E.W. SCRIPPS (SSP) Company Report

E.W. Scripps reported $2.5 billion in revenue and under $600 million in Adjusted EBITDA for FY 2024. The company projects strong Core advertising growth, with Q3 2025 up 2% year over year and Q4 2025 guided up about 10%, largely due to its sports strategy.
The company anticipates continued growth in gross retransmission revenue and a decrease in network expenses for 2026, leading to improved net retrans margins. Political revenue reached an all-time record of $343 million in 2024.
E.W. Scripps has significantly improved its balance sheet, reducing net leverage to 4.6 times by the end of the most recent quarter (Q3 2025) and refinancing $1.5 billion of its $3 billion debt, extending the nearest maturity to 2028.
Growth initiatives include connected TV, which is a $120 million business this year (2025) growing 35% year over year, and the long-term potential of ATSC 3.0 technology for wireless data transmission.
The company's board is currently analyzing a takeover offer from Sinclair, occurring as the FCC is expected to loosen regulations to facilitate industry consolidation.

2 days ago

Transcript

E.W. Scripps Discusses Financial Performance, Strategic Growth, and Sinclair Takeover Offer

SSP

Takeover Bid

Revenue Acceleration/Inflection

Debt Issuance

E.W. Scripps reported approximately $2.5 billion in revenue and nearly $600 million in Adjusted EBITDA last year.
The company demonstrated strong Core advertising growth, with Q3 up 2% year over year and Q4 guided to be up about 10%, largely due to its sports strategy. Political revenue also hit a record $343 million in 2024.
Net leverage improved significantly from six times in Q2 last year to 4.6 times in the most recent quarter, following the refinancing of approximately $1.5 billion of its $3 billion debt.
Strategic growth initiatives include a rapidly expanding Connected TV business, projected to reach $120 million this year with 35% year-over-year growth, and future opportunities from ATSC 3.0 spectrum utilization.
The company is currently analyzing a takeover offer from Sinclair as it anticipates FCC rule changes that could facilitate further industry consolidation.

2 days ago

Transcript

E.W. Scripps Co. Adopts Limited-Duration Shareholder Rights Plan

SSP

M&A

Takeover Bid

The E.W. Scripps Company's board of directors adopted a limited-duration shareholder rights plan, effective immediately and expiring on November 26, 2026, following an unsolicited acquisition proposal to ensure full shareholder value.
Shareholders of record on December 8, 2025, will receive one Class A common share right for each outstanding Class A common share and one common voting share right for each outstanding common voting share.
These rights generally become exercisable if a person or group acquires beneficial ownership of 10% or more of the outstanding Class A common shares.
If triggered, holders (excluding the acquiring person) will be entitled to purchase additional Scripps Class A common shares at a 50% discount to the then-current market price, with an exercise price of $2.19 per share.
The board retains the option to redeem the rights at $0.001 per right or exchange them for one Class A common share per outstanding right.

Nov 26, 2025, 8:39 PM

8-K

Sinclair Proposes Acquisition of E.W. Scripps

SSP

M&A

Takeover Bid

Sinclair Broadcast Group has proposed to acquire all outstanding shares of The E.W. Scripps Company for $7.00 per share, comprising $2.72 in cash and $4.28 in Sinclair common stock.
This offer represents a significant premium of approximately 200% over Scripps' 30-day volume-weighted average price and a 70% premium over its recent closing price. The proposal is based on estimated synergies of approximately $325 million and a 7.0x EV/EBITDA multiple.
Shareholders of Scripps will have the option to choose either all-cash or all-stock compensation and are expected to own around 12.7% of the combined entity post-transaction.
E.W. Scripps operates in the Communication Services sector, showing a 3-year revenue growth of 4%, an operating margin of 13.14%, a net margin of 0.99%, and a notable debt-to-equity ratio of 2.2.

Nov 24, 2025, 5:21 PM

Bloomberg

E.W. Scripps CFO Discusses M&A, Advertising Outlook, and Deleveraging Efforts

SSP

M&A

Takeover Bid

Revenue Acceleration/Inflection

The E.W. Scripps Company's CFO, Jason Combs, addressed Sinclair's 8% stake and merger proposal, stating that Scripps was previously engaged in talks with Sinclair but did not reach an agreement, and views Sinclair's recent actions as "unnecessary theatrics".
Scripps reported strong Q3 advertising performance (up 2%) and a Q4 guide of up 10%, attributing this to strong sales execution, sports strategy, and political crowd-out benefit.
The company is optimistic about political advertising in 2026 due to a strong footprint with competitive governor, Senate, and potential House races, expecting significant cash flow to pay down debt.
Scripps expects net retransmission revenue to grow modestly moving forward, with 70% of its subbase renewing in 2026 and an expectation for affiliate expenses to decrease.
To support deleveraging, Scripps completed asset sales totaling $123 million gross (under $100 million after tax) from its Fort Myers and Indianapolis stations, and $63 million in real estate, with a goal to bring leverage down from the mid-fours.

Nov 18, 2025, 11:00 PM

Transcript

E.W. Scripps Discusses M&A, Advertising Trends, and Deleveraging Efforts

SSP

M&A

Guidance Update

Takeover Bid

E.W. Scripps (SSP) is actively engaged in M&A discussions, with Sinclair recently reporting an 8% stake and proposing a merger, though previous talks did not reach an agreement. The company remains committed to transformational M&A that drives shareholder value.
The company reported strong advertising performance with Q3 up 2% and a Q4 guide of up 10%, driven by sales execution and sports strategy. They anticipate significant political advertising revenue in 2026 from competitive races, which will aid in debt reduction.
For retransmission, 70% of the subscriber base is renewing in 2026, with expectations for continued positive pricing on gross retrans and a belief that affiliate expenses will decrease moving forward, leading to modest net growth.
SSP is focused on deleveraging, aiming to reduce current leverage from the mid-fours. This is supported by recent asset sales, including two stations for a gross total of $123 million and $63 million in real estate.
The networks business faces challenges in linear general entertainment, with a Q4 guide down low double digits, but is seeing strong growth in connected TV (over $120 million, growing 35%+) and sports assets. The goal is to manage this segment to stable or growing bottom-line performance.

Nov 18, 2025, 11:00 PM

Transcript

E.W. Scripps Discusses Sinclair Takeover Bid, Advertising Performance, and Deleveraging Efforts

SSP

M&A

Takeover Bid

Guidance Update

Sinclair has acquired an 8% stake in E.W. Scripps and is pursuing a merger, which Scripps' CFO Jason Combs described as an "unusual way to try to drive re-engagement" after previous talks failed to reach an agreement. Scripps' board is committed to deals that maximize shareholder value, acknowledging significant financial benefits from broadcast consolidation.
The company reported a +2% Q3 advertising performance and guided for +10% in Q4, driven by strong sales and sports strategy. For 2026, 70% of the subbase is renewing, with expectations for continued price increases on gross retrans and a projected decrease in affiliate expenses, leading to modest net growth. The 2026 political ad cycle is expected to be strong, with seven competitive governor races and a competitive Senate race.
The Q4 guide for the network business was down low double digits due to a prior-year political revenue comparison and linear TV challenges. However, the connected TV (CTV) business is projected to exceed $120 million this year, growing at 35%+, and the company is focused on sports content. Scripps aims for the networks business to be a 30+% margin business and is actively managing costs, including leveraging AI and technology for efficiency.
E.W. Scripps sold its Fort Myers station for $40 million and Indianapolis station for $83 million, and an additional $63 million in real estate. The company's goal is to reduce its leverage from the current mid-fours, with cash flow next year primarily directed towards paying down the 2028 term loan.

Nov 18, 2025, 11:00 PM

Transcript

E.W. Scripps: Sinclair Acquires 8% Stake, Signals Potential Acquisition

SSP

M&A

Takeover Bid

Sinclair Broadcast Group has acquired an 8% stake in E.W. Scripps, signaling a potential acquisition of the local TV broadcaster.
Sinclair suggested a merger could yield over $300 million in annual savings, with Scripps shareholders potentially receiving a stake worth three times their current shares' value.
E.W. Scripps operates over 60 TV stations across more than 40 markets, with a market value around $270 million, and has shown 4% revenue growth over the past three years with total revenue of approximately $2.32 billion.
Financially, E.W. Scripps carries a high debt-to-equity ratio of 2.2 and an Altman Z-Score of 0.58, indicating potential financial distress risk.

Nov 17, 2025, 10:21 AM

Morningstar

E.W. Scripps Company Reports Q3 2025 Results, Strategic Debt Reduction, and Growth in Sports and CTV

SSP

Earnings

Debt Issuance

M&A

The E.W. Scripps Company reported Q3 2025 results, with Local Media division revenue down 27% year-over-year due to the absence of political advertising, though core advertising revenue was up nearly 2%. Scripps Networks revenue was $201 million, about flat compared to the prior year, driven by a 41% increase in Connected TV revenue.
For Q4 2025, the company expects Local Media division revenue to be down about 30%, with core revenue up about 10%, and Scripps Networks division revenue to be down in the low double-digit range.
The company is actively managing its balance sheet, having sold two stations for a total of $123 million to reduce debt. It also completed a $750 million senior-secured second-lien notes placement at 9.78% to refinance existing debt.
Net leverage improved to 4.6 times at the end of Q3 2025, down from 6 times in Q2 of the prior year, reflecting a focus on debt reduction. The company expects cash interest paid to be between $165-$170 million.

Nov 7, 2025, 2:30 PM

Transcript

E.W. Scripps Company Reports Q3 2025 Financial Results

SSP

Earnings

Debt Issuance

Guidance Update

The E.W. Scripps Company reported Q3 2025 revenue of $526 million, a 19% decrease from the prior-year quarter, and a loss attributable to shareholders of $49 million or 55 cents per share.
Local Media division core advertising revenue increased 2% in Q3 2025, while Scripps Networks revenue was approximately flat, driven by 41% growth in connected TV revenue.
The company's net leverage at the end of Q3 2025 was 4.6x, down from 4.9x at the end of the first quarter, following the placement of $750 million in new senior secured second-lien notes at 9.875%.
Scripps also announced the sale of two network-affiliated stations for $123 million and expects Q4 2025 Local Media revenue to be down about 30%.

Nov 7, 2025, 12:50 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for E.W. SCRIPPS.

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