The E.W. Scripps Company, together with its subsidiaries, operates as a media enterprise through a portfolio of local and national media brands. The company operates through Local Media, Scripps Network, and Other segments. The Local Media segment operates broadcast television stations, which produce news, information, and entertainment content, as well as its related digital operations. This segment also runs network, syndicated, and original programming. The Scripps Network segment comprises of national television networks. The Network operates through over-the-air broadcast, cable/satellite, connected TV, and digital distribution. In addition, the company provides content and services through the internet, smartphones, and tablets. Further, the company provides Newsy, a national news network, which provides politics, entertainment, science, and technology news; and Scripps National Spelling Bee, an investigative reporting newsroom in Washington, D.C. Additionally, the company offers ION, a national broadcast television network that delivers popular crime and justice procedural programming through over-the-air broadcast and pay TV platforms. It serves audiences and businesses. The E.W. Scripps Company operates through a network of 61 television stations. The company was founded in 1878 and is headquartered in Cincinnati, Ohio.
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Here are 1-2 brief analogies to describe E W Scripps (SSP):
1. The iHeartMedia of local TV broadcasting, owning numerous local television stations across the U.S.
2. A smaller Paramount Global or Warner Bros. Discovery, focusing purely on a portfolio of ad-supported national TV channels (like ION, Bounce, and Scripps News).
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- Local Television Broadcasting: Operates a portfolio of local television stations across the United States, providing news, weather, sports, and entertainment programming to local communities.
- National Television Networks: Manages a collection of national news and entertainment networks, including ION, Scripps News, Bounce, Grit, Laff, Court TV, Defy TV, and TrueReal, reaching audiences nationwide.
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E W Scripps (SSP) primarily sells its services to other companies. Its major customers fall into two main categories:
1. Advertising Customers
These are businesses (local and national) that purchase advertising time on Scripps' broadcast television stations and national networks (such as ION, Bounce, Laff, Grit, Court TV, and Scripps News) to reach target audiences. Due to the highly fragmented nature of the advertising market, it is not practical to list specific major customers by name. These include a wide array of industries such as:
- Automotive dealerships and manufacturers
- Retailers
- Consumer packaged goods companies
- Healthcare providers
- Political campaigns
- Local service businesses
2. Multichannel Video Programming Distributors (MVPDs)
These are the cable, satellite, and virtual streaming providers that pay retransmission consent fees to Scripps for the right to carry its local broadcast signals and national networks. Major customers in this category include:
- Comcast Corporation (CMCSA)
- Charter Communications, Inc. (CHTR)
- DISH Network Corporation (DISH)
- Verizon Communications Inc. (VZ)
- Alphabet Inc. (GOOGL) (for YouTube TV)
- The Walt Disney Company (DIS) (for Hulu + Live TV)
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- The Walt Disney Company (DIS) - Supplier of ABC network programming and brand affiliation.
- Comcast Corporation (CMCSA) - Supplier of NBC network programming and brand affiliation.
- Paramount Global (PARA) - Supplier of CBS network programming and brand affiliation.
- Nexstar Media Group (NXST) - Key owner and operator of The CW network, supplying programming and brand affiliation.
- Warner Bros. Discovery (WBD) - Key owner and operator of The CW network, supplying programming and brand affiliation.
- Fox Corporation (FOXA) - Supplier of MyNetworkTV programming and brand affiliation.
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The E.W. Scripps Company's management team includes experienced leaders with diverse backgrounds in media and finance.
Adam Symson
President and Chief Executive Officer
Adam Symson has served as President and Chief Executive Officer of The E.W. Scripps Company since August 2017. He joined Scripps in 2002 and held roles as Chief Operating Officer from 2016 to 2017 and Chief Digital Officer from 2011 to 2016. Symson began his career as an investigative producer for CBS television stations WBBM-TV in Chicago and KCBS-TV in Los Angeles. As CEO, he has led the transformation of Scripps into a diversified media enterprise, including the acquisition of ION Media in 2021, the expansion of local television station holdings, and the divestment of digital audio assets.
Jason Combs
Chief Financial Officer
Jason Combs was appointed Chief Financial Officer of The E.W. Scripps Company in December 2020, with his appointment effective upon the close of the ION Media acquisition. Prior to this role, he was the Vice President of Financial Planning & Analysis for Scripps. Before joining Scripps in 2015, Combs spent 14 years at Convergys Corp. in various finance leadership positions, including Senior Director Finance, Director Finance, Senior Financial Analyst, and Treasury Analyst. He holds an MBA in Finance from Xavier University.
Lisa Knutson
Chief Operating Officer
Lisa Knutson became Chief Operating Officer in January 2023, overseeing local media and Scripps Networks. She has been with Scripps since 2005, serving in various leadership capacities, including President of Scripps Networks from January 2021 to January 2023, Chief Financial Officer from September 2017 to January 2021, Chief Strategy Officer, Chief Administrative Officer from 2011 to 2017, and Senior Vice President of Human Resources. Before Scripps, Knutson was a Vice President at Fifth Third Bank and worked at Arthur Andersen, LLP. She also held the role of CFO/head of administration for PSARA Technologies, Inc., a startup environmental consulting firm, where she managed financial, legal, and administrative matters and fundraising.
Brian Lawlor
President, Scripps Sports
Brian Lawlor was named President, Scripps Sports, in December 2022. Previously, he led Scripps' Local Media division for 14 years, overseeing the significant growth of the company's broadcasting assets from 10 to 61 television stations. During his tenure, he also oversaw the acquisition of the Katz multicast networks and the launch of Court TV. Lawlor had responsibility for 35 radio stations from 2015-2018 before Scripps exited the radio business. He began his career as an account executive at WBRE-TV and WPTV, holding various sales and management positions within Scripps, including Vice President and General Manager of WPTV and General Sales Manager for WCPO-TV.
Laura Tomlin
Chief Transformation Officer
Laura Tomlin serves as the Chief Transformation Officer for The E.W. Scripps Company. Prior to this role, she was the Chief Administrative Officer.
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The E.W. Scripps Company (SSP) faces several key risks to its business operations:
- High Debt Load and Leverage: E.W. Scripps operates with a significant debt burden, posing a core internal financial risk. As of September 2025, the company carried approximately $2.65 billion in total debt, resulting in a net debt of about $2.59 billion. Its Debt-to-Equity ratio was substantially higher than the industry average, standing at roughly 2.2 in November 2025. This high leverage is reflected in a low Altman Z-Score, indicating potential financial distress, and weak interest coverage. The company's variable rate indebtedness also exposes it to interest rate risk, which could significantly increase debt service obligations.
- Declining Traditional Media Revenues and Audience Fragmentation: Operating within the evolving media industry, E.W. Scripps is challenged by declining traditional media revenues and the ongoing fragmentation of audiences. The company's revenue is heavily influenced by cyclical political advertising, with significant drops in non-election years, such as the 19% year-over-year decrease in Q3 2025 total revenue due to the absence of a political election cycle. Core advertising revenue in its local media segment has also shown declines.
- Increasing Programming Costs: E.W. Scripps faces the risk of increasing programming costs. These costs include network affiliation fees, local sports rights fees, and syndicated programming, which constituted 45% of its Local Media segment's costs and expenses in 2024.
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The rapid proliferation and increasing adoption of Free Ad-supported Streaming TV (FAST) channels and platforms represents a clear emerging threat. These services (e.g., Pluto TV, Tubi, Roku Channel, Amazon Freevee) offer a vast and growing library of free, ad-supported content delivered over the internet, directly competing with E W Scripps' over-the-air national networks (such as ION, Bounce, Grit, Laff, and Court TV) for audience attention and advertiser dollars. This shift in content consumption from traditional broadcast to internet-delivered streaming platforms mirrors historical disruptions where new, more convenient, or cost-effective distribution models displaced incumbents.
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The E.W. Scripps Company (SSP) operates primarily in local media, national television networks, and podcasting, with advertising services being a core revenue driver across these segments. The addressable markets for their main products and services in the U.S. are as follows:
Addressable Markets for E.W. Scripps' Main Products or Services (U.S.)
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Local Media and Scripps Networks (Television Broadcasting and Services):
The U.S. Broadcasting and Cable TV market was valued at over USD 127.53 billion in 2025 and is projected to exceed USD 155.46 billion by 2035. Advertising constitutes 74.80% of the revenue share in this market. The broader U.S. Television Services market size was estimated at USD 117.68 billion in 2024 and is expected to reach approximately USD 186.90 billion by 2034. North America held the largest share in the television services market in 2024.
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Podcasting:
The podcasting market in the United States generated approximately USD 8.39 billion in revenue in 2024 and is anticipated to reach USD 25.78 billion by 2030. The North America podcasting market is expected to achieve a market value of USD 36.07 billion by 2031, with the U.S. market being dominant.
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Advertising Services (Overall U.S. Market):
The total advertising spending in the United States is expected to reach USD 455.9 billion by 2025. The U.S. advertising market is projected to grow from USD 201.01 billion in 2024 to USD 281.92 billion by 2033. In 2024, the North America advertising market was valued at USD 334.26 billion and is estimated to reach USD 587.18 billion by 2033.
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Here are 3-5 expected drivers of future revenue growth for The E.W. Scripps Company (SSP) over the next 2-3 years:
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Political Advertising Revenue: E.W. Scripps anticipates significant revenue surges from political advertising, particularly with the upcoming 2026 midterm elections and the 2028 presidential election cycle falling within the 2-3 year outlook. The company reported record political advertising revenue in 2024 and expects continued strength in future election years.
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Expansion of Scripps Sports Strategy: The company's strategic investment in sports broadcasting, including partnerships with the WNBA, National Women's Soccer League, and local NHL teams (such as the Florida Panthers, Utah Hockey Club, and Tampa Bay Lightning), is a key driver. This initiative is boosting advertising revenue and commanding premium rates for sports programming.
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Growth in Connected TV (CTV) and Streaming Distribution: Scripps is actively expanding the distribution of its national networks (ION, ION Mystery, Bounce, Grit, Laff, Court TV, and Scripps News) across various streaming services and Connected TV platforms. This strategy has resulted in substantial year-over-year growth in CTV revenue, with management aiming to further expand its leadership in the Free Ad-Supported Television (FAST) and CTV markets.
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Favorable Retransmission Consent Agreements: Successful renegotiations of retransmission consent agreements for its local stations are expected to contribute to distribution revenue growth. These new agreements, particularly those that include distribution fees for local and regional sports content, are anticipated to expand revenue and distribution margins.
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Growth in Core Local and National Advertising: Outside of political cycles, E.W. Scripps is seeing growth in its core advertising revenue, driven by categories like services and national advertising. The company's sports strategy is also bolstering core advertising performance, and easier year-over-year comparisons (due to less displacement from political advertising in non-election periods) are expected to support continued strong core revenue growth.
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Capital Allocation Decisions (Last 3-5 Years) for E.W. Scripps (SSP)
Share Repurchases
- A share repurchase program of up to $100 million of Class A common shares was authorized in February 2020, running through March 1, 2022.
- Under the terms of the preferred stock issued to Berkshire Hathaway, Inc. in 2021, E.W. Scripps is prohibited from repurchasing common shares until all preferred shares are redeemed.
Share Issuance
- Share-based compensation awards resulted in expenses of $3.2 million in 2024 and $1.5 million in 2023, reflecting a form of equity issuance.
Inbound Investments
- In 2021, Berkshire Hathaway, Inc. made a significant preferred equity investment in E.W. Scripps, which implied a principal investment of $600 million, based on $48 million in preferred stock dividends paid in 2023 and 2022 (assuming an 8% dividend rate).
Outbound Investments
- E.W. Scripps acquired Nuvyyo for $13.8 million in 2022.
- In April 2025, the company sold its West Palm Beach television station building for $40 million.
- The company announced a station swap with Gray Media in 2025 involving stations in five markets and the sale of two network-affiliated stations (WFTX and WRTV) for total proceeds of $123 million, as part of a strategy to optimize its portfolio and pay down debt.
- In February 2024, E.W. Scripps received $18.1 million in pre-tax cash proceeds from the sale of its equity ownership in Broadcast Music, Inc. (BMI).
Capital Expenditures
- Capital expenditures totaled $59.6 million in 2023 and $45.8 million in 2022.
- Expected capital expenditures for fiscal year 2025 are projected to be in the range of $45–$50 million.
- Capital expenditures support initiatives such as enhancing the over-the-air television experience, including the relaunch of the Tablo product in 2023, and expanding the Scripps Sports division launched in December 2022.
