The E.W. Scripps Company (SSP) investor relations material

Executive summary

• Q2 2026 revenue declined 9.2% year-over-year to $490 million, with a net loss of $1.2 billion or $12.68 per share, primarily due to a $1.1 billion non-cash impairment charge for Scripps Networks amid weak national advertising and ratings challenges.

• Transformation initiatives targeting $125–$150 million in EBITDA growth by 2028 and $100 million in annual run-rate savings by year-end 2026 are underway, including significant workforce reductions and operational efficiency measures.

• Major transactions included the sale of Court TV, WFTX, and WRTV, a station swap with Gray Media, and new sports rights agreements with the Detroit Pistons, Nashville Predators, and Women's Volleyball World Cup.

• The company faced challenges from Nielsen measurement changes, linear viewing declines, economic uncertainty, and pay TV blackouts.

• Political advertising revenue reached record levels for Q2, partially offsetting declines in core and distribution revenues.

Financial highlights

• Q2 2026 revenue was $490 million (down 9.2% year-over-year); net loss attributable to shareholders was $1.2 billion ($12.68 per share), driven by a $1.1 billion impairment charge.

• Local Media Q2 revenue was $317 million (down 5.4%); segment profit was flat at $55.8 million.

• Scripps Networks Q2 revenue was $172 million (down 16%); segment profit was $25.5 million (down 54%).

• Political advertising revenue surged to $28 million in Q2, a record for the quarter.

• Cash provided by operating activities was $17.1 million for the first half of 2026.

Outlook and guidance

• Transformation plan targets $100 million in annualized EBITDA improvement by year-end 2026 and $125–$150 million by 2028.

• Full-year political advertising revenue expected between $225–$250 million, up from $198 million in 2022.

• Local Media division Q3 revenue expected to rise ~20% year-over-year; Scripps Networks Q3 revenue expected to decline mid-teens percent.

• Expense improvements anticipated from ongoing transformation and job reductions.

• CapEx forecast lowered to $50–$60 million for the year.