Scripps reports Q2 2025 financial results

Core Points - The E.W. Scripps Company reported $540 million in revenue for Q2 2025, a decrease of 5.8% from the previous year [7][25] - The company experienced a loss attributable to shareholders of $51.7 million, or 59 cents per share, compared to a loss of $13 million, or 15 cents per share, in the prior-year quarter [9][17] - Key highlights included a station swap with Gray Media, a renewed agreement with WNBA, and a successful refinancing of $750 million in bonds [4][5][8] Financial Performance - Revenue for the Local Media segment was $335 million, down 8.3% year-over-year, while Scripps Networks revenue was $206 million, down 1.4% [10][12] - Total costs and expenses decreased to $457 million from $479 million in the prior-year quarter [7] - The company’s net leverage improved to 4.4x, down from 4.9x at the end of Q1 2025 [7] Strategic Initiatives - The company is focusing on its Scripps Sports strategy, capitalizing on the popularity of women's sports and the decline of regional sports networks [3] - The recent station swap with Gray Media aims to enhance local news coverage and financial performance [4] - Scripps plans to expand its local sports and news strategies in key markets, leveraging new duopolies created by the station swap [4] Revenue Drivers - Sports programming contributed positively to revenue performance, with streaming and connected TV revenue growing 57% in Q2 [3] - The WNBA and NWSL partnerships are significant contributors to the Networks division, helping to stabilize revenue amidst economic uncertainty [3][12] - Political revenue was significantly lower at $2.6 million compared to $28.2 million in the prior-year quarter, reflecting the absence of an election year [18] Financial Condition - As of June 30, cash and cash equivalents totaled $31.7 million, with total debt at $2.7 billion [13] - The company completed refinancing transactions that improved its financial position, including paying off $719 million in term loans [14] - The Scripps Howard Fund raised over $125,000 for flood relief efforts in Central Texas [7]