Key Takeaways TTD's CTV is its fastest-growing channel, with video including CTV making up about half of Q3 revenues.TTD boosts AI platforms like Kokai and expands tools such as OpenPath to widen its moat.Competition is intensifying as MGNI and PubMatic boost their CTV efforts.The Trade Desk’s ((TTD) Connected TV (“CTV”) business is its “largest and fastest-growing channel” and continues to pace faster than the overall business. Video, including CTV, accounted for roughly half of revenues in the third quart ...

Core Insights - E.W. Scripps met Wall Street's revenue expectations in Q3 CY2025, reporting sales of $525.9 million, an 18.6% year-on-year decline, and a GAAP loss of $0.55 per share, which was 72.1% below analysts' consensus estimates [1][6] Financial Performance - Revenue: $525.9 million vs analyst estimates of $523.9 million (18.6% year-on-year decline, in line) [6] - EPS (GAAP): -$0.55 vs analyst expectations of -$0.32 (72.1% miss) [6] - Adjusted EBITDA: $80.43 million vs analyst estimates of $68.75 million (15.3% margin, 17% beat) [6] - Operating Margin: 7.2%, down from 18.8% in the same quarter last year [6] - Market Capitalization: $224.5 million [6] Strategic Initiatives - The company highlighted the success of its Scripps Sports strategy and expansion into connected TV (CTV) advertising, with a focus on women's sports partnerships contributing to performance [3][4] - Management expects continued revenue growth from sports broadcasting deals and CTV expansion while maintaining a disciplined approach to expenses [4] - The company is preparing for significant political advertising tailwinds in 2026 and ongoing margin improvements through operational efficiencies and technology investments [4] Advertising and Revenue Growth - The intensified focus on women's sports, including partnerships with the WNBA and National Women's Soccer League, led to strong advertising demand and increased core revenue [7] - Scripps' expansion into Connected TV generated significant growth, with streaming now accounting for 20% of Scripps Networks viewing, and management projecting double-digit CTV revenue growth [7] Operational Efficiency - Recent station swaps and sales generated $123 million in cash, intended for debt reduction and balance sheet improvement [7] - Operational efficiency initiatives, including reductions in employee-related costs and restructuring, contributed to margin stabilization despite advertising softness [7] Technology and Innovation - Early investments in automation and artificial intelligence are beginning to deliver value, helping newsroom and sales teams operate more efficiently [8]

Core Insights - The partnership between PubMatic and MNTN democratizes access to premium Connected TV (CTV) advertising for performance-focused marketers, resulting in a 10% revenue uplift for publishers due to a 14% increase in unique advertiser demand [1][6][11] Group 1: Partnership Impact - The collaboration provides MNTN's self-serve Performance TV platform with direct access to top-tier streaming publishers, enhancing the advertising landscape for marketers [1][5] - MNTN's customer base is largely new to CTV, with 97% of advertisers being entirely new participants, indicating significant market expansion [1][6] - The partnership addresses critical growth challenges for publishers by expanding revenue sources beyond traditional advertiser segments while maintaining brand safety and inventory quality [6][7] Group 2: Market Opportunity - The U.S. CTV ad spend is projected to reach $36.87 billion by 2025, presenting a substantial growth opportunity, particularly for small and mid-size businesses [8] - A significant portion of advertisers (73%) view measurement and attribution as top challenges in CTV, while 68% require transparency in ad placements, which this partnership aims to resolve [9][10] Group 3: Value Creation - MNTN's platform offers auto-optimized CTV campaigns that provide accountability, while PubMatic ensures transparent supply-path connections, enhancing advertiser confidence [4][5] - The partnership allows publishers to achieve sustainable revenue growth from previously inaccessible advertiser segments, diversifying income streams without cannibalizing existing demand [7][11]

Core Insights - The Trade Desk, Inc. has expanded its partnership with HOY, enabling programmatic trading of connected TV advertising inventory through The Trade Desk's platform [2] - HOY will implement advanced identity and access technologies, including Unified ID 2.0 and OpenPath, to enhance targeting precision and advertising efficiency [2][5] Industry Trends - The global connected TV ad spending is projected to exceed $38 billion by 2027, reflecting a significant shift towards on-demand and streaming content [3] - In Hong Kong, over 40% of respondents in a 2024 survey reported a decrease in traditional TV viewing in favor of Internet-based streaming services [3] Company Developments - The Trade Desk highlighted the growth potential of Hong Kong's CTV programmatic advertising market, praising HOY's proactive adoption of UID2 and OpenPath [4] - HOY has successfully integrated UID2 on its CTV platform, which is currently live, while OpenPath is ready for deployment [6] Technology Impact - Unified ID 2.0 offers a next-generation identity solution for the open Internet, focusing on personalized experiences while ensuring user transparency [5] - OpenPath aims to streamline access to premium digital inventory, reducing intermediaries and enhancing revenue potential for publishers [5]