SSP

E.W. Scripps’ second quarter was marked by operational disruptions and external challenges, yet the market responded positively to management’s transformation efforts. CEO Adam Symson acknowledged the quarter did not meet his expectations, attributing revenue softness to sudden changes in television audience measurement by Nielsen, ongoing declines in linear TV viewing, and temporary blackouts with major pay TV providers. While these factors pressured both advertising and distribution revenue, Symson emphasized, “Our financial performance for the quarter did not meet my expectations,” pointing to the impact of the Nielsen methodology shift, which he estimated was responsible for about half the revenue pressure in the Networks segment. Is now the time to buy SSP? Find out in our full research report (it’s free). Revenue: $490.4 million vs analyst estimates of $507.5 million (9.2% year-on-year decline, 3.4% miss) EPS (GAAP): -$12.68 vs analyst estimates of -$0.20 (significant miss) Adjusted EBITDA: $55.23 million vs analyst estimates of $66.15 million (11.3% margin, 16.5% miss) Operating Margin: -236%, down from 14.2% in the same quarter last year Market Capitalization: $314.1 million While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Dan Kurnos (StoneX): asked about the expected recovery in core advertising and the impact of sports programming in upcoming quarters. CEO Adam Symson explained that sports revenue contributions will be more pronounced in the fourth quarter as new seasons start. Dan Kurnos (StoneX): inquired about the trajectory of net retransmission fees for 2027 and beyond. CFO Jason Combs clarified that while there will be benefits from resolving blackouts, only 5% of subscribers are up for renewal next year, with most resets in 2028. Dan Kurnos (StoneX): questioned the impact of Nielsen’s measurement changes. Symson responded that about 50% of network revenue softness was due to these changes, and any benefit from a fix is not included in current forecasts. Craig Huber (Huber Research Partners): asked whether recent changes make a sale of the company more or less likely. Symson reiterated that the controlling shareholder acts in all shareholders’ best interests, and management remains focused on value creation through transformation and selective M&A. Steven Cahall (Wells Fargo): probed the monetization potential of Scripps’ broadcast spectrum. Symson emphasized that optimizing spectrum use through local duopolies and exploring future auction opportunities are ongoing priorities for shareholder value. In the coming quarters, the StockStory team will watch (1) the pace of political advertising inflows as the election cycle heats up, (2) the effect of sports programming expansion on advertising and distribution revenue in Q4, and (3) the realization of cost savings and operational improvements from the transformation plan. Additionally, we will monitor the impact of any Nielsen measurement updates on reported audience and revenue. E.W. Scripps currently trades at $3.39, up from $2.95 just before the earnings. In the wake of this quarter, is it a buy or sell? See for yourself in our full research report (it’s free for active Edge members). ONE MORE THING: Top 5 Growth Stocks. The biggest stock winners almost always had one thing in common before they ran. Revenue growing like crazy. Meta. CrowdStrike. Broadcom. Our AI flagged all three. They returned 315%, 314%, and 455%, respectively. Find out which 5 stocks it’s flagging this month — FREE. Get Our Top 5 Growth Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+214% between June 2020 and June 2025). Find your next big winner with StockStory today.

A $1.1 billion non-cash impairment charge weighed heavily on The E.W. Scripps Company’s (NASDAQ:SSP) second-quarter 2026 results, although the media company continued to advance its transformation strategy, expand cost savings and reaffirm expectations for a strong political advertising year. Scripps (NASDAQ:SSP) reported a net loss of $1.2 billion, primarily due to a $1.1 billion non-cash goodwill and intangible asset impairment. The company is targeting $125 million to $150 million of enterprise EBITDA growth by 2028 and expects approximately $100 million of annual run-rate cost savings by the end of 2026. Local political advertising reached a second-quarter record, with full-year political revenue now projected between $225 million and $250 million. Retransmission disputes with Comcast and DirecTV reduced second-quarter distribution and advertising revenue, while Scripps Networks continued to face pressure from advertising and audience trends. The company expects Local Media revenue to increase about 20% in the third quarter, supported by the election cycle. Scripps reported second-quarter revenue of $490 million, down 9.2% year over year, while recording a loss attributable to shareholders of $1.2 billion, or $12.68 per share. The reported loss was largely driven by a $1.1 billion non-cash goodwill and intangible asset impairment within its Scripps Networks business, accounting for $11.61 per share of the loss. Operationally, Local Media revenue declined 5.4% to $317 million as retransmission negotiations with Comcast and DirecTV resulted in temporary station blackouts that reduced distribution revenue by $26.7 million during the quarter. Political advertising provided a significant offset, reaching a record $28 million in the quarter compared with $2.6 million a year earlier. Scripps Networks revenue fell 16% to $172 million, reflecting the sale of Court TV, continued weakness in the national advertising market, declines in traditional linear television viewing and changes to Nielsen’s audience measurement methodology. While the headline loss was driven by a non-cash accounting charge rather than ongoing operations, the results underscore the structural challenges facing traditional television broadcasters. Weak national advertising demand, declining linear audiences and distribution disputes continue to pressure revenue across the industry. At the same time, Scripps is attempting to reshape its business through a broad transformation programme. Management expects approximately $100 million of annualised cost savings to be in place by year end and continues to target $125 million to $150 million of enterprise EBITDA growth by 2028 through expense reductions and revenue initiatives. The company is also expanding its sports broadcasting portfolio and pursuing acquisitions and station swaps intended to strengthen its local television footprint. Investors will also note the company’s leveraged balance sheet, with $2.5 billion of total debt at quarter end, alongside cumulative unpaid preferred dividends of $150 million, highlighting that balance sheet execution remains an important part of the investment story. Investors will be monitoring whether Scripps delivers the projected cost savings from its transformation plan, restores revenue following retransmission agreement renewals, and capitalises on elevated political advertising through the remainder of 2026. Progress integrating new sports rights agreements and executing additional strategic transactions may also influence sentiment, alongside management’s ability to improve cash generation while managing its debt obligations. E.W. Scripps Company stock price

This article first appeared on GuruFocus. Release Date: August 07, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. The FCC's decision to lift the broadcast ownership cap is expected to level the playing field and support M&A opportunities for The E W Scripps Co (NASDAQ:SSP). The company raised its transformation plan run-rate savings guidance to $100 million by year-end, up 33% from prior guidance. Scripps signed its first NBA agreement with the Detroit Pistons and a national women's sports deal with the Women's Volleyball World Cup, bolstering its sports portfolio. The company completed accretive station transactions, including a duopoly in Lexington and a swap with Grey Media, while selling stations for cash to pay down debt. Political advertising revenue hit a record $28 million in Q2, with full-year guidance raised to $225-$250 million, above the 2022 midterm cycle. The company successfully renewed distribution agreements covering 70% of subscribers, with no near-term debt maturities after extending its credit line to 2029. Q2 financial results missed expectations due to sudden Nielsen measurement methodology changes, which negatively impacted network revenue. Local media core advertising decreased 4.8% in Q2, impacted by economic uncertainty, political crowdout, and carriage disputes. Scripps Networks revenue declined 13% in Q2, with segment profit falling from $57 million to $26 million year-over-year. The company reported a $1.1 billion non-cash goodwill impairment charge for the Scripps Networks business, leading to a loss of $12.68 per share. Carriage disputes with Comcast and DirecTV caused service blackouts, impacting distribution and core advertising revenue in Q2. The company eliminated 432 employee positions and 126 open positions, reflecting painful workforce reductions as part of the transformation plan. Warning! GuruFocus has detected 8 Warning Signs with SSP. Is SSP fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide more color on the impact of Nielsen's measurement methodology changes on the Scripps Networks division, and what progress has been made to address this?A: Adam Simpson (President and CEO): The sudden Nielsen methodology change at the end of February negatively impacted about 50% of our network revenue by altering the measured supply of our audience overnight, despite no softness in actual demand. We are in conversations with Nielsen's highest levels about corrections expected to begin in September, but we have not baked any potential upside into our guidance due to the uncertainty. The changes also underrepresent multicultural audiences, which they plan to address. Q: How should we think about the $100 million annual run-rate savings from the transformation plan flowing into 2027, and what are your expectations for network margins?A: Jason Combs (CFO): The $100 million will not be a full adjustment to 2027 because some benefits are realized in 2026. We provided Q3 and Q4 expense guidance to show the progression. For networks, we still believe the business should achieve closer to a 30% margin. Despite new headwinds, we intend to chart a path to a similar rebound as we saw last year when we exceeded our 400-600 basis point margin expansion goal. Q: Given the recent FCC decision to lift the broadcast ownership cap, how do you view the M&A environment and the potential for a "shot clock" with the current administration?A: Adam Simpson (President and CEO): I don't see a shot clock, but there is a balance between regulatory opportunities and court challenges. We have already been active in M&A, with every deal either putting cash in our pockets or increasing segment profit. We see continued opportunities for swaps and acquisitions to deepen our market presence. However, consolidation alone isn't enough; we must transform our business to serve audiences across multiple platforms to remain relevant. Q: Can you elaborate on the impact of the Comcast and DIRECTV blackouts on distribution revenue, and what is the outlook for net retransmission growth in 2027?A: Jason Combs (CFO): The blackouts impacted Q2 distribution revenue, but we are pleased with the outcomes. For 2027, we will get a year-over-year benefit from the blackout impact. We have about 5% of subs resetting next year (corrected from 20%, which is 2028). We expect both gross and net distribution to be a good story next year, though we aren't providing specific guidance now. Q: How are you thinking about monetizing your significant spectrum holdings, and could there be more station conversions like the ION-to-independent sports duopolies?A: Adam Simpson (President and CEO): We are sitting on a gold mine of spectrum that is increasing in value, none of which is reflected in our stock price. We are always evaluating the best and highest use, including converting ION stations to create high-margin duopolies. We will take full advantage of any opportunity to monetize spectrum, such as a potential incentive auction referenced by Chairman Carr, possibly as early as 2028. Q: What is driving the expected low double-digit decline in core advertising for Q3, and how does the sports strategy factor into the back half of the year?A: Jason Combs (CFO) and Adam Simpson (President and CEO): The Q3 core decline is driven by political crowd-out, in line with Q3 2022 trends. However, the onset of NBA and NHL seasons will start in Q3 and really come into their own in Q4, where we expect significant outperformance above political, adding material gains to core advertising revenue. Q: Can you quantify the cash costs associated with the increased $100 million run-rate savings target?A: Jason Combs (CFO): We previously guided to $40-50 million in cash restructuring costs. In Q2, of the $36 million restructuring charge, about $12 million was cash, $9 million is accrued for future payment, and $15 million was non-cash. We still believe the $40-50 million cash restructuring estimate holds, even though we pulled forward the timing of achieving the savings. Q: How does the recent Supreme Court decision on coordinated campaign spending impact your political advertising outlook?A: Adam Simpson (President and CEO): We see the ruling creating significant upside for political volume by encouraging more investment into the political ad ecosystem. It has clearly not dampened our outlook. We expect a record midterm cycle with full-year political revenue between $225 million and $250 million, up from $198 million in the 2022 midterms. Q: What are the key drivers behind the Q2 local media results, and how should we view the Q3 revenue guidance of up 20%?A: Jason Combs (CFO): Local media revenue was $317 million, down 1% on an adjusted combined basis. Core advertising declined 4.8% due to economic uncertainty, political crowd-out, and carriage disputes. Political revenue was a record $28 million for Q2. For Q3, we expect revenue up about 20%, driven by a significant ramp in political spending, with core advertising down low double-digits in line with the 2022 midterm cycle. Q: With the leadership change placing Dean Littleton over both local media and networks, what strategic changes can we expect for the networks division?A: Adam Simpson (President and CEO): Dean's holistic view will help optimize the entire portfolio of broadcast stations for its best and highest use. He has done a great job transforming the local business and its cost structure, and we expect him to bring the same growth mindset to the networks side. We are focused on continuing to expand sports, addressing programming and distribution strategies, and getting the networks quickly back on track to improve margins. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management attributed a significant portion of the Scripps Networks revenue decline to sudden, inexplicable changes in Nielsen's measurement methodology that underrepresent multicultural audiences and broadcast reach. The company is aggressively pivoting to live sports to counter the collapse of the Regional Sports Network (RSN) model, signing new multi-year partnerships with the NHL's Nashville Predators and NBA's Detroit Pistons. Scripps is utilizing its ION spectrum to create local duopolies without capital-intensive acquisitions, flipping stations to carry local sports and drive new core advertising and distribution revenue. The 'transformation plan' has been accelerated to achieve $100 million in annual run rate savings by year-end 2024, representing a 33% increase over previous guidance. Local news operations are being revolutionized through AI, automation, and centralized roles to transition from traditional time-slot broadcasting to 27 24/7 local news streams. Management characterized recent carriage disputes with Comcast and DIRECTV as necessary to 'hold firm' and secure the fair value of programming, despite temporary impacts on distribution and core ad revenue. A $1.1 billion non-cash goodwill impairment charge was recorded for the Networks business, reflecting secular pressures on national linear advertising and current economic uncertainty. Full-year political advertising revenue is projected to reach a record $225 million to $250 million, driven by high-spending federal races in key battleground states. Management expects a significant shift in expense trajectory in Q4, with Local Media expenses moving from a low-single-digit decline in Q3 to a mid-to-high-single-digit decline as transformation benefits scale. The company anticipates a net distribution revenue increase in the mid-to-high single digits for the full year, despite the impact of earlier service blackouts. Guidance for Q3 Scripps Networks revenue assumes a mid-teens percentage decline, as the company does not bake in any potential upside from Nielsen's promised methodology corrections in September. Scripps remains focused on debt reduction, utilizing proceeds from strategic station sales and swaps to pay down debt following the extension of its revolving credit facility to 2029. The company eliminated 432 employee positions and 126 open roles since the start of the year, representing 12% of the total workforce, to align with the new operating model. A $1.1 billion non-cash impairment charge was triggered by the outlook for national linear advertising and macroeconomic headwinds affecting consumer-facing direct response advertisers. The FCC's recent decision to lift the broadcast ownership cap is viewed as a strategic tailwind that levels the playing field against big tech and streaming platforms. Management flagged that direct response advertising remains highly sensitive to consumer sentiment, inflation, and interest rates, acting as a leading indicator for the broader network business. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management estimates that Nielsen's methodology change accounted for approximately 50% of the revenue softness in the Networks division. While Nielsen has indicated fixes are coming in September to better reflect multicultural audiences and cumulative viewing, Scripps has not included any potential recovery in its current guidance. The company has locked in all major network affiliation agreements, providing high visibility into programming expenses for the foreseeable future. Only 5% of subscribers are up for renewal in 2025, with a larger 20% reset scheduled for 2028, positioning the company for stable margin expansion in the interim. Management views its vast spectrum holdings as a 'gold mine' not currently reflected in the stock price, with potential for future monetization through incentive auctions or private sales. The company will continue to use M&A and station swaps to deepen market presence and improve portfolio margins rather than pursuing scale for scale's sake.

Interested in E.W. Scripps Company (The)? Here are five stocks we like better. Scripps reported a $12.68-per-share Q2 loss, heavily affected by a $1.1 billion non-cash impairment charge, restructuring costs and other one-time items. CEO Adam Symson said performance fell short of expectations amid declining linear-TV viewing, Nielsen measurement changes and pay-TV blackouts. Local Media benefited from record second-quarter political advertising of $28 million, but revenue declined 1% as core advertising and distribution revenue weakened. Networks revenue fell 13%, with segment profit dropping to $26 million, although connected-TV revenue grew 28%. Scripps raised its cost-cutting ambitions, targeting $100 million in annualized run-rate savings by the end of 2026 and $125 million-$150 million in incremental EBITDA by 2028. The transformation has included eliminating 432 filled positions and 126 open roles, while the company ended the quarter with $2.2 billion in net debt and 4.9x leverage. 3 Value Stocks Flying Under the Radar—For Now E.W. Scripps (NASDAQ:SSP) reported second-quarter results marked by higher political advertising revenue and progress on cost reductions, but also by weaker networks revenue, carriage-dispute effects and a $1.1 billion non-cash impairment charge tied to its Scripps Networks business. The company reported a loss of $12.68 per share for the quarter. Results included the impairment charge, $36 million in restructuring costs related to its transformation plan and a $9 million gain from station swaps with Gray Media. Together, those items increased the loss attributable to shareholders by $11.83 per share, according to Chief Financial Officer Jason Combs. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth President and CEO Adam Symson said the company’s financial performance “didn't meet my expectations,” citing Nielsen measurement changes, continued linear-TV viewing declines, advertising-market uncertainty and temporary blackouts involving legacy pay-TV distributors. On an adjusted combined, or same-station, basis, Scripps’ Local Media division generated $317 million in second-quarter revenue, down 1% from the prior-year quarter. Core advertising revenue declined 4.8%, which Combs attributed to broader economic uncertainty, political advertising crowd-out and the impact of carriage disputes. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Political advertising revenue reached $28 million, a company record for a second quarter. Scripps expects full-year political advertising revenue of $225 million to $250 million, above the $198 million it generated during the 2022 midterm election cycle. Symson said the company is seeing strong election spending across markets including Arizona, California, Colorado, Florida, Michigan, Montana, Nevada, Ohio, Virginia and Wisconsin. Local Media distribution revenue fell 13% to $161 million, largely reflecting service blackout periods during negotiations with Comcast and DirecTV. The Comcast impasse ran from March 31 through May 5, while the DirecTV dispute lasted from May 31 through July 10. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling Combs said Scripps completed the last of three major distribution agreements covering most of the pay-TV subscriber households renewing this year. The company expects full-year gross distribution revenue to decline by a low single-digit percentage, while net distribution revenue is projected to rise by a mid-to-high single-digit percentage. Local Media expenses declined 3% year over year, helped by lower network affiliation fees and employee costs. Segment profit rose to $56 million from $51 million a year earlier. For the third quarter, Scripps expects adjusted combined Local Media revenue to increase about 20%. Core advertising is expected to decline by a low-double-digit percentage, in line with the trend seen during the third quarter of the 2022 midterm cycle. The company expects sports-related revenue contributions to become more meaningful in the fourth quarter as NBA and NHL seasons get underway. Scripps Networks revenue was $172 million in the second quarter on an adjusted combined basis, down 13% from the year-earlier period. The company said the decline reflected linear-TV viewing trends, changes to Nielsen’s measurement methodology and a softer direct-response advertising market. Symson said the Nielsen methodology changes accounted for roughly half of the pressure on networks revenue. He said the changes altered the measured audience supply “overnight” and affected broadcast networks, streaming and multicultural audience measurement. Nielsen has indicated that it is developing adjustments expected to begin in the fall, though Symson said no potential benefit is included in Scripps’ guidance. Connected TV revenue was a relative bright spot, increasing 28% year over year. Still, Scripps Networks expenses rose 3.7% to $146 million, and segment profit declined to $26 million from $57 million in the prior-year quarter. For the third quarter, Scripps expects Networks revenue to fall by a mid-teens percentage, with expenses rising by a low single-digit percentage. Combs said management continues to believe the business should be capable of margins closer to 30% and intends to pursue a recovery similar to its prior margin-improvement efforts. Scripps expanded its sports portfolio during the quarter through multiyear, full-season partnerships with the Nashville Predators and Detroit Pistons. The Predators are the company’s fifth NHL team partnership, while the Pistons agreement is its first NBA deal. The company also reached an agreement to air the Women’s Volleyball World Cup on ION in 2027. Symson said Scripps has converted five ION stations to independent stations carrying local sports, creating local duopolies without acquiring another station. He said the strategy is intended to generate new core advertising and distribution revenue while improving the use of the company’s broadcast spectrum. The company also highlighted recent portfolio actions, including the acquisition of a second Big Four station in Lexington, Kentucky, a station swap with Gray Media across five markets, and station sales in Fort Myers, Florida, and Indianapolis that generated cash for debt repayment. Scripps ended the quarter with $13 million of cash, no borrowings on its revolving credit facility and net debt of $2.2 billion under its credit agreement. Net leverage was 4.9 times, compared with 4.4 times at the end of the first quarter. The company extended its revolving credit facility through July 2029, securing total capacity of $200 million. The company now expects to have executed $100 million in annualized run-rate savings by the end of 2026, up from prior guidance. Its broader transformation plan targets $125 million to $150 million in incremental enterprise EBITDA by 2028. As part of that effort, Scripps this week notified 268 employees that their jobs would be eliminated. Since the start of the year, the company has eliminated 432 filled positions and 126 open roles, representing 12% of its workforce. Combs said Scripps continues to expect $40 million to $50 million of cash restructuring costs associated with the transformation plan. Symson said the company is using AI, automation, technology and some centralized roles as it develops 24/7 local news streams and expands geographic reporting. He said the operational changes are intended to improve efficiency while preserving Scripps’ commitment to local journalism. The E.W. Scripps Company is a diversified U.S. media organization headquartered in Cincinnati, Ohio. Established in 1878 by Edward Willis Scripps, the company began as a newspaper publisher before expanding into broadcast television, cable networks and digital journalism. Today, Scripps combines a legacy of local news reporting with a growing portfolio of national cable channels and digital platforms. Scripps operates more than 60 television stations across over 40 markets, delivering local news, weather, sports and entertainment programming to communities in both large and mid-sized U.S. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "E.W. Scripps Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

CINCINNATI, Aug. 06, 2026 (GLOBE NEWSWIRE) -- The E.W. Scripps Company (NASDAQ: SSP) delivered $490 million in revenue for the second quarter of 2026. Loss attributable to the shareholders of Scripps was $1.2 billion or $12.68 per share. A non-cash goodwill and other intangible assets impairment charge for the quarter accounted for $11.61 of the per-share loss. Recent company events: Scripps continues to make progress on its company transformation plan and expense reductions, targeting $125-$150 million of enterprise EBITDA growth by 2028 through cost savings and revenue initiatives. The company now expects to have implemented about $100 million in annual run-rate savings by year end. The company has completed three retransmission consent agreements representing the majority of its pay TV subscriber households scheduled for renewal in 2026. Two negotiations resulted in distributors’ temporary removal of Scripps stations during the second quarter, negatively impacting the company’s Q2 core advertising and distribution revenue. Local Media political advertising revenue was a second-quarter record at $28 million. The company now expects 2026 full-year local political revenue of between $225-$250 million. Second-quarter segment, shared services and corporate expenses were down 3%, due to favorable programming expenses, employee cost savings and tight expense controls. For the third quarter, expense improvement will include the impact of transformation-related job reductions communicated on Tuesday affecting about 6% of our workforce. Scripps Networks revenue was down 16% from Q2 2025. The sale of Court TV contributed to the decline, as did a challenging national advertising market, particularly for direct response advertising; a decline in legacy linear viewing and the resulting shift in advertiser spending to streaming and digital; and changes in Nielsen’s measurement methodology, which Scripps is working with Nielsen to mitigate in the coming quarters. Scripps Sports has formed several new partnerships, including signing its first NBA team, the Detroit Pistons, for a multi-year distribution agreement. This follows a full-season local rights agreement with the National Hockey League’s Nashville Predators. Both new agreements will contribute to local core revenue when they begin this fall. And on the national side, ION has scored the U.S. rights to televise the Women’s Volleyball World Cup 2027 tournament. The company has completed a number of local station transactions, including acquiring a second Big 4 station in Lexington, Kentucky, and swapping stations with Gray Media across five mid-sized and small markets, expanding Scripps’ presence in the Mountain West. Earlier this year, Scripps completed the sales of its stations in Fort Myers, Florida, and Indianapolis. Veteran television industry leader Dean Littleton has been promoted to Scripps’ president of media, a newly created, consolidated role. Littleton will oversee Scripps’ complete television business: its local media portfolio of approximately 60 TV stations, its national Scripps Networks division and Scripps News. During the second quarter, Scripps Networks incurred a $1.1 billion non-cash goodwill and intangible asset impairment charge, reflecting the impact of continued pressure from a weak national advertising market, ratings challenges and broader macroeconomic uncertainty. From Scripps President and CEO Adam Symson:“We’re in the midst of transforming Scripps through fundamental changes in how we operate. These changes leverage today’s most advanced technology, AI and automation to both deliver improved operating results and allow us to better serve our local consumers, audiences and advertisers that rely on us across the nation. The company’s Q2 financial results, impacted by the economic environment and audience measurement challenges, are not reflective of the progress we're making. We expect the transformation benefits to the company's health and performance to become increasingly visible in the coming quarters. “In parallel with our transformation work, we continue to evaluate and execute M&A opportunities through a disciplined lens focused on accretive transactions that improve our financial footing and strategic flexibility. Our recently closed transactions bring greater depth and operating efficiency to our local stations portfolio to create the economic durability to sustain our public service commitment: high-quality local news, emergency alerts, weather coverage and local sports that keep people informed, engaged and connected to their communities. “During the second quarter, we demonstrated our commitment to two important revenue growth strategies. First, with Scripps Sports, our new Detroit Pistons and Nashville Predators agreements will drive incremental core advertising revenue growth on top of the organic growth we expect from our existing robust portfolio of local sports. Second, the three new distribution agreements we closed acknowledge the enduring value of local television stations as essential infrastructure for American communities. “Scripps is differentiating ourselves by attacking industry disruption with bold strategic bets. We are making difficult decisions, including eliminating 268 jobs across the company earlier this week, in service to our ability to survive and thrive and fulfill our commitments to our country and to our shareholders. Macroeconomic conditions have come and gone, and we have survived them. What distinguishes our approach today is that we are being proactive in making permanent changes that allow us to succeed within the realities of today’s media landscape.” Operating resultsSecond-quarter company revenue was $490 million, a decrease of 9.2% or $49.7 million from the prior-year quarter. Political revenue was $29.7 million, compared to $3.1 million in the prior-year quarter, a non-election year. Costs and expenses for segments, shared services and corporate were $441 million, down from $457 million in the year-ago quarter, reflecting tight expense controls and savings achieved through our enterprise-wide transformation plan. Loss attributable to the shareholders of Scripps was $1.2 billion or $12.68 per share. The current-year quarter included a non-cash goodwill and other intangible assets impairment charge for Scripps Networks of $1.1 billion, $35.8 million in restructuring costs and a $9.3 million gain from our stations swap with Gray Media, Inc. When taken together, these items increased the loss attributable to shareholders by $11.83 per share. In the prior-year quarter, loss attributable to shareholders of Scripps was $51.7 million or 59 cents per share. The prior-year quarter included $38.1 million of financing transaction costs, a $31.4 million gain on our West Palm Beach, Florida, television station building sale, a $5.6 million write-off of deferred financing costs and a $3 million loss on extinguishment of debt. When taken together, these items increased the loss attributable to shareholders by 13 cents per share. Second-quarter 2026 segment results compared to prior-period amounts: Local MediaRevenue was $317 million, down 5.4% from the prior-year quarter. Core advertising revenue decreased 8.7% to $125 million. Political revenue was $28 million, compared to $2.6 million in the prior-year quarter, a non-election year. Distribution revenue decreased $32.1 million or 17% to $161 million. The service blackout periods during the contract negotiations with Comcast and DirecTV had a $26.7 million negative impact on second-quarter 2026 distribution revenues. Segment expenses decreased 6.5% to $261 million. Segment profit was $55.8 million, flat from a year-ago quarter. Scripps NetworksRevenue was $172 million, down 16% from the prior-year quarter. Segment expenses were $146 million, down 2.3% from the prior-year quarter. Segment profit was $25.5 million, compared to $55.9 million in the year-ago quarter. Second-quarter 2026 segment results compared to prior-period adjusted combined amounts:In order to provide more meaningful year-over-year comparisons, we are providing non-GAAP supplemental information for certain revenues and expenses for the prior-year periods on an adjusted combined basis. The adjusted combined revenue and expense information illustrates what the historical results of Scripps would have been, given the assumptions outlined in the supplemental materials and had WFTX, WRTV and WTVQ (Local Media) and Court TV (Scripps Networks) transactions been effective at the beginning of 2025. Refer to the “Supplemental Information” section that begins on page E-8 of the attached tables. Local Media – Adjusted combined basisRevenue was $317 million, down 1.2% from the prior-year quarter. Core advertising revenue decreased 4.8% to $125 million. Political revenue was $28 million, compared to $2.6 million in the prior-year quarter, a non-election year. Distribution revenue decreased 13% to $161 million, driven by the service blackout periods during the contract negotiations with Comcast and DirecTV. Segment expenses decreased 3.1% to $261 million. Segment profit was $55.8 million, compared to $51.4 million in the year-ago quarter. Scripps Networks – Adjusted combined basisRevenue was $172 million, down 13% from the prior-year quarter. Segment expenses were $146 million, up 3.7% from the prior-year quarter. Segment profit was $25.5 million, compared to $57.2 million in the year-ago quarter. Financial conditionOn June 30, cash and cash equivalents totaled $13 million, and total debt was $2.5 billion. At June 30, long-term debt included $1.7 billion of senior notes outstanding, $558 million of term loans outstanding and $314 million under the accounts receivable securitization facility. During the first six months of 2026, we made principal pre-payments totaling $60.6 million on our June 2028 and November 2029 term loans. Scripps did not declare or provide payment for either of the quarterly preferred stock dividends in 2026. The 9% dividend rate on the preferred shares compounds quarterly. At June 30, aggregated undeclared and unpaid cumulative dividends totaled $150 million. Under the terms of Berkshire Hathaway’s preferred equity investment in Scripps, the company is prohibited from paying dividends on or repurchasing common shares until all preferred shares are redeemed. Year-to-date 2026 operating results:The following comparisons are to the period ending June 30, 2025: Revenue was $1 billion, a decrease of 5.4% or $57.2 million from the prior year. Political revenue was $39.8 million, compared to $6.4 million in the prior year, a non-election year. Costs and expenses for segments, shared services and corporate were $898 million, down from $911 million in the year-ago period, reflecting tight expense controls and savings achieved through our enterprise-wide transformation plan. Loss attributable to the shareholders of Scripps was $1.2 billion or $13.04 per share. The 2026 period included a non-cash goodwill and other intangible assets impairment charge for Scripps Networks of $1.1 billion, $36.5 million in restructuring costs and a $38.9 million gain from the sale of Court TV and two television stations: WFTX in Fort Myers, Florida, and WRTV in Indianapolis, as well as our stations swap with Gray Media, Inc. When taken together, these items increased the loss attributable to shareholders by $11.74 per share. In the prior year, loss attributable to the shareholders of Scripps was $70.5 million or 81 cents per share. The 2025 period included $38.1 million of financing transaction costs, a $31.4 million gain on our West Palm television station building sale, a $5.6 million write-off of deferred financing costs, $4.8 million in restructuring costs and a $3 million loss on extinguishment of debt. When taken together, these items increased the loss attributable to shareholders by 17 cents per share. Looking aheadComparisons for our segments are to the same adjusted combined period in 2025. Conference call The company’s senior management team will hold a call to discuss second-quarter 2026 results at 9:30 a.m. Eastern time on Friday, Aug. 7. 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 under “upcoming events.” To dial in by phone, participants will first need to visit a website to receive the phone number. To receive a listen-only dial-in and PIN code, visit https://edge.media-server.com/mmc/p/h8qvg2ov Analysts who will be asking questions should visit this webpage to receive a different dial-in and PIN, which will identify them by name on the call: https://register-conf.media-server.com/register/BI2f402610927f4891a33568d77f35f0ca A replay of the conference call will be archived and available online for an extended period of time. To access the audio replay, visit http://ir.scripps.com/ approximately four hours after the call, and the link can be found on that page under “audio/video links.” Forward-looking statementsThis document contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “believe,” “anticipate,” “intend,” “expect,” “estimate,” “could,” “should,” “outlook,” “guidance,” “target” and similar references to future periods. Examples of forward-looking statements include, among others, statements the company makes regarding expected operating results and future financial condition. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on management’s current beliefs, expectations, and assumptions regarding the future of the industry and the economy, the company’s plans and strategies, anticipated events and trends, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties, and changes in circumstance that are difficult to predict and many of which are outside of the company’s control. The company’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause the company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: change in advertising demand, fragmentation of audiences, loss of affiliation agreements, loss of distribution revenue, increase in programming costs, changes in law and regulation, the company’s ability to identify and consummate strategic transactions, the controlled ownership structure of the company, and the company’s ability to manage its outstanding debt obligations. A detailed discussion of such risks and uncertainties is included in the company’s Form 10-K, on file with the SEC, in the section titled “Risk Factors.” Any forward-looking statement made in this document is based only on currently available information and speaks only as of the date on which it is made. The company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise. Investor contact: Carolyn Micheli, The E.W. Scripps Company, (513) 977-3732, [email protected] contact: Becca McCarter, The E.W. Scripps Company, (513) 410-2425, [email protected] About ScrippsThe E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating connection. As one of the nation’s largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of about 60 stations in 40 markets. Scripps reaches households across the U.S. with national news outlet Scripps News and popular entertainment brands ION, Bounce, Grit, ION Mystery, ION Plus and Laff. Scripps is the nation’s largest holder of broadcast spectrum. Scripps Sports serves professional and college sports leagues, conferences and teams with local market depth and national broadcast reach of up to 100% of TV households. Founded in 1878, Scripps is the steward of the Scripps National Spelling Bee, and its longtime motto is: “Give light and the people will find their own way.” THE E.W. SCRIPPS COMPANY RESULTS OF OPERATIONS See notes to results of operations. Notes to Results of Operations 1. SEGMENT INFORMATION We determine our operating segments based upon our management and internal reporting structure, as well as the basis that our chief operating decision maker makes resource-allocation decisions. Our Local Media segment includes more than 60 local television stations and their related digital operations. It is comprised of 18 ABC affiliates, 12 NBC affiliates, 11 CBS affiliates and three FOX affiliates. We also have 13 independent stations and 10 additional low power stations. Our Local Media segment earns revenue primarily from the sale of advertising to local, national and political advertisers and retransmission fees received from cable operators, telecommunications companies, satellite carriers and over-the-top virtual MVPDs. Our Scripps Networks segment includes national news outlet Scripps News as well as popular entertainment brands ION, Bounce, Grit, ION Mystery, ION Plus and Laff. The Scripps Networks reach nearly every U.S. television home through free over-the-air broadcast, cable/satellite, connected TV and/or digital distribution. These operations earn revenue primarily through the sale of advertising. Our segment results reflect the impact of intercompany carriage agreements between our local broadcast television stations and our national networks. The intercompany carriage fee revenue earned by our local broadcast television stations is equal to the carriage fee expense incurred by our national networks. We also allocate a portion of certain corporate costs and expenses, including accounting, human resources, employee benefit and information technology to our segments. These intercompany agreements and allocations are generally amounts agreed upon by management, which may differ from an arms-length amount. The other segment caption aggregates our operating segments that are too small to report separately. Costs for centrally provided services and certain corporate costs that are not allocated to the segments are included in shared services and corporate costs. These unallocated corporate costs would also include the costs associated with being a public company. Corporate assets are primarily cash and cash equivalents, property and equipment primarily used for corporate purposes and deferred income taxes. Our chief operating decision maker evaluates operating performance and makes decisions about the allocation of resources to our segments using a measure called segment profit. Segment profit excludes interest, defined benefit pension plan amounts, income taxes, depreciation and amortization, impairment charges, divested operating units, restructuring activities, investment results and certain other items that are included in net income (loss) determined in accordance with accounting principles generally accepted in the United States of America. Information regarding our operating performance is as follows: Operating results for our Local Media segment were as follows: Operating results for our Scripps Networks segment were as follows: 2. CONDENSED CONSOLIDATED BALANCE SHEETS 3. EARNINGS PER SHARE (“EPS”) Unvested awards of share-based payments with non-forfeitable rights to receive dividends or dividend equivalents, such as certain of our RSUs, are considered participating securities for purposes of calculating EPS. Under the two-class method, we allocate a portion of net income to these participating securities and, therefore, exclude that income from the calculation of EPS for common stock. We do not allocate losses to the participating securities. The following table presents information about basic and diluted weighted-average shares outstanding: 4. NON-GAAP INFORMATION In addition to results prepared in accordance with GAAP, this earnings release discusses adjusted EBITDA, a non-GAAP performance measure that management and the company’s Board of Directors uses to evaluate the performance of the business. We also believe that the non-GAAP measure provides useful information to investors by allowing them to view our business through the eyes of management and is a measure that is frequently used by industry analysts, investors and lenders as a measure of valuation for broadcast companies. Adjusted EBITDA is calculated as income (loss) from continuing operations, net of tax, plus income tax expense (benefit), interest expense, financing transaction costs, losses (gains) on extinguishment of debt, defined benefit pension plan expense (income), share-based compensation costs, depreciation, amortization of intangible assets, impairment of goodwill and other intangible assets, loss (gain) on business and asset disposals, acquisition and integration costs, restructuring charges and certain other miscellaneous items. We consider adjusted EBITDA to be an indicator of our operating performance. A reconciliation of the adjusted EBITDA measure to the comparable financial measure in accordance with GAAP is as follows: 5. SUPPLEMENTAL CASH FLOW INFORMATION The following table presents additional information on certain sources and uses of cash: ADJUSTED COMBINED SUPPLEMENTAL INFORMATION Due to the effect that the WTVQ station inclusion, the WRTV and WFTX television station dispositions and the Court TV disposition have on our segment operating results, and to provide meaningful period over period comparisons, we are presenting supplemental non-GAAP (Generally Accepted Accounting Principles) information for certain financial results on an adjusted combined basis. The adjusted combined financial results have been compiled by adding, as of the earliest period presented, the impact from including the WTVQ television station's historical revenue, employee compensation and benefits, programming and other expenses to Scripps’ historical revenue, employee compensation and benefits, programming and other expenses captions historically reported within our Local Media segment. Similarly, WRTV and WRTV television stations' historical revenue, employee compensation and benefits, programming and other expenses have been subtracted, as of the earliest period presented, from Scripps’ historical revenue, employee compensation and benefits, programming and other expenses captions historically reported within our Local Media segment. Finally, Court TV's historical revenue, employee compensation and benefits, programming and other expenses have been subtracted, as of the earliest period presented, from Scripps’ historical revenue, employee compensation and benefits, programming and other expenses captions historically reported within our Scripps Networks segment. These historical results are adjusted for certain intercompany adjustments and other impacts that would result from the companies operating under the ownership of Scripps as of the earliest period presented. Management uses the adjusted combined non-GAAP supplemental information for purposes of evaluating the Company’s segment results. The company therefore believes that the non-GAAP measure presented provides useful information to investors by allowing them to view the company’s businesses through the eyes of management, facilitating comparison of Local Media and Scripps Networks results across historical periods and providing a focus on the underlying ongoing operating performance of our segments. The company uses the adjusted combined non-GAAP supplemental information to supplement the financial information presented on a GAAP historical basis. This non-GAAP supplemental information is not to be considered in isolation from, or as a substitute for, the related GAAP measures, and should be read only in conjunction with financial information presented on a GAAP basis. The adjusted combined financial results contained in the following supplemental information is for informational purposes only. These results do not necessarily reflect what the historical results of Scripps would have been if the transactions had occurred on January 1, 2025. Nor is this information necessarily indicative of the future results of operations of the combined entities. The adjusted combined financial information is not pro forma information prepared in accordance with Article 11 of SEC regulation S-X, and the preparation of information in accordance with Article 11 would result in a significantly different presentation. Local Media adjusted combined segment profit Non-GAAP reconciliation Below is a reconciliation of Scripps historical reported revenue and segment profit for its Local Media segment to the adjusted combined revenue and adjusted combined segment profit for the Local Media segment following the sales of WRTV and WFTX television stations, as well as the inclusion of the WTVQ television station. Scripps Networks adjusted combined segment profit Non-GAAP reconciliation Below is a reconciliation of Scripps historical reported revenue and segment profit for its Scripps Networks segment to the adjusted combined revenue and adjusted combined segment profit for the Scripps Networks segment following the sale of Court TV.

E.W. Scripps’ first quarter results were met with a positive market reaction, as the company’s loss per share was notably narrower than expected and revenue matched Wall Street’s expectations. Management attributed the quarter’s performance to strong core advertising growth in its Local Media division, driven by successful execution of live sports broadcasting agreements, particularly with NHL teams. CFO Jason Combs highlighted, “Our Local Media division delivered a strong performance with industry-leading 7% core advertising revenue growth, driven by our unique live sports strategy.” The launch of the Scripps Sports Network and asset sales also contributed to improved financial flexibility, while efficiency initiatives helped offset expense growth. Is now the time to buy SSP? Find out in our full research report (it’s free). Revenue: $516.9 million vs analyst estimates of $516.5 million (1.4% year-on-year decline, in line) EPS (GAAP): -$0.20 vs analyst estimates of -$0.45 (55.5% beat) Adjusted EBITDA: $66.76 million vs analyst estimates of $60.55 million (12.9% margin, 10.3% beat) Operating Margin: 4.8%, in line with the same quarter last year Market Capitalization: $318.6 million While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Daniel Louis Kurnos (Stifel) asked about advertiser feedback for Scripps Sports Network and rights acquisition strategy. CEO Adam Symson noted “significant demand from advertisers looking to invest behind women’s sports” and stressed efficient rights acquisition and broad distribution. Craig Anthony Huber (Huber Research Partners) inquired about the transformation program’s progress and annualized run rate. CFO Jason Combs reiterated the $75 million run rate target and explained leverage improvements tied to implemented initiatives. Craig Anthony Huber (Huber Research Partners) also asked about the role of AI in cost savings. Symson said technology and automation are central to the plan but did not provide a specific financial breakdown for AI-driven improvements yet. Avi Steiner (J.P. Morgan) sought clarity on direct response ad exposure and recovery trends. Combs responded that direct response is a material part of Networks revenue and can respond quickly to macro changes, both up and down. Shanna Qiu (Barclays) pressed for detail on the revenue impact from the Nielsen methodology shift versus macro factors. Combs said both were “material” drivers of the Networks’ guidance, while Symson emphasized the company’s advocacy for more accurate measurement. In upcoming quarters, the StockStory team will be monitoring (1) the pace and financial impact of Scripps’ operational transformation, (2) growth in political advertising as the midterm election cycle intensifies, and (3) resilience in streaming and live sports revenue despite ongoing measurement and macroeconomic headwinds. Additionally, execution on cost savings and expansion of women’s sports programming will be key markers of progress. E.W. Scripps currently trades at $3.53, down from $4.68 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free for active Edge members). WHILE YOU’RE HERE: Top 9 Market-Beating Stocks. The best stocks don't just beat the market once. They do it again. And again. Robust revenue growth, rising free cash flow, returns on capital that leave their competition in the dust. The market has already rewarded these businesses. But our AI platform says the party isn't over. Find out which 9 stocks made the cut this week - FREE. Get Our Top 9 Market-Beating Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+351% five-year return). Find your next big winner with StockStory today.

As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q1. Today, we are looking at consumer discretionary - broadcasting stocks, starting with E.W. Scripps (NASDAQ:SSP). The Consumer Discretionary sector, by definition, is made up of companies selling non-essential goods and services. When economic conditions deteriorate or tastes shift, consumers can easily cut back or eliminate these purchases. For long-term investors with five-year holding periods, this creates a structural challenge: the sector is inherently hit-driven, with low switching costs and fickle customers. As a result, only a handful of companies can reliably grow demand and compound earnings over long periods, which is why our bar is high and High Quality ratings are rare. Broadcasting companies produce and distribute television and radio content, generating revenue primarily through advertising and, in some cases, retransmission fees (payments cable and satellite operators make to carry local channels). Tailwinds include resilient demand for live sports and event programming, which commands premium ad rates, and political advertising during election cycles. Headwinds, however, are substantial: secular cord-cutting (consumers canceling traditional pay-TV subscriptions) is shrinking linear audiences, digital platforms are capturing an increasing share of advertising budgets, and content production costs continue to rise. Regulatory scrutiny over media consolidation and spectrum ownership further constrains strategic flexibility. The 6 consumer discretionary - broadcasting stocks we track reported a satisfactory Q1. As a group, revenues beat analysts’ consensus estimates by 1.3% while next quarter’s revenue guidance was in line. Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 9.5% since the latest earnings results. Founded as a chain of daily newspapers, E.W. Scripps (NASDAQ:SSP) is a diversified media enterprise operating a range of local television stations, national networks, and digital media platforms. E.W. Scripps reported revenues of $516.9 million, down 1.4% year on year. This print was in line with analysts’ expectations, and overall, it was a very strong quarter for the company with a beat of analysts’ EPS and adjusted operating income estimates. Unsurprisingly, the stock is down 22.9% since reporting and currently trades at $3.61. Is now the time to buy E.W. Scripps? Access our full analysis of the earnings results here, it’s free. Founded in 1915, Fox (NASDAQ:FOXA) is a diversified media company, operating prominent cable news, television broadcasting, and digital media platforms. FOX reported revenues of $3.99 billion, down 8.6% year on year, outperforming analysts’ expectations by 4.7%. The business had a stunning quarter with a beat of analysts’ EPS and EBITDA estimates. FOX scored the biggest analyst estimates beat among its peers. The market seems content with the results as the stock is up 4.9% since reporting. It currently trades at $66.04. Is now the time to buy FOX? Access our full analysis of the earnings results here, it’s free. Occasionally featuring celebrity hosts like Ryan Seacrest on its shows, iHeartMedia (NASDAQ:IHRT) is a leading multimedia company renowned for its extensive network of radio stations, digital platforms, and live events across the globe. iHeartMedia reported revenues of $884.2 million, up 9.6% year on year, exceeding analysts’ expectations by 1.7%. Still, it was a softer quarter as it posted a significant miss of analysts’ adjusted operating income estimates and EPS estimates. As expected, the stock is down 10% since the results and currently trades at $4.79. Read our full analysis of iHeartMedia’s results here. Specializing in local media coverage, Gray Television (NYSE:GTN) is a broadcast company supplying digital media to various markets in the United States. Gray Television reported revenues of $768 million, down 1.8% year on year. This number met analysts’ expectations. However, it was a softer quarter as it recorded a significant miss of analysts’ EPS and adjusted operating income estimates. Gray Television had the weakest performance against analyst estimates among its peers. The stock is down 20.5% since reporting and currently trades at $4.40. Read our full, actionable report on Gray Television here, it’s free. Originally the joint-venture of four cable television companies, AMC Networks (NASDAQ:AMCX) is a broadcaster producing a diverse range of television shows and movies. AMC Networks reported revenues of $542.1 million, down 2.4% year on year. This result was in line with analysts’ expectations. Overall, it was a strong quarter as it also logged a solid beat of analysts’ adjusted operating income estimates and an impressive beat of analysts’ EBITDA estimates. The stock is down 5.5% since reporting and currently trades at $8.09. Read our full, actionable report on AMC Networks here, it’s free. Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure? These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. 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Interested in E.W. Scripps Company (The)? Here are five stocks we like better. Local media improved in Q1, with revenue up 5.8% and core advertising up 7% thanks largely to live sports like NHL games, while segment profit rose to $44 million from $32 million a year ago. Scripps’ networks business weakened, with revenue down 9.5% and profit falling to $47.5 million as macro pressure hurt direct response advertising and Nielsen methodology changes reduced audience delivery for its over-the-air networks. Management says the transformation plan is on track, targeting $125 million to $150 million of EBITDA improvement and continued debt reduction through asset sales, with net leverage improving to 3.9 times at quarter-end. 3 Value Stocks Flying Under the Radar—For Now E.W. Scripps (NASDAQ:SSP) reported first-quarter 2026 results that management said reflected progress on a broad transformation plan, stronger local advertising tied to live sports and continued efforts to reduce debt through asset sales and portfolio actions. Chief Financial Officer Jason Combs said the company’s net leverage improved to 3.9 times at quarter-end under its credit agreement, including certain pro forma adjustments tied to the transformation plan. He said Scripps is targeting $125 million to $150 million of enterprise EBITDA improvement through a combination of expense reductions and revenue growth initiatives. → Insider Sales: Top AST SpaceMobile Insider Cuts Postion Over 30% “You’ll start to see the financial benefits of our plan in the second half of this year,” Combs said. He projected an in-year EBITDA impact of $20 million to $30 million and an annualized run rate of about $75 million heading into next year. Scripps’ local media division generated first-quarter revenue of $331 million, up 5.8% from the year-earlier period on a same-station or adjusted combined basis. Core advertising revenue rose 7%, which Combs attributed largely to advertising sales tied to National Hockey League broadcasts. → Light Speed Returns: Corning Cashes In on NVIDIA Growth The company said the addition of its rights agreement with the Tampa Bay Lightning contributed to the quarter, along with growth from existing NHL partnerships with the Vegas Golden Knights, the Utah Mammoth and the Florida Panthers. Scripps also recently announced a full-season NHL local broadcast agreement with the Nashville Predators beginning this fall. Combs said the Winter Olympics and the Super Bowl also contributed to local core advertising growth in the quarter. Political advertising revenue was nearly $9 million as the company enters what it expects to be a strong midterm election cycle, with Senate and gubernatorial races in several Scripps markets, including Arizona, Colorado, Michigan, Nevada, Ohio and Wisconsin. → Years in the Making, AMD’s Upside Movement Has Just Begun Local media distribution revenue increased 2% on a same-station basis. Segment expenses rose 2.4%, but Combs said expenses were flat excluding costs tied to the company’s new NHL team deal. Local media segment profit increased to $44 million from $32 million a year earlier. For the second quarter, Scripps expects local media revenue to rise in the low single digits, while core advertising is expected to decline in the low single digits without live sports for most of the quarter. Combs said second-quarter gross distribution revenue will be affected by the company’s impasse with Comcast, which ran from March 31 to May 5. Scripps still expects full-year gross distribution revenue to grow in the low single-digit range and now expects net distribution revenue to grow in the low double-digit range. Scripps Networks revenue was $174 million in the first quarter, down 9.5% from the prior year on an adjusted combined basis that excludes the impact of the Court TV sale. Connected TV revenue rose 26%, but overall segment profit fell to $47.5 million from $66.8 million a year earlier. Expenses were $126 million, up 1%. For the second quarter, the company expects Scripps Networks revenue to decline about 10% and expenses to rise in the low single digits. Combs said the segment is facing a softer market due to macroeconomic conditions affecting direct response advertising, as well as pressure from recent Nielsen methodology changes. President and Chief Executive Officer Adam Symson said the Nielsen change “artificially shifted household viewership weighting in favor of cable networks” and negatively affected audience delivery for Scripps’ over-the-air networks. He said the company began seeing the revenue impact in March and has been advocating for Nielsen to disclose the magnitude of the discrepancy. Symson said demand for Scripps’ advertising products remains solid in the general market, but the measurement change reduced the impressions the company had available to sell. Combs said direct response advertising can weaken quickly in periods of consumer and economic uncertainty but can also recover quickly. Management emphasized live sports and connected TV as key parts of Scripps’ growth strategy. Symson said the company’s sports portfolio has helped drive local core advertising growth and is expanding nationally through women’s sports. Scripps Sports is airing WNBA games on ION, including Friday night doubleheaders during the season. Symson said the April 25 preseason game between the Indiana Fever and New York Liberty was ION’s most-watched preseason game ever. He also highlighted rights for the WNBA, NWSL, Professional Women’s Hockey League, Major League Volleyball, Athlos track, college basketball, Pro Cheer and PBR’s Premier Women’s Rodeo. In March, Scripps launched the Scripps Sports Network, a free streaming channel that uses existing sports rights, selected new rights and sports-themed programming. Symson said the channel will stream more than 100 live games annually, along with original programming, documentaries and talk shows, and has distribution on platforms including Roku, LG and Samsung. During the question-and-answer session, Symson said Scripps is using the streaming sports network to extend distribution for some ION programming and to test additional rights for emerging leagues. He also said the company sees further opportunity in connected TV advertising, including programmatic sales and political advertising outside Scripps’ traditional station markets. Scripps reported a first-quarter loss of $0.20 per share. Combs said the result included a $30 million gain on the sales of Court TV and two television stations, WFTX in Fort Myers, Florida, and WRTV in Indianapolis, which reduced the loss attributable to shareholders by $0.25 per share. The preferred stock dividend reduced earnings per share by $0.18 even though it was not paid, he said. The company ended the quarter with $84 million in cash and cash equivalents and $2.2 billion in net debt as defined in its credit agreement. Scripps had $20 million outstanding on its revolving credit facility at quarter-end and said it extended the facility’s maturity date to July 7, 2029, with commitments of $200 million. Combs said Scripps has paid down just over $60 million of term loan debt since the beginning of the year. The company also generated $123 million in gross proceeds from recent station sales and continues to work toward closing station swaps with Gray, while also pursuing additional M&A activity to support debt reduction and operating performance. He also said Scripps completed a new affiliation agreement with ABC covering 17 affiliates. Symson described the company’s transformation as a “refounding” of Scripps, focused on using technology, automation and artificial intelligence to improve efficiency and better serve audiences and advertisers. He said newsroom changes are moving Scripps from a broadcast-centric model toward operations that serve local news consumers across platforms, including streaming. In response to an analyst question, Combs said Scripps estimates $40 million to $50 million in costs to achieve the transformation plan, with the largest portion expected in the second half of this year. Symson said the company is “on track” to achieve the EBITDA improvement it outlined. “At Scripps, we’re acting with urgency on what we can control by employing new technologies to create operational efficiencies, capitalizing on accessible growth areas such as sports and CTV, and improving our balance sheet,” Symson said. The E.W. Scripps Company is a diversified U.S. media organization headquartered in Cincinnati, Ohio. Established in 1878 by Edward Willis Scripps, the company began as a newspaper publisher before expanding into broadcast television, cable networks and digital journalism. Today, Scripps combines a legacy of local news reporting with a growing portfolio of national cable channels and digital platforms. Scripps operates more than 60 television stations across over 40 markets, delivering local news, weather, sports and entertainment programming to communities in both large and mid-sized U.S. The article "E.W. Scripps Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Local Media outperformance was driven by a 7% increase in core advertising, largely attributed to the company's aggressive expansion into local NHL broadcast rights. Management is executing a 'refounding' of the company, utilizing AI and automation to transition newsrooms from broadcast-centric models to streaming-first operations. The Scripps Networks division is facing a dual challenge from macroeconomic softness in direct response advertising and a Nielsen methodology change that management claims artificially deflates over-the-air viewership data. Strategic positioning in women's sports has established Scripps as a leader in the category, securing rights for the WNBA, NWSL, and the newly launched Professional Women's Hockey League. The company successfully reduced net leverage to 3.9 times by incorporating anticipated EBITDA improvements from its transformation plan into credit agreement calculations. Portfolio optimization continues through the sale of non-core stations and the divestiture of Court TV, resulting in a $30 million gain to support debt reduction and company transformation efforts. The company expects a record-breaking political advertising cycle for the midterm elections, specifically targeting battleground states like Arizona, Michigan, and Wisconsin. Management projects a total in-year EBITDA impact of $20 million to $30 million from transformation efforts, reaching an annualized run rate of approximately $75 million by 2025. Full-year net distribution revenue is expected to grow in the low double-digit range, despite a temporary impasse with Comcast that impacted the second quarter. Networks division margins are expected to improve in the second half of the year, supported by peak sports inventory in Q3 and seasonal healthcare spending in Q4. The company intends to resume paying preferred stock dividends once the B-2 term loan balance is reduced below $50 million and leverage remains below 4.25 times, noting that without meeting these conditions, they cannot pay the dividend until 2027. A $30 million gain was recorded from the sale of Court TV and two television stations, which partially offset the quarterly loss. Nielsen's methodology shift in February is cited as a primary headwind, with management alleging it inexplicably favors cable networks over the-air and streaming platforms. Higher medical claims and increased insurance premiums are driving elevated shared services and corporate expenses, projected at $27 million for the second quarter. The company extended its revolving credit facility maturity to July 2029, maintaining $200 million in commitments to ensure liquidity. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management is leveraging the new streaming channel to simulcast premium ION content and test-and-learn with 'ascendant' leagues like the PWHL. The company is utilizing a best-in-class programmatic stack to capitalize on the 26% growth in Connected TV revenue, including selling political ads outside of their local station footprints. Management declined to provide a specific percentage breakdown but confirmed both factors are materially impacting the 10% projected revenue decline for the division. The Nielsen change is described as an 'overnight' impact on the supply of sellable impressions rather than a decline in advertiser demand or sales execution. Scripps must reduce the B-2 term loan to under $50 million before resuming dividends; they have paid down $60 million in term loans since the start of the year. Once leverage reaches the low-to-mid 3x range, the company plans to address the preferred stock principal in roughly $60 million increments.