The E.W. Scripps Company (SSP) Noble Capital Markets Emerging Growth Conference summary

Company overview and strategic vision

• Nearly 150 years old, now focused on television with national and local segments.

• Owns over 60 local TV stations in 41 markets, mostly Big Four affiliates.

• 2023 revenue was about $2.5 billion with under $600 million in Adjusted EBITDA.

• Strategic focus on sports content and digital/connected TV to offset legacy headwinds.

• Political advertising and sports partnerships are key growth drivers.

Local broadcast trends and revenue drivers

• Sports strategy includes deals with four NHL teams, boosting reach and ad revenue.

• Political ad revenue hit a record $343 million in 2024, with strong midterm expectations for 2026.

• Core ad revenue up 2% in Q3 and guided to 10% in Q4, outperforming industry trends.

• Automotive ad category faces headwinds, but services, home improvement, and retail remain strong.

• Digital and connected TV distribution prioritized to meet changing viewer habits.

Retransmission and network contract outlook

• Retransmission fees remain a growth engine, with a major renewal cycle in 2025 covering 70% of pay TV subscribers.

• Expecting gross retrans revenue growth and declining network expense due to reduced exclusivity.

• Net retrans revenue and margin projected to grow over the next few years.

• ABC contract renewal is the largest, set for mid-2025; CBS, NBC, and Fox contracts staggered.