13]. - Long-term debt (less current portion) decreased to $2,560,560,000 as of December 31, 2024, from $2,896,824,000 in 2023[36]. - The company reported a total current liability of $482,394,000 as of December 31, 2024, compared to $477,819,000 in 2023[36]. Costs and Expenses - Restructuring costs for the fourth quarter totaled $14.9 million, related to reductions at Scripps News[5]. - Capital expenditures for Q4 2024 were $10,980 thousand, a decrease from $20,550 thousand in Q4 2023[42]. - Interest expense for Q4 2024 was $48,862 thousand, slightly lower than $55,483 thousand in Q4 2023[41]. - Income taxes paid in Q4 2024 amounted to $20,509 thousand, compared to $5,189 thousand in Q4 2023[42]. - Restructuring costs for Q4 2024 were $14,872 thousand, an increase from $9,404 thousand in Q4 2023[41]. - Total interest paid for the year ended December 31, 2024 was $195,856 thousand, nearly unchanged from $195,832 thousand in 2023[42]. Future Guidance - The company plans to increase Scripps Networks division margin by at least 400-600 basis points in 2025[4]. - Full-year 2025 guidance includes interest paid of $175-$185 million and capital expenditures of $55-$60 million[19]. Asset Management - Total assets decreased to $5,198,575,000 as of December 31, 2024, from $5,410,120,000 in 2023[36]. - Basic weighted-average shares outstanding increased to 86,312,000 for the three months ended December 31, 2024, from 84,574,000 in 2023[38]. Impairment and Dividends - The company recorded an impairment of goodwill of $266,000 thousand in Q4 2023, with no impairment reported in Q4 2024[41]. - Preferred stock dividends paid in 2023 were $12,000 thousand, with no dividends paid in 2024[42].

Core Insights - The E.W. Scripps Company reported $728 million in revenue for Q4 2024, an 18% increase year-over-year, primarily driven by record political advertising revenue [6][10] - The company achieved an income attributable to shareholders of $80.3 million, or 92 cents per share, compared to a loss of $268 million in the prior-year quarter [7][24] - Scripps is focused on debt reduction, achieving a leverage ratio of 4.8x at year-end 2024, down from 5.7x at year-end 2023 [3][9] Financial Performance - Q4 2024 revenue was $728 million, up $113 million from the previous year, with segment expenses slightly decreasing to $502 million [6][23] - Political advertising revenue reached $174 million, a significant increase from $16.4 million in the prior-year quarter, while core advertising revenue decreased by 11% to $147 million [10][31] - The Scripps Networks segment saw a revenue decline of 6.1% to $216 million, with segment profit decreasing to $60.7 million [12][31] Segment Analysis - Local Media segment revenue was $511 million, a 34% increase from the prior-year quarter, with segment profit rising to $198.8 million [8][31] - Scripps Networks segment expenses decreased by 6.3% to $155 million, but the segment's profit also declined by 5.5% [12][31] - The company anticipates a margin improvement of 400-600 basis points in the Scripps Networks division for 2025 [4] Debt and Financial Strategy - The company has entered into agreements to refinance debt, extending the maturity of its term loans and revolving credit facilities [9] - Cash and cash equivalents at year-end totaled $23.9 million, with total debt at $2.6 billion [13][34] - The company did not declare or pay any preferred stock dividends in 2024, allowing for greater flexibility in debt reduction [14] Industry Outlook - Scripps anticipates regulatory changes in the local broadcast environment under new FCC leadership, which may enhance economic growth opportunities [5] - The company is committed to improving its operating performance and deepening community connections to unlock shareholder value [5]