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    Michael Kupinski • NOBLE Financial Capital Markets

    Michael Kupinski's questions to E W Scripps Co (SSP) leadership

    Michael Kupinski's questions to E W Scripps Co (SSP) leadership • Q2 2025

    Question

    Michael Kupinski of Noble Financial Capital Markets inquired about the core advertising environment, asking for more detail on advertiser sentiment and whether there is pent-up demand. He also asked about the potential business impact of declining search engine referral traffic and the company's strategy to counter AI-driven content scraping.

    Answer

    CFO Jason Combs attributed the company's outperformance in Q2 core advertising to its sports strategy but acknowledged broad advertiser hesitancy, especially in the automotive category. President and CEO Adam Symson added that macroeconomic uncertainty is a key factor. Regarding digital strategy, Symson stated that Scripps employs technical solutions to block content scraping and believes that while AI in search may be a headwind for publishers, it could benefit brand-building video advertising mediums.

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    Michael Kupinski's questions to E W Scripps Co (SSP) leadership • Q1 2025

    Question

    Michael Kupinski asked for quantification of the advertising lift from the gambling category due to sports programming, an update on the EdgeBeam joint venture's progress and revenue potential, and management's sense of the timing for potential FCC deregulation.

    Answer

    CFO Jason Combs noted that in markets with local sports deals, gambling advertising growth is stronger but did not provide specific quantification. CEO Adam Symson provided an update on EdgeBeam, stating they are close to hiring a CEO but advised not to model material revenue for Scripps this year, emphasizing its long-term value. Regarding FCC timing, Symson believes action could begin soon, potentially with swaps or deals brought before the commission even before a full slate of commissioners is confirmed, citing a recognized need to level the playing field for local broadcasters.

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    Michael Kupinski's questions to E W Scripps Co (SSP) leadership • Q4 2024

    Question

    Michael Kupinski from NOBLE Capital Markets inquired about core advertising trends, asking for color on lagging categories and the outlook for 2025. He also sought an update on the Edge Beam Wireless joint venture, including its revenue potential, timeline for meaningful contribution, and any associated start-up costs.

    Answer

    CFO Jason Combs explained that Q1 core advertising was guided down low to mid-single digits due to economic uncertainty impacting the automotive and retail categories. He noted that while a bounce-back from political ad displacement is expected later in the year, it could be offset by economic headwinds. President and CEO Adam Symson discussed the Edge Beam Wireless JV, highlighting its 97% U.S. household reach and long-term potential in datacasting. However, he advised not to model material revenue for 2025, though he expects to share more details soon.

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    Michael Kupinski's questions to E W Scripps Co (SSP) leadership • Q3 2024

    Question

    Michael Kupinski from NOBLE Financial Capital Markets asked for the revenue contribution from key political markets, the dollar amount of savings from the Scripps Networks restructuring, and the outlook for post-election advertising categories.

    Answer

    Chief Financial Officer Jason Combs noted that key political states represent about a third of their markets but did not break down revenue contribution. He specified the Scripps News changes would yield about $35 million in annualized savings. Chief Operating Officer Lisa Knutson highlighted sequential improvement in services and automotive advertising post-election.

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