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E. W. Scripps Company Class A (SSP)
NASDAQ:SSP
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E. W. Scripps Company Class A
(NASDAQ:SSP)
Select Model
Select Model
Rating:52Neutral
Price Target:
$3.50
▲(3.55% Upside)
Action:ReiteratedDate:03/06/26
The score is held back primarily by weak and highly volatile financial performance (return to losses, margin compression, and a sharp drop in free cash flow), despite improved leverage. Technicals are a meaningful positive with strong trend/momentum, while valuation is constrained by negative earnings. Earnings-call commentary is moderately supportive due to specific EBITDA improvement targets and accretive actions, but high leverage and cyclical revenue risk remain key overhangs.
Positive Factors
Balance-sheet deleveraging
A dramatic reduction in reported leverage materially lowers refinancing and covenant risk, increasing strategic optionality. With a far smaller debt-to-equity ratio, management can pursue accretive tuck-ins, invest in CTV/product initiatives, and execute the EBITDA plan with less near-term solvency pressure.
Connected-TV (CTV) and streaming growth
Sustained double-digit CTV growth reflects structural audience migration and enables higher-yield, addressable ad inventory. This diversifies revenue away from cyclic linear ads, supports network monetization at attractive margins, and strengthens medium-term revenue resilience as streaming scales.
Clear transformation plan and aligned leadership
A bankable EBITDA roadmap plus long-term CEO incentives aligns management with measurable profitability goals. Combined with announced accretive station reacquisitions, this governance alignment increases execution accountability and the likelihood that cost and revenue initiatives produce lasting margin and cash-flow improvement.
Negative Factors
Volatile revenue and margins; return to losses
Material swings between profit and loss across recent years indicate weak earnings stability. Such volatility undermines predictability for investment and reinvestment, makes multi-year planning harder, and suggests core advertising and network economics remain exposed to cyclical and execution risks.
Sharp free-cash-flow deterioration
A near-total collapse in free cash generation reduces the firm's ability to self-fund capex, acquisitions, or sustained debt paydown. Persistent FCF volatility raises refinancing risk and could constrain execution of the EBITDA plan unless cash conversion normalizes over multiple quarters.
Elevated net leverage and low liquidity
Despite improved capital structure metrics, reported 4.8x net leverage and minimal cash create a fragile liquidity profile. High net debt amplifies exposure to ad-cycle swings and interest costs, limiting flexibility to absorb shocks or accelerate strategic investments without incremental financing or asset sales.
E. W. Scripps Company Class A (SSP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$300.92M
Dividend YieldN/A
Average Volume (3M)1.37M
Price to Earnings (P/E)―
Beta (1Y)-0.28
Revenue Growth-3.27%
EPS Growth86.01%
CountryUS
Employees5,000
SectorCommunication Services
Sector Strength97
IndustryBroadcasting
Share Statistics
EPS (TTM)-0.51
Shares Outstanding77,096,120
10 Day Avg. Volume2,338,594
30 Day Avg. Volume1,371,311
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)0.28
Price to Sales (P/S)0.16
P/FCF Ratio53.84
Enterprise Value/Market Cap10.30
Enterprise Value/Revenue1.44
Enterprise Value/Gross Profit4.28
Enterprise Value/Ebitda14.12
Forecast
1Y Price Target
$7.97Price Target Upside135.80% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.39
Revenue Forecast (FY)$2.30B
E. W. Scripps Company Class A Business Overview & Revenue Model
Company DescriptionThe E.W. Scripps Company, together with its subsidiaries, operates as a media enterprise through a portfolio of local and national media brands. The company operates through Local Media, Scripps Network, and Other segments. The Local Media segment operates broadcast television stations, which produce news, information, and entertainment content, as well as its related digital operations. This segment also runs network, syndicated, and original programming. The Scripps Network segment comprises of national television networks. The Network operates through over-the-air broadcast, cable/satellite, connected TV, and digital distribution. In addition, the company provides content and services through the internet, smartphones, and tablets. Further, the company provides Newsy, a national news network, which provides politics, entertainment, science, and technology news; and Scripps National Spelling Bee, an investigative reporting newsroom in Washington, D.C. Additionally, the company offers ION, a national broadcast television network that delivers popular crime and justice procedural programming through over-the-air broadcast and pay TV platforms. It serves audiences and businesses. The E.W. Scripps Company operates through a network of 61 television stations. The company was founded in 1878 and is headquartered in Cincinnati, Ohio.
How the Company Makes MoneyScripps primarily makes money by selling advertising and related services across its television and audio platforms. The largest revenue streams generally include: (1) Local broadcast advertising: selling ad inventory on its local TV stations during news, syndicated, and other locally programmed time periods, including political advertising during election cycles. (2) Distribution (retransmission) revenue: earning fees from cable, satellite, and virtual MVPD distributors for the right to carry Scripps’ local broadcast stations (often referred to as retransmission consent revenue). (3) Network and national advertising: selling national ad time on its owned national networks (including ION and other networks in its portfolio) and related sponsorships. (4) Network distribution fees: earning affiliate/distribution fees for carriage of its national networks by pay-TV and streaming distributors, where applicable. (5) Digital audio revenue: monetizing podcasts and audio networks through advertising (including host-read ads, dynamic ad insertion, and sponsorships) and potentially licensing or other content-related arrangements where disclosed. Results are influenced by advertising market conditions (including cyclical political and major-event advertising), audience ratings and reach, the terms and outcomes of carriage negotiations with distributors, and the company’s ability to maintain and grow viewership/listenership across its station, network, and audio portfolios.
E. W. Scripps Company Class A Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 01, 2026
Earnings Call Sentiment Positive
The call presented a broadly positive strategic and operational picture: management highlighted sustained outperformance, strong core advertising growth (Local Media core +12% in Q4), rapid connected-TV/streaming expansion (+~10% Q4, +30% full year), meaningful margin improvement (nearly 700 bps at Scripps Networks), and a detailed transformation plan targeting $125M–$150M of EBITDA improvement by 2028 with earlier-year impacts. Offsetting these positives are pronounced near-term headwinds tied to election-cycle revenue volatility (Local Media segment profit down ~75% vs. prior political quarter), a Q4 GAAP EPS loss driven by nonrecurring charges, elevated net leverage (4.8x) and modest cash on hand, and some guidance showing networks revenue down in Q1. On balance, the call emphasized durable growth drivers (sports, CTV/streaming, accretive M&A) and a credible plan to improve profitability and the balance sheet, with management projecting meaningful leverage improvement and accretion from recent transactions.Q4-2025 Updates
Positive Updates
Consistent Outperformance
Fourth consecutive quarter of results that met or exceeded expectations across nearly every reporting line; management cites strong sales execution and disciplined expense management.
Transformation Plan with Clear EBITDA Targets
Announced enterprise transformation to grow EBITDA by $125M–$150M by 2028; near-term impact of $20M–$30M in 2026 and an annualized run rate of $60M–$75M expected entering 2027. Management describes the plan as 'bankable' and focused on both cost savings and revenue initiatives (AI, automation, centralization).
Scripps Networks Margin Expansion
Scripps Networks exceeded full-year 2025 guidance on margin expansion, delivering nearly 700 basis points of year-over-year margin improvement versus guidance of 400–600 basis points.
Strong Connected TV and Streaming Growth
Connected TV revenue grew nearly 10% in Q4 versus prior-year quarter and ~30% for the full year, outpacing the marketplace and contributing meaningfully to networks revenue growth.
Robust Core Local Advertising Performance
Local Media Q4 core advertising was up 12% despite total Local Media revenue of $360M being down 30% (driven by the absence of political revenue). All top-5 categories grew year-over-year, including services +19% and gambling +32%.
Scripps Networks Profitability
Scripps Networks Q4 revenue of $199M (down <8% YoY) produced segment profit of $64M and a 32% segment margin, with division expenses down 13% year-over-year driven by lower employee-related and operational costs.
Accretive M&A and Portfolio Optimization
Announced reacquisition of ~23 former ION-affiliated stations (~$54M aggregate purchase price) that will eliminate affiliate fees and be immediately accretive to Scripps Networks segment profit; closed Court TV sale (terms not disclosed) with a multiyear spectrum lease that management says is immediately accretive. Also expect ~$123M gross proceeds from sales of WFTX (Fort Myers) and WRTV (Indianapolis).
Local Sports and Political Tailwinds
Local sports partnerships (including new Tampa Bay Lightning rights and multiple growing NHL deals) are driving core advertising growth; management expects a robust midterm election cycle to boost revenue (noting ~$200M taken in 2022 midterms and favorable market alignment for 2026).
Active Balance Sheet Management
Paid down $55M on B2 term loan during the quarter; reported cash & cash equivalents of $28M and net debt of $2.3B at year-end, with management prioritizing debt reduction and expecting meaningful leverage improvement by year-end 2026.
Negative Updates
Significant Local Media Profit Decline Due to Political Absence
Local Media segment profit fell to $50M in Q4 from $199M in the prior-year political quarter — a decline of approximately 75% (driven by the absence of political advertising revenue), highlighting material cyclicality and dependence on election cycles.
Reported GAAP Loss per Share and Special Charges
GAAP loss of $0.51 per share in Q4 included a $19.5M noncash charge on Court TV held-for-sale assets, $2.4M in restructuring costs and a $2.4M loss on extinguishment of debt; these items increased the loss attributable to shareholders by $0.20 per share, and the preferred stock dividend reduced EPS by an additional $0.18.
High Net Leverage and Low Reported Cash
Net leverage was 4.8x per credit-agreement calculations at year-end, with net debt of $2.3B and cash & cash equivalents of $28M — management states leverage reduction is a top priority but current leverage is elevated.
Near-Term Revenue Pressure in Networks Guidance
Scripps Networks guided Q1 revenue down in the high single-digit range (seasonal headwinds noted), reflecting near-term top-line softness even though margins remain healthy; Q4 networks revenue was down <8% YoY.
Rising Corporate/Shared-Service Costs
Shared services and corporate expenses were $22M in Q4 and are expected to rise to about $27M in Q1 due to higher medical claims and increased insurance premiums, pressuring below-the-line results in the near term.
Earnings Volatility from Non-Operating Items and Divestitures
One-time items (noncash charges, restructuring, debt extinguishment) and preferred-stock accounting impacts created meaningful volatility in EPS; some sale terms (e.g., Court TV proceeds) were not disclosed, reducing near-term clarity on cash impact.
Company Guidance
Management reiterated an aggressive financial plan and specific near‑term guidance: an enterprise EBITDA target of $125–$150 million by 2028 (with an in‑year 2026 benefit of $20–$30 million and an expected annualized run‑rate of $60–$75 million entering 2027). For Q1, Local Media revenue is expected to be up low‑ to mid‑single digits (core advertising up mid‑single digits), with Local Media expenses up low single digits (but down ex‑Lightning); Scripps Networks revenue is guided down high‑single digits with expenses down low single digits, and corporate shared services/corporate is expected at about $27 million. Full‑year 2026 below‑the‑line guidance includes cash interest of $180–$190 million, cash taxes $15–$20 million, CapEx $60–$70 million, depreciation & amortization $140–$150 million and a minimum $4.5 million pension contribution. Key Q4 anchors and balance‑sheet context: Local Media Q4 revenue was $360 million (down 30% y/y due to no political; core +12%), Local Media segment profit $50 million (vs. $199M prior‑cycle), Scripps Networks Q4 revenue $199 million (down <8%), CTV +~10% in Q4 and +30% for the year, Scripps Networks segment profit $64 million (32% margin), Other loss $8 million, Q4 EPS loss $0.51 (including $19.5M held‑for‑sale charge, $2.4M restructuring, $2.4M debt extinguishment adding ~$0.20 to the loss and a $0.18 EPS headwind from the preferred dividend). They closed the Court TV sale (immediately accretive), expect to reacquire 23 ION stations for about $54 million (also immediately accretive), have $28 million cash, $2.3 billion net debt, paid $55 million on the B2 term loan, and reported 4.8x net leverage at year‑end with an expectation of a meaningful leverage reduction by year‑end 2026.E. W. Scripps Company Class A Financial Statement Overview
Summary
Operating fundamentals are weak and volatile: 2025 revenue declined (-7.3%), margins compressed (gross margin 40.7% vs. 47.4%), and the company returned to a net loss (net margin -7.6%). Cash generation fell sharply (FCF down ~94.7% to $6.5M). A key offset is the major deleveraging shown in 2025 (debt-to-equity ~0.01), reducing balance-sheet risk, but profitability and cash-flow instability keep the score low.Income Statement
Revenue has been volatile and is now contracting (down 7.3% in 2025 after growth in 2024), and profitability weakened sharply in 2025 with a return to net losses (net margin -7.6%) after a profitable 2024 (net margin 5.8%). Gross margin also compressed meaningfully (40.7% in 2025 vs. 47.4% in 2024), signaling pressure on the core economics. The multi-year picture shows material earnings instability (large loss in 2023, profits in 2020–2022 and 2024, then losses again in 2025), which limits confidence in the durability of margins.35
Negative
Balance Sheet
Leverage improved dramatically in 2025, with debt-to-equity dropping to ~0.01 from ~2.04 in 2024 and ~2.64 in 2023, which is a major positive for financial risk. However, equity remains pressured by weak returns (return on equity -13.2% in 2025 following +11.1% in 2024), reflecting that the capital base is not consistently generating profits. Overall, the balance sheet looks much less leveraged than prior years, but the swing back to losses keeps balance-sheet quality from scoring higher.42
Neutral
Cash Flow
Cash generation weakened significantly in 2025: operating cash flow fell to $53.1M from $365.7M in 2024, and free cash flow dropped to $6.5M from $300.4M (a -94.7% decline). While cash flow remained positive, coverage metrics deteriorated, and free cash flow was a small fraction of earnings power seen in prior profitable years. The company has shown it can produce strong free cash flow in good years (2020–2022 and 2024), but the sharp 2025 step-down highlights elevated volatility and execution/industry sensitivity.38
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.15B | 2.51B | 2.29B | 2.45B | 2.28B |
| Gross Profit | 725.24M | 1.19B | 1.01B | 1.22B | 1.18B |
| EBITDA | -49.37M | 575.55M | -598.89M | 598.03M | 514.17M |
| Net Income | -100.88M | 146.22M | -947.78M | 195.90M | 122.71M |
Balance Sheet | |||||
| Total Assets | 5.01B | 5.20B | 5.41B | 6.43B | 6.66B |
| Cash, Cash Equivalents and Short-Term Investments | 27.92M | 23.85M | 35.32M | 18.03M | 66.22M |
| Total Debt | 2.73B | 2.69B | 3.05B | 3.01B | 3.26B |
| Total Liabilities | 3.76B | 3.88B | 4.25B | 4.30B | 4.69B |
| Stockholders Equity | 1.25B | 1.32B | 1.16B | 2.13B | 1.97B |
Cash Flow | |||||
| Free Cash Flow | 6.52M | 300.42M | 51.98M | 265.63M | 175.83M |
| Operating Cash Flow | 53.10M | 365.68M | 111.60M | 311.42M | 237.00M |
| Investing Cash Flow | -12.13M | -26.54M | -60.61M | -66.39M | -2.46B |
| Financing Cash Flow | -36.90M | -350.61M | -33.71M | -327.48M | 693.48M |
E. W. Scripps Company Class A Technical Analysis
Negative
3.38
Price Trends
3.70
Negative
3.71
Negative
3.29
Positive
Market Momentum
0.03
Positive
38.01
Neutral
5.57
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SSP, the sentiment is Negative. The current price of 3.38 is below the 20-day moving average (MA) of 3.94, below the 50-day MA of 3.70, and above the 200-day MA of 3.29, indicating a neutral trend. The MACD of 0.03 indicates Positive momentum. The RSI at 38.01 is Neutral, neither overbought nor oversold. The STOCH value of 5.57 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SSP.
E. W. Scripps Company Class A Risk Analysis
E. W. Scripps Company Class A disclosed 18 risk factors in its most recent earnings report. E. W. Scripps Company Class A reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
E. W. Scripps Company Class A Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
58 Neutral | $522.84M | -5.52 | -3.00% | 6.45% | -3.32% | -69.63% | |
55 Neutral | $280.49M | -3.41 | -98.27% | 6.56% | -45.95% | -75.87% | |
52 Neutral | $300.92M | -3.48 | 1.81% | ― | -3.27% | 86.01% | |
52 Neutral | $72.06M | -8.92 | 0.18% | 8.81% | -0.77% | -93.46% | |
48 Neutral | $376.39M | -1.37 | 27.00% | ― | 1.39% | 61.75% | |
40 Underperform | $6.42M | -0.67 | -5.86% | ― | -7.78% | -369.53% |
* Communication Services Sector Average
SSP
E. W. Scripps Company Class A
3.38
0.02
0.60%
BBGI
Beasley Broadcast Group
3.56
-2.34
-39.66%
EVC
Entravision
3.05
1.06
53.19%
GTN
Gray Television
4.43
-0.36
-7.53%
SGA
Saga Communications
11.19
-0.73
-6.13%
IHRT
iHeartMedia
2.66
1.08
68.35%
E. W. Scripps Company Class A Corporate Events
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresM&A Transactions
Scripps Extends CEO Contract Amid Transformation and Expansion
Neutral
Feb 26, 2026
On Feb. 24, 2026, Scripps signed a new employment agreement with President and CEO Adam Symson running initially through Dec. 31, 2029, featuring higher guaranteed pay, a large one-time $10 million performance-based cash award tied to enterprise EBITDA growth, and robust severance protections paired with non-compete and confidentiality covenants. The structure tightly links Symson’s upside to ambitious EBITDA and share-price hurdles, reinforcing management’s commitment to a multi-year transformation plan and potentially aligning leadership incentives with shareholder interests.
Also on Feb. 24, 2026, Scripps exercised call options to re-acquire 23 ION-affiliated television stations previously divested to INYO Broadcast Holdings, with an estimated aggregate purchase price of about $54 million, subject to FCC approvals, potential waivers and the company’s right to walk away before closing. Management expects these stations, if acquired, to be immediately accretive to Networks segment profit and to enhance Scripps’ scale and positioning ahead of a robust 2026 political advertising cycle and its broader profit-improvement and deleveraging strategy.
In its Feb. 25, 2026, fourth-quarter 2025 earnings release, Scripps reported $560 million in revenue, down 23% year over year, and a $44.9 million loss attributable to shareholders, reflecting the absence of election-year political advertising and several non-cash and restructuring charges. Nonetheless, core local advertising grew 12%, networks segment profit improved, and the company highlighted a transformation program targeting $125 million to $150 million in annualized EBITDA growth by 2028 through cost cuts, automation and revenue initiatives, alongside asset sales and station swaps aimed at strengthening its portfolio and paying down debt.
The most recent analyst rating on (SSP) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on E. W. Scripps Company Class A stock, see the SSP Stock Forecast page.
Executive/Board ChangesShareholder Meetings
E.W. Scripps Prepares Board Slate Ahead of 2026 Meeting
Neutral
Feb 6, 2026
Ahead of its 2026 annual meeting of shareholders, The E.W. Scripps Company has been informed by the Scripps Family Agreement signatories that current directors Charles Barmonde, Monica Holcomb and Raymundo H. Granado Jr. are expected to stand for re-election to the board, signaling continuity in the company’s governance structure. The Scripps family group has also recommended longtime family-office executive Tracy Tunney Ward for nomination to the board, and the Nominating & Governance Committee will evaluate her candidacy alongside the full director slate, underscoring the family’s ongoing influence over board composition and the company’s leadership direction.
The most recent analyst rating on (SSP) stock is a Hold with a $3.50 price target. To see the full list of analyst forecasts on E. W. Scripps Company Class A stock, see the SSP Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.