Preliminary Estimated Unaudited Financial Results for the Three Months ended June 30, 2025 The data presented below reflects our preliminary estimated unaudited financial results for the three months ended June 30, 2025 based upon information available to us as of July 28, 2025. This data is not a comprehensive statement of our financial results for the three months ended June 30, 2025, and our actual results may differ materially from this preliminary estimated data. While we currently expect our results f ...

Core Insights - The E.W. Scripps Company (SSP) is enhancing its sports strategy through national and local partnerships, focusing on leagues like the WNBA and NWSL, and introducing new events to maintain a year-round premium sports content lineup [1][9] Group 1: Sports Partnerships and Strategy - SSP has strengthened ties with teams such as the Las Vegas Aces and Florida Panthers, renewing its multi-year agreement with the WNBA and adding the Tampa Bay Lightning to its sports portfolio [2] - New properties like the SI Women's Games and the Fort Myers Tip-Off Women's College Basketball Tournament are set for the fourth quarter, ensuring continuous sports programming [1][9] Group 2: Financial Performance - In Q1 2025, Scripps Networks reported revenues of $198 million, accounting for 37.8% of total company revenues, with a segment margin of 32%, the highest since Q4 2022, driven by a 42% year-over-year increase in Connected TV revenues [3] - The demand for live sports programming, particularly from the WNBA and NWSL, has significantly contributed to this performance [3] Group 3: Competitive Landscape - SSP faces competition from Gray Media, which extended its partnership with the New Orleans Saints and formed a new partnership with the Carolina Panthers to broadcast games in Spanish [4] - Tegna has also expanded its agreement with the Indiana Fever, increasing the broadcast reach to 4.6 million households across 11 additional Midwest markets [5] Group 4: Stock Performance and Valuation - SSP shares have increased by 48.9% year-to-date, outperforming the Zacks Broadcast Radio and Television industry's growth of 25.4% and the Zacks Consumer Discretionary sector's return of 11.4% [6] - The stock is currently trading at a forward 12-month Price/Sales ratio of 0.13X, significantly lower than the industry's 4.48X, indicating a strong value position [10]

Core Insights - The E.W. Scripps Company (SSP) and TEGNA (TGNA) are adapting to changes in the local media landscape with differing strategies for growth and cost management [1][2] Group 1: SSP Overview - SSP is expanding its local media segment through a station swap with Gray Media, acquiring KKTV, a CBS affiliate, to enhance its presence in the Western U.S. market [3][5] - The company is implementing centralized production and AI tools to improve operational efficiency and manage costs, while keeping employee costs low [4][6] - In Q1 2025, SSP's local media segment generated $325 million in revenues, with a segment profit of $35 million, supported by cost controls and sports programming partnerships [6] Group 2: TGNA Overview - TEGNA is focusing on building a stronger foundation through leadership changes, system upgrades, and a new sales performance structure, while utilizing resource sharing across stations [7] - The company faces challenges with soft consumer confidence and cautious advertising spending, which may impact its near-term advertising performance [8][10] - As of March 31, 2025, TEGNA reported total debt of $3.08 billion and a net leverage ratio of 2.8X, raising concerns about its financial flexibility [9][10] Group 3: Comparative Analysis - Valuation-wise, SSP shares are trading at a Price/Sales ratio of 0.12X, significantly lower than TGNA's 0.94X, indicating a cheaper valuation for SSP [11] - Year-to-date, SSP shares have increased by 41.2%, while TGNA shares have decreased by 8.6%, reflecting differing investor sentiments towards the two companies [13] - SSP is viewed as having better growth potential due to its active strategies and operational efficiency, while TEGNA is seen as struggling with weak demand and stagnant growth [18][19]

Core Viewpoint - The E.W. Scripps Company is set to report its second-quarter 2025 operating results on August 7, 2025, with a follow-up call scheduled for August 8, 2025, at 9 a.m. Eastern time [1]. Company Overview - The E.W. Scripps Company is a diversified media entity, recognized as one of the largest local TV broadcasters in the U.S., operating over 60 stations across more than 40 markets [2]. - Scripps provides quality local journalism and reaches households nationwide through its national news outlets, including Scripps News and Court TV, as well as entertainment brands such as ION, Bounce, Grit, ION Mystery, ION Plus, and Laff [2]. - The company holds the largest broadcast spectrum in the nation and serves professional and college sports leagues with a national broadcast reach of up to 100% of TV households [2]. - Founded in 1878, Scripps is also known for its stewardship of the Scripps National Spelling Bee, adhering to its motto: "Give light and the people will find their own way" [2]. Earnings Call Information - Participants can access a live webcast of the earnings call by registering on the company's investor relations website [3]. - For phone participation, a specific website must be visited to obtain the dial-in number and PIN code for listen-only access [3]. - Analysts wishing to ask questions during the call must register separately to receive a different dial-in and PIN that identifies them by name [3].

Group 1: Transaction Overview - Gray Media, Inc. and The E.W. Scripps Company have entered into agreements to swap television stations across five mid-sized and small markets, creating new duopolies for each group [1][2] - Gray will acquire Scripps' WSYM (Fox) in Lansing, Michigan, and KATC (ABC) in Lafayette, Louisiana, enhancing its presence in these markets [3][4] - Scripps will acquire Gray's KKTV (CBS) in Colorado Springs, KKCO (NBC) in Grand Junction, and KMVT (CBS) in Twin Falls, strengthening its regional presence in the West [4] Group 2: Strategic Intent and Benefits - The transactions are expected to provide market scale and depth, enhancing financial durability and allowing for improved public service through local news and sports programming [2] - Both companies anticipate expanding news staff and live local newscasts following the acquisitions, indicating a commitment to increased local coverage [4] - The swap involves an even exchange of comparable assets, with no cash consideration between the companies [5] Group 3: Regulatory and Operational Considerations - The closing of the transactions is anticipated in the fourth quarter of the year, pending regulatory approvals and waivers of outdated local ownership restrictions [6] - Both companies plan to work closely with regulators and stakeholders to ensure smooth transitions of the stations to new ownership [6] Group 4: Company Profiles - The E.W. Scripps Company operates over 60 stations in 40+ markets, focusing on quality local journalism and holding the largest broadcast spectrum in the nation [8] - Gray Media, Inc. is the largest owner of top-rated local television stations, reaching approximately 37% of US television households, and operates in 113 television markets [9]

Core Insights - The E.W. Scripps Company (SSP) shares have increased by 51.1% year-to-date (YTD), outperforming the Zacks Broadcast Radio and Television industry's growth of 34.1% and the Zacks Consumer Discretionary sector's return of 12.4% [2] - SSP's strong performance is attributed to effective execution in live sports and Connected TV (CTV) strategies, along with disciplined cost management [3] Performance Comparison - SSP has outperformed competitors such as Nexstar Media Group (NXST), Sinclair (SBGI), and Paramount Global (PARA), with NXST and PARA returning 14.7% and 23.3% YTD, respectively, while SBGI has lost 8.4% [2][9] Strategic Initiatives - SSP has renewed its multi-year deal with the WNBA, ensuring ION remains the league's national home for Friday night games, which enhances advertiser demand [6] - The company has also signed an agreement to broadcast Tampa Bay Lightning games at no cost to viewers, launching a new local station, The Spot - Tampa Bay 66, which improves viewer loyalty and opens new advertising opportunities [7] Financial Performance - In Q1 2025, Scripps Networks contributed 37.8% of total company revenues, with segment profit increasing from $49.7 million to $64.1 million despite a 5.4% decline in revenues [14] - SSP has reaffirmed its 2025 target of 400-600 basis points of margin expansion, with first-quarter results already exceeding that range due to early execution of cost-saving measures [14] Earnings Estimates - The Zacks Consensus Estimate for 2025 earnings is pegged at 8 cents per share, indicating a 92.59% year-over-year decline, while the consensus for 2025 revenues is $2.19 billion, suggesting a 12.81% year-over-year decline [15] Valuation - SSP stock is currently trading at a forward 12-month Price/Earnings ratio of 7.72X compared to the industry's 32.10X, making it an attractive option for value investors [16] - The company has a Value Score of A, reinforcing its appealing valuation [16] Future Outlook - SSP is positioned for sustained momentum through the rest of the year, backed by strategic execution, expanding sports content, and a growing presence in CTV [20] - The company is expected to deliver long-term value in 2025 due to solid cost control and multiple revenue tailwinds from renewed partnerships and investments in distribution [20]

Core Points - The 72nd Scripps Howard Journalism Awards highlight the significant contributions of journalism in addressing critical societal issues, including financial mismanagement and environmental crises [1][3] - The awards recognize excellence across various media platforms, with nearly 600 entries evaluated by a panel of veteran journalists [1][3] Prize Money and Awards - The Scripps Howard Fund will distribute $140,000 in prize money to the winning organizations and journalists, including the prestigious Impact Award [2] - The Impact Award is given to the entry deemed to have the greatest societal impact among the winners [2] Award Winners - Notable winners include: - Excellence in Audio Storytelling: KUOW Public Radio, The Seattle Times – "Lost Patients" [3] - Excellence in Business/Financial Reporting: The Boston Globe – "Spotlight coverage of Steward Health Care" [3] - Excellence in Environmental Reporting: The Guardian U.S. – "Marathon: The Huge U.S. Toxic Fire Shrouded in Secrecy" [3] - Impact Award: STAT – "Health Care's Colossus," which examined UnitedHealth's practices affecting millions [3][4] Educational Initiatives - Winners will participate in a program to present their work to journalism students, fostering networking and storytelling skills [5] - The Scripps Howard Fund also recognizes excellence in journalism education with awards for Teacher of the Year and Administrator of the Year [5]

Core Insights - The E.W. Scripps Company will present its business strategies at the Gabelli 17th Annual Media & Sports Symposium on June 5, 2025 [1] - Key executives, including CFO Jason Combs and Chief Communications and Investor Relations Officer Carolyn Micheli, will present at 8:30 a.m. Eastern time [1] - The presentation will be available via live webcast for those unable to attend in person, with a replay accessible on the company's website weeks after the event [2] Company Overview - The E.W. Scripps Company is a diversified media company and one of the largest local TV broadcasters in the U.S., operating over 60 stations in more than 40 markets [2] - The company provides quality local journalism and reaches households nationwide through its national news outlets, Scripps News and Court TV, as well as entertainment brands like ION, Bounce, and Grit [2] - Scripps holds the largest broadcast spectrum in the nation and serves professional and college sports leagues with extensive local and national broadcast reach [2]

Core Insights - Gabelli Funds will host its 17th Annual Media & Entertainment Symposium on June 5, 2025, at the Harvard Club in New York City, focusing on industry dynamics, current trends, and business fundamentals [1] - The symposium will include discussions on Sports Investing, Media & Telecom Regulatory issues, and Advertising Panels, providing a platform for attendees to engage with leading companies in the media ecosystem [1][3] - A webcast option will be available for those unable to attend in person, ensuring broader access to the discussions and insights shared during the event [1] Presenting Companies - Notable companies participating in one-on-one meetings include Atlanta Braves Holdings, AMC Networks, Lionsgate Studios, Churchill Downs, Nexstar Media Group, Genius Sports, Reservoir Media, Gray Television, Rogers Communications, Live Nation Entertainment, Sinclair Inc., Sportradar Group, TEGNA Inc., TKO Group, and The E.W. Scripps Company [2] Panel Discussions - The symposium will feature several panel discussions, including "Sports Investing: Ways to Play," a TV Bureau of Advertising (TVB) Panel, and a Media & Telecom Regulatory Expert Session led by former FCC Commissioner Rob McDowell [3]

Financial Performance - Total operating revenues for Q1 2025 were $524.4 million, a decrease of 6.6% compared to $561.5 million in Q1 2024[24]. - Advertising revenue decreased to $325.9 million, down 6.8% from $349.8 million in the same quarter last year[24]. - Operating income for Q1 2025 was $27.5 million, a decline of 36.7% from $43.4 million in Q1 2024[24]. - Net loss attributable to shareholders was $18.8 million, compared to a net loss of $12.8 million in Q1 2024, resulting in a net loss per share of $0.22[24]. - The E.W. Scripps Company reported a net loss of $3,455,000 for the three months ended March 31, 2025, compared to a net income of $1,626,000 for the same period in 2024[27]. - Cash flows from operating activities were negative at $(3,309,000) for Q1 2025, a significant decrease from $45,436,000 in Q1 2024[27]. - The company reported total revenues of $524.393 million for the three months ended March 31, 2025, compared to $561.464 million for the same period in 2024, reflecting a decrease of approximately 6.6%[105]. - Local Media segment revenues decreased by $27.4 million or 7.8% to $325.4 million, with core advertising down by $4.3 million or 3.1%[146]. - Scripps Networks revenues decreased by $11.3 million or 5.4% to $198.0 million, impacted by lower ratings in key demographics[152]. Assets and Liabilities - Total assets as of March 31, 2025, were $5.12 billion, down from $5.20 billion as of December 31, 2024[23]. - Current liabilities decreased to $439.7 million from $482.4 million at the end of 2024, reflecting improved cash management[23]. - The company reported a decrease in accounts receivable to $520.6 million, down from $568.2 million[23]. - The total outstanding principal of long-term debt as of March 31, 2025, was $2,626,404 thousand, with a net carrying value of $2,558,994 thousand[78]. - As of March 31, 2025, total other liabilities (less current portion) amounted to $436.854 million, a decrease from $464.574 million as of December 31, 2024[95]. Cash Flow and Financing Activities - The company experienced a net cash used in investing activities of $(9,890,000) in Q1 2025, compared to $(5,085,000) in Q1 2024[27]. - Net cash provided by financing activities was $13,306,000 in Q1 2025, contrasting with a net cash used of $(45,441,000) in Q1 2024[27]. - Cash and cash equivalents increased slightly to $24.0 million from $23.9 million at the end of the previous quarter[23]. - Cash used in operating activities was $3.3 million in 2025, a decrease from $45.4 million provided in 2024, driven by a $17.2 million decrease in segment profit[158]. - Cash provided by financing activities was $13.3 million in 2025, compared to cash used of $45.4 million in 2024, reflecting net debt proceeds of $25.0 million[160]. Restructuring and Costs - Restructuring costs for the first quarter of 2025 totaled $4.1 million, which included severance charges of $2.0 million and operating lease exit costs of $2.1 million[63]. - The company incurred restructuring costs of $5.0 million in the first quarter of 2024, indicating a decrease in restructuring expenses year-over-year[63]. - Selling, general and administrative expenses decreased by 5.8% to $137,239 in the first quarter of 2025, compared to $145,693 in the same period of 2024[128]. - Employee compensation and benefits in Local Media decreased by $1.6 million or 1.5% due to restructuring efforts[147]. Tax and Interest - The effective income tax rate for the three months ended March 31, 2025 was 79%, compared to 70% for the same period in 2024[69]. - Interest expense decreased by $11.2 million in the first three months of 2025 compared to the prior year quarter, attributed to lower interest rates on variable debt[134]. - The company reported interest paid of $57,867,000 for Q1 2025, a decrease from $67,347,000 in Q1 2024[27]. Debt and Credit Facilities - The company authorized a debt repurchase of up to $500 million, expiring on March 1, 2026[91]. - The company replaced its existing revolving credit facility with a new facility with aggregate commitments of up to $208 million due July 2027[94]. - The company has $545 million in new tranche B-2 term loans due 2028, with interest charged at SOFR plus a margin of 5.75%[166]. - The company has $340 million in new tranche B-3 term loans due 2029, with interest charged at SOFR plus a margin of 3.35%[166]. - The new credit agreement requires compliance with a maximum first lien net leverage ratio of 3.50 to 1.0 through September 30, 2026[93]. Dividends and Shareholder Returns - The company did not declare or provide payment for the first quarter 2025 preferred dividend, resulting in aggregated undeclared and unpaid cumulative dividends totaling $70.6 million[116]. - The company is prohibited from paying dividends on and repurchasing common shares until all preferred shares are redeemed[116]. - At March 31, 2025, aggregated undeclared and unpaid cumulative dividends on preferred shares totaled $70.6 million[169].