Includes women’s live sports and original, premium programmingNew 24/7 streaming network100+ live games, including Professional Women’s Hockey League, National Women’s Soccer League, Major League Volleyball, slated for 2026100+ hours of Women’s National Basketball Association contentOriginal series, acclaimed documentaries, sports talk and more premium programmingDebuts March 24 with broad distribution on streaming servicesState Farm® signs on as founding advertising partner CINCINNATI, March 23, 2026 (GLOB ...

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Core Viewpoint - The Professional Women's Hockey League (PWHL) Walter Cup Finals will be broadcast on national television in the U.S. for the first time, marking a significant milestone for women's professional sports [1][2]. Group 1: Broadcasting and Audience Reach - ION will provide live coverage of the PWHL finals, accessible through various platforms, reaching 126 million U.S. households [2]. - This broadcast is expected to deliver one of the largest audiences in women's hockey history, showcasing the league's talent and matchups [2]. Group 2: League Structure and Championship Format - The PWHL Walter Cup Playoffs will consist of two best-of-five semifinals, with the winners advancing to a best-of-five championship series [3]. - The Minnesota Frost, as the defending champions, aim to secure their third consecutive title [3]. Group 3: Commitment to Women's Sports - Scripps Sports emphasizes its commitment to women's sports through partnerships with leagues like the WNBA and NWSL, and now the PWHL [4][6]. - The partnership aims to provide a national platform for women's sports, enhancing visibility and accessibility for fans [5][6]. Group 4: Growth and Popularity of the PWHL - The PWHL is experiencing significant growth, with nearly two million all-time fans and a 23% year-over-year increase in average attendance [5]. - The league has been recognized for its achievements, including breaking attendance records and being named Sports Breakthrough of the Year [10].

Core Insights - Scripps Sports has announced its broadcast plans for the 2026 season of the National Women's Soccer League (NWSL) on ION, featuring eight tripleheader Saturdays, starting March 14 [1][12] Broadcast Plans - The NWSL on ION will showcase top matches every Saturday night, available on various platforms, reaching 126 million homes [2] - The season kicks off with a tripleheader featuring Kansas City Current vs. Utah Royals FC, Denver Summit FC's inaugural match against Bay FC, and San Diego Wave FC vs. Houston Dash [3] Studio Team and Coverage - The NWSL on ION will have weekly studio shows dedicated to match analysis and original storytelling, highlighting players' off-pitch lives [4] - Host Sebastian Salazar returns, supported by a new team of three studio analysts, all former professional players, providing diverse insights [5][6] Expanded Schedule - The 2026 schedule includes eight tripleheaders, a significant increase from one in 2025, with an updated programming window from 6-11 p.m. ET for 16 weeks [12] - Kansas City Current will feature in 10 games, and defending champion Gotham FC will have four national broadcasts, including their home opener [13] Viewership Growth - The 2025 NWSL season saw record growth in viewership, with over 3.25 million hours streamed on ION's platforms, a 24% increase year-over-year [14]

Core Insights - The E.W. Scripps Company has agreed to acquire WTVQ, the ABC affiliate in Lexington, Kentucky, for $15.8 million, creating a duopoly with its existing NBC affiliate, WLEX [1] - This acquisition is part of Scripps' strategy to enhance its local television portfolio and strengthen its presence in the Lexington market [2][3] Group 1: Acquisition Details - The acquisition of WTVQ is aimed at deepening Scripps' commitment to the Lexington market, allowing for increased local journalism and community connection [2] - The transaction is subject to federal regulatory approvals, and in the interim, Scripps will provide programming and marketing services for WTVQ [2] Group 2: Strategic Moves - The purchase follows recent strategic actions by Scripps, including the sale of WFTX in Ft. Myers and an upcoming sale of WRTV in Indianapolis [3] - Scripps has also re-acquired 23 ION-affiliated stations for approximately $54 million, which is expected to enhance the profit and margin of its Networks division [4]

Core Viewpoint - The E.W. Scripps Company has completed the sale of its Fox-affiliated station WFTX in Fort Myers, Florida, to Sun Broadcasting for $40 million, aiming to use the proceeds to reduce debt and enhance its balance sheet [1]. Group 1: Recent Transactions - The sale of WFTX is part of a broader strategy by Scripps to optimize its local television portfolio, which includes the planned sale of WRTV in Indianapolis for $83 million, pending FCC approval [2]. - In July, Scripps announced a station swap with Gray Media in five mid-sized and small markets, currently under review by federal regulators [2]. Group 2: Company Overview - The E.W. Scripps Company is a diversified media entity and one of the largest local TV broadcasters in the U.S., operating over 60 stations across more than 40 markets [3]. - Scripps provides quality local journalism and operates national news outlet Scripps News, along with entertainment brands such as ION, Bounce, and Grit [3]. - Founded in 1878, Scripps is also known for its stewardship of the Scripps National Spelling Bee and emphasizes its motto: "Give light and the people will find their own way" [3].

Joint Ventures and Agreements - The company announced a joint venture with Gray Media, Nexstar Media Group, and Sinclair, contributing $12.8 million for a 25% ownership interest in EdgeBeam Wireless, aimed at providing nationwide data delivery services using ATSC 3.0 technology[15] - A multi-year media rights agreement was established to produce and distribute all Tampa Bay Lightning games not exclusively allocated to national broadcasts, starting with the 2025-2026 NHL season[18] - A new multi-year agreement with the WNBA was announced to continue airing regular season matchups on ION as part of the WNBA Fright Night Spotlight series[19] - The company reached an agreement to sell WRTV, a local ABC-affiliated station, for $83 million, with the transaction expected to close by March 6, 2026[23] - The company is set to sell WFTX, a local Fox-affiliated station, for $40 million, with the transaction expected to close on March 2, 2026[22] Financial Performance - In 2025, core advertising revenues accounted for 42% of the Local Media segment's revenues, while distribution revenues made up 56%[36][44] - Political advertising revenues represented 1.5% of the Local Media segment's revenues in 2025, with significant increases expected in even-numbered years due to elections[42][43] - Employee costs constituted 37% of the Local Media segment's costs and expenses in 2025[45] - Programming costs accounted for 47% of the Local Media segment's costs and expenses in 2025[47] - Programming expenses represented 58% of the Scripps Networks segment's costs and expenses in 2025[54] Employee Relations and Development - As of December 31, 2025, Scripps employed approximately 4,600 employees, with 330 represented by labor unions[80] - The company has not experienced any work stoppages since 1985, indicating strong employee relations[80] - Scripps offers a comprehensive benefits package, including health coverage, 401(k) plans, and a voluntary Employee Stock Purchase Plan (ESPP)[83] - The company emphasizes professional development, providing flexible learning opportunities for employees at all levels[85] - Scripps' leadership programs focus on continuous learning and skill development, fostering a robust pipeline of future leaders[92] Broadcasting and Audience Reach - ION network is available in nearly 99% of U.S. television broadcast homes, ranking fifth in average prime-time audience among all broadcast networks[55] - Bounce network reaches approximately 95% of U.S. television broadcast homes, featuring original programming like "Mind Your Business"[56] - Court TV is available in about 87% of U.S. television broadcast homes, focusing on live legal coverage and analysis[57] - Grit network appeals to male viewers and is available in approximately 98% of U.S. television broadcast homes[58] - ION Mystery is accessible in around 97% of U.S. television broadcast homes, featuring true-crime programming[59] - ION Plus is available in approximately 87% of U.S. television broadcast homes, showcasing action and suspense programming[60] - Laff network targets comedy lovers aged 18 to 49 and is available in about 95% of U.S. television broadcast homes[61] - Scripps News focuses on objective reporting and is available on multiple streaming platforms after ceasing over-the-air distribution in November 2024[62] - Scripps operates 78 FCC licensed television stations across major markets, with the highest market rank in New York (1) and Los Angeles (2)[63] - The current national audience reach of Scripps is approximately 38% of television households after applying the UHF discount[68] Strategic Initiatives and Technology - The company plans to implement an enterprise-wide transformation plan targeting annualized EBITDA growth of $125 million to $150 million by 2028 through cost savings and revenue growth initiatives[28] - The company completed refinancing transactions, issuing a $545 million tranche B-2 term loan maturing in June 2028 and a $340 million tranche B-3 term loan maturing in November 2029[17] - The company is transitioning to the ATSC 3.0 digital television standard, which enhances broadcast signal reception[72] - Scripps has elected to negotiate retransmission consent agreements with cable operators and satellite providers for most of its stations[75] - In 2025, Scripps launched the Engine Room AI platform to enhance organization-wide capability building and role-specific skill development[88] - The Engine Room platform emphasizes responsible AI use, integrating governance and oversight into its design and deployment[91] - Scripps aims to build future-ready capabilities by aligning human capital and technology investments with long-term business objectives[91] Communication and Culture - The company introduced Scripps Voice, an ongoing listening program featuring bi-weekly pulse surveys to gather employee feedback and improve company culture[96] - Scripps encourages community engagement through a paid volunteer time-off program, promoting employee morale and teamwork[97] - Scripps prioritizes open communication with employees through various channels, including town hall meetings and an employee portal[95] - Training initiatives in key areas such as journalism and sales are designed to enhance job-specific skills and align with industry advancements[93]

Financial Data and Key Metrics Changes - The company reported its fourth consecutive quarter of financial results that met or exceeded expectations across nearly every reporting line [4] - For Q4 2025, Local Media division revenue was $360 million, down 30% year-over-year due to the absence of political advertising revenue, while core advertising increased by 12% [8][9] - Scripps Networks revenue was $199 million, down less than 8% compared to Q4 2024, but ahead of guidance [11] - The company reported a loss of $0.51 per share for the quarter, which included a $19.5 million non-cash charge for held-for-sale assets [12][13] Business Line Data and Key Metrics Changes - Local Media segment profit was $50 million, down from $199 million in Q4 of the previous political cycle [9] - Scripps Networks segment profit was $64 million, with a segment margin of 32% [12] - Connected TV revenue increased nearly 10% year-over-year for Q4 and 30% for the full year [11] Market Data and Key Metrics Changes - Local Media distribution revenue decreased by 1.6%, while expenses for the division were down about 1% year-over-year [9] - The company expects Local Media Division revenue to grow in the low to mid-single digits for Q1 2026, driven by core advertising growth [10] Company Strategy and Development Direction - The company announced a transformation plan aimed at growing enterprise EBITDA by $125 million to $150 million by 2028, focusing on cost management and revenue growth initiatives [4][17] - The strategy includes reacquiring 23 TV stations affiliated with ION for approximately $54 million, which is expected to be immediately accretive to profit and margins [6][8] - The company is leveraging technology, AI, and automation to enhance operational efficiency and revenue generation [18][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the financial performance in 2026, citing record midterm election spending and strong local sports partnerships [16][17] - The company is focused on improving its balance sheet and reducing debt and leverage ratios as top capital allocation priorities [14][15] Other Important Information - The company has no borrowings outstanding on its revolving credit facilities, with cash and cash equivalents totaling $28 million and net debt at $2.3 billion [14] - The company is actively engaged in M&A activities, with a focus on optimizing its portfolio and improving operating performance [31][83] Q&A Session Summary Question: Broader environment and M&A opportunities - Management indicated that the transformation plan positions the company better for potential M&A opportunities, emphasizing the importance of organic growth [30] Question: Organic growth expectations - Management highlighted that growth will come from enhancing current business yields and exploring new opportunities in adjacent markets [33] Question: Performance of interest-sensitive advertising categories - Core advertising is expected to grow mid-single digits in Q1, with strong performance in several key categories, although some categories like home services are weaker [37] Question: Political advertising visibility - Management noted strong visibility for political advertising in Q2 and Q3, with several competitive races expected to drive spending [40] Question: Breakdown of EBITDA growth targets - Management refrained from providing a specific breakdown of the $125 million to $150 million EBITDA growth target but emphasized that it will impact all segments [42] Question: Employee engagement in transformation - Management expressed confidence in employee engagement and the importance of upskilling to adapt to technological changes [53] Question: Sinclair acquisition proposal - Management confirmed that the board rejected Sinclair's acquisition proposal, stating it was not in the interest of stakeholders [57] Question: AI's role in cost savings - Management provided examples of how AI will enhance efficiency and improve product quality, allowing journalists to focus more on reporting [63][66] Question: Timing for lifting the ownership cap - Management expressed optimism about the potential lifting of the 39% ownership cap but refrained from providing a specific timeline [76] Question: Details on the ION transaction - Management indicated that reacquiring the ION stations would be immediately accretive and relieve a significant tax liability [78]

Financial Data and Key Metrics Changes - The company reported its fourth consecutive quarter of financial results that met or exceeded expectations across nearly every reporting line [4] - For the fourth quarter, Local Media division revenue was $360 million, down 30% due to the absence of political advertising revenue compared to the prior year, while core advertising was up 12% [8][9] - Scripps Networks revenue was $199 million, down less than 8% compared to Q4 2024, but well ahead of guidance [11] - The company reported a loss of $0.51 per share for the quarter, which included a $19.5 million non-cash charge for held-for-sale assets [12][13] Business Line Data and Key Metrics Changes - Local Media segment profit was $50 million, compared to $199 million in Q4 of the previous political cycle [9] - Scripps Networks segment profit was $64 million, with a segment margin of 32% [12] - Connected TV revenue was up nearly 10% for the same quarter last year and 30% for the full year [11] Market Data and Key Metrics Changes - Local Media distribution revenue was down 1.6%, while expenses for the division were down about 1% year-over-year [9] - The company expects Local Media Division revenue to be up low to mid-single digits in the first quarter [10] - Political advertising is projected to be strong in the upcoming midterm elections, with expectations of significant spending in competitive races [10][41] Company Strategy and Development Direction - The company announced a transformation plan aimed at growing enterprise EBITDA by $125 million-$150 million by 2028, focusing on cost savings and revenue growth initiatives [4][17] - The strategy includes reacquiring 23 TV stations affiliated with ION, which is expected to be immediately accretive to the Scripps Networks Division segment profit and margins [6][78] - The company is leveraging technology, AI, and automation to enhance operational efficiency and improve revenue generation [18][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the EBITDA growth target, emphasizing a well-laid out and executed plan [44][55] - The company is optimistic about the impact of record midterm election spending and local sports partnerships on financial performance [17][40] - Management highlighted the importance of community connection and engagement as a core part of the company's mission in a polarized environment [22][23] Other Important Information - The company has no borrowings outstanding on its revolving credit facilities, with cash and cash equivalents totaling $28 million and net debt at $2.3 billion [14] - The company is focused on improving its balance sheet and reducing debt and leverage ratios as top capital allocation priorities [15] Q&A Session Summary Question: How does the transformation plan affect M&A opportunities? - Management indicated that the transformation positions the company better for potential M&A participation, focusing on organic growth rather than just financial engineering [30] Question: What are the expectations for organic growth? - Management expects growth from enhancing current business yields and exploring new opportunities in adjacent markets [33] Question: How are interest-sensitive advertising categories performing? - Core advertising is expected to be up mid-single digits in the first quarter, with strong performance in several key categories [37] Question: What visibility is there for political advertising in Q2 and Q3? - Management noted a favorable outlook for political advertising, with several competitive races expected to drive spending [40] Question: Can you break down the $125 million to $150 million EBITDA growth target? - Management stated that the target includes both revenue growth and cost savings across the enterprise, but specific breakdowns were not provided [42][43] Question: How will AI impact cost savings and product improvement? - Management highlighted that AI will enhance efficiency and allow journalists to focus more on content creation rather than administrative tasks [66][67] Question: What is the status of the Sinclair acquisition proposal? - Management confirmed that the board rejected Sinclair's proposal as it was not in the interest of Scripps stakeholders [57]

Financial Data and Key Metrics Changes - The company reported its fourth consecutive quarter of financial results that met or exceeded expectations across nearly every reporting line [4] - For Q4 2025, the company reported a loss of $0.51 per share, which included a $19.5 million non-cash charge for held-for-sale assets, restructuring costs, and a loss on extinguishment of debt [14] - Net debt at the end of the year was $2.3 billion, with a net leverage ratio of 4.8 times [15] Business Line Data and Key Metrics Changes - Local Media division revenue was $360 million, down 30% year-over-year due to the absence of political advertising revenue, while core advertising was up 12% [9][10] - Scripps Networks revenue was $199 million, down less than 8% compared to Q4 2024, but connected TV revenue was up nearly 10% year-over-year [12][13] - Local Media segment profit was $50 million, compared to $199 million in Q4 of the previous political cycle [10] Market Data and Key Metrics Changes - The company expects Local Media revenue to grow in the low to mid-single digits for Q1 2026, driven by core advertising growth and upcoming events like the Winter Olympics and Super Bowl [11] - Political advertising is expected to see strong spending in 2026 due to competitive U.S. Senate and gubernatorial races [11] Company Strategy and Development Direction - The company announced a transformation plan aimed at growing enterprise EBITDA by $125 million to $150 million by 2028, focusing on cost management and revenue growth initiatives [4][18] - The strategy includes reacquiring 23 TV stations affiliated with ION for approximately $54 million, which is expected to be immediately accretive to profit and margins [6][8] - The company is leveraging technology, AI, and automation to enhance operational efficiency and improve revenue generation [19][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the EBITDA growth target, emphasizing a focus on organic growth and operational efficiency [31][46] - The company is optimistic about the impact of midterm election spending and local sports partnerships on financial performance in 2026 [18][24] - Management highlighted the importance of community connection and engagement as a core part of the company's mission [22][24] Other Important Information - The company has no borrowings outstanding on its revolving credit facilities and cash and cash equivalents totaled $28 million [15] - The company is actively looking for opportunities in the M&A marketplace to optimize its portfolio and improve balance sheet performance [87] Q&A Session Summary Question: How does the transformation plan affect M&A opportunities? - Management indicated that the transformation positions the company better for M&A participation, focusing on organic growth rather than just financial engineering [31] Question: What are the expectations for organic growth and timing? - Management stated that growth will come from enhancing current business yields and exploring new opportunities, with significant potential for leveraging existing platforms [34] Question: How are interest-sensitive advertising categories performing? - Management noted that core advertising is expected to grow mid-single digits, with strong performance in several key categories, although some categories like home services are weaker [39] Question: What visibility is there for political advertising in Q2 and Q3? - Management highlighted that they expect strong political advertising due to competitive races, with broadcast expected to capture a significant share of total political spend [42] Question: Can you break down the expected EBITDA growth between cost savings and revenue? - Management did not provide a specific breakdown but emphasized that improvements will be seen across the enterprise, focusing on both revenue growth and operational efficiencies [44] Question: What is the status of the Sinclair acquisition proposal? - Management confirmed that the board rejected Sinclair's proposal as it was not in the interest of Scripps stakeholders, and no new developments are expected [60]