The E.W. Scripps Company (SSP) Investor presentation summary

Company overview and financials

• Operates seven national networks reaching all U.S. TV households and local stations covering 38% of U.S. TV households, including major markets.

• 2025 financials: $2.2 billion operating revenue, $(101) million net loss, $331 million adjusted EBITDA, 15.4% EBITDA margin.

• Revenue mix: 57.1% distribution, 33.1% advertising, 8.2% other, 1.6% political (two-year blended basis).

• Net debt at end of Q2 2026: $2.2 billion; net debt to EBITDA: 4.9x.

Q2 and other highlights

• Achieved record Q2 political advertising revenue of $28 million; full-year 2026 local political revenue expected at $225–$250 million.

• Scripps Networks Q2 revenue down 16% year-over-year, impacted by Court TV sale and weak national ad market.

• Incurred $1.1 billion non-cash goodwill and intangible asset impairment charge in Q2.

• Transformation plan targets $125–$150 million in EBITDA growth by 2028, with $100 million in annual run-rate savings by year-end.

Strategic growth drivers

• Live local sports partnerships (NBA Detroit Pistons, NHL Nashville Predators) are boosting core advertising revenue.

• ION Network positioned as a hub for women's sports, attracting new national sports partnerships.

• Political advertising remains a major revenue driver, with 2026 expected to surpass previous cycles.

• Connected TV revenue continues to grow, supported by broad distribution across major platforms.

• Distribution net revenue is expanding local media margins, with most households renewed through 2026.

• Recent M&A activity includes station sales, acquisitions, and swaps to optimize local market performance.

• Holds significant broadcast spectrum assets, with further expansion pending regulatory approval.

• Transformation plan covers over 200 initiatives, focusing on workforce, spend discipline, digitization, and simplification.

• Artificial intelligence is being leveraged to enhance operational durability and growth.