Nasdaq:SSP
E.W. SCRIPPS Co
A diversified US-based media holding company specializing in radio, television broadcasting, and digital streaming services with a focus on local news delivery.
Key Metrics
Investment Thesis
Bull Case
The company maintains positive cash flow from operations and generates substantial gross profit relative to revenue, suggesting underlying business resilience despite headline losses. Strategic debt management efforts are underway with significant repayments recorded, potentially clearing the path for future growth initiatives or asset optimization. Local news remains a critical public service with limited disruption risk, providing a stable revenue floor in a consolidating media industry.
Bear Case
The recurring net losses and massive accumulated deficit of over half a billion dollars indicate severe financial distress that could lead to further dilution or liquidation events. Revenue has contracted significantly in the latest period, reflecting broader secular trends against traditional broadcast advertising which are not being fully offset by digital growth. The heavy reliance on debt financing alongside negative non-operating income creates a precarious capital structure that limits management's ability to invest in necessary digital transformation.
About E.W. SCRIPPS Co
E.W. Scripps Company provides diverse media services across radio, television, and digital platforms primarily serving the United States and international markets. The company operates through broadcast stations, digital properties, and advertising solutions to deliver local news and entertainment content. With a total asset base of $5.01B and recent revenue of $2.15B, the firm continues to navigate a challenging media landscape.
Analysis
Management Discussion
Despite generating positive operating profit of $184.0M, the company reported a net loss of $100.9M in 2025, driven by significant non-operating losses of $303.5M and a sharp contraction in revenue to $2.15B from $2.51B in the prior year. Cash flow from operations remains robust at $53.1M, yet massive debt repayments exceeding issuances suggest aggressive balance sheet restructuring or distress signals. The widening deficit in retained earnings indicates that current profitability is insufficient to reverse the long-term accumulation of losses.
Industry Overview
The media and entertainment industry is undergoing rapid consolidation and disruption as consumers shift consumption habits toward streaming services and social media algorithms. Traditional broadcasters face intense competition from low-cost digital alternatives while struggling with declining ad rates and shrinking audience demographics for local news. Successful companies must now integrate robust digital ecosystems to retain advertisers and viewers, requiring significant capital expenditure and operational agility.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $2.45B | $2.29B | $2.51B | $2.15B |
| Cost of Revenue | $1.23B | $1.28B | $1.32B | $1.27B |
| Gross Profit | $1.22B | $1.01B | $1.19B | $876.1M |
| Operating Expenses | $791.1M | $1.76B | $776.5M | $692.1M |
| Operating Income | $428.3M | $-753.2M | $412.5M | $184.0M |
| G&A | $623.2M | $614.8M | $606.2M | $563.0M |
| D&A | $160.4M | $155.1M | $155.2M | $150.8M |
| Depreciation | $61.9M | $60.7M | $62.0M | $58.9M |
| Amortization | $98.5M | $94.4M | $93.2M | $92.0M |
| Other OpEx | $167.9M | $1.15B | $170.3M | $129.1M |
| Non-Operating Income | $-151.9M | $-214.3M | $-202.5M | $-303.5M |
| Interest Expense | $161.1M | $213.5M | — | — |
| Pre-Tax Income | $276.5M | $-967.5M | $210.0M | $-119.5M |
| Income Tax | $80.6M | $-19.7M | $63.8M | $-18.6M |
| Continuing Ops | $195.9M | $-947.8M | $146.2M | $-100.9M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $195.9M | $-947.8M | $146.2M | $-100.9M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Net to Common | $195.9M | $-947.8M | $146.2M | $-100.9M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $643.9M | $676.1M | $630.0M | $747.4M |
| Cash & Equivalents | $18.0M | $35.3M | $23.9M | $27.9M |
| Accounts Receivable | $600.1M | $610.5M | $568.2M | $569.3M |
| Other Current Assets | $25.8M | $30.2M | $38.0M | $150.2M |
| Long-Term Assets | $5.79B | $4.73B | $4.57B | $4.26B |
| Intangibles | $1.82B | $1.73B | $1.64B | $1.52B |
| Goodwill | $2.92B | $1.97B | $1.97B | $1.92B |
| Operating Leases | $117.9M | $99.2M | $90.1M | $96.0M |
| LT Investments | $23.1M | $23.3M | $8.9M | $14.4M |
| Other LT Assets | $902.0M | $913.7M | $862.9M | $706.8M |
| Total Assets | $6.43B | $5.41B | $5.20B | $5.01B |
| Current Liabilities | $485.0M | $477.8M | $482.4M | $453.6M |
| Accounts Payable | $82.7M | $76.4M | $100.7M | $63.4M |
| Current Debt | $18.6M | $15.6M | $15.6M | $8.9M |
| Current Leases | $19.6M | $19.5M | $18.1M | $19.0M |
| Deferred Revenue | — | $12.2M | $18.2M | $22.2M |
| Taxes Payable | — | — | $33.2M | $34.6M |
| Other Current Liab | $364.1M | $354.2M | $296.7M | $305.6M |
| Long-Term Liabilities | $3.82B | $3.78B | $3.40B | $3.31B |
| Long-Term Debt | $2.85B | $2.90B | $2.56B | $2.59B |
| LT Operating Leases | $106.9M | $87.7M | $79.4M | $85.9M |
| Other LT Liab | $854.5M | $791.6M | $758.2M | $637.5M |
| Total Liabilities | $4.30B | $4.25B | $3.88B | $3.76B |
| Shareholders' Equity | $2.13B | $1.16B | $1.32B | $1.25B |
| Paid-In Capital | $1.44B | $1.44B | $1.45B | $1.47B |
| Retained Earnings | $350.7M | $-622.2M | $-476.0M | $-576.9M |
| AOCI | $-77.5M | $-75.5M | $-75.3M | $-64.4M |
| Total L&E | $6.43B | $5.41B | $5.20B | $5.01B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $195.9M | $-947.8M | $146.2M | $-100.9M |
| Non-Cash Adjustments | $70.2M | $1.05B | $299.8M | $132.9M |
| Working Capital Changes | $45.4M | $10.5M | $-80.3M | $21.1M |
| Cash from Operations | $311.4M | $111.6M | $365.7M | $53.1M |
| Capital Expenditures | $45.8M | $59.6M | $65.3M | $46.6M |
| Cash from Investing | $-66.4M | $-60.6M | $-26.5M | $-12.1M |
| Debt Issuances | $0 | $0 | — | $1.64B |
| Debt Repayments | $278.1M | $299.9M | $15.6M | $1.96B |
| Cash from Financing | $-327.5M | $-33.7M | $-350.6M | $-36.9M |
| FX Effect | $0 | $0 | $0 | $0 |
| Net Change in Cash | $-82.5M | $17.3M | $-11.5M | $4.1M |
| Beginning Cash | $100.5M | $18.0M | $35.3M | $23.9M |
| Ending Cash | $18.0M | $35.3M | $23.9M | $27.9M |
Frequently Asked Questions
How does E.W. SCRIPPS Co make money?
Broadcasting Services delivering local television and radio content; Digital Media offering online video and interactive news platforms; Advertising Sales generating revenue from commercial spots and sponsored content across owned properties.
What are the main risks for SSP?
Declining traditional advertising revenue due to migration to digital-only platforms and social media fragmentation; High debt burden with $2.59B in long-term debt constraining flexibility during downturns; Persistent operational losses impacting retained earnings which currently stands at a deficit of $576.9M.
What is SSP's competitive advantage?
Deep local market penetration with extensive station clusters providing dominant reach in key broadcast markets; Strong digital-first adaptation allowing for direct-to-consumer engagement independent of third-party ad networks; Cost-efficient legacy infrastructure supporting high-quality local news production.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.