CINCINNATI — The E.W. Scripps Company (NASDAQ: SSP) delivered $517 million in revenue for the first quarter of 2026. Loss attributable to the shareholders of Scripps was $18 million or 20 cents per share.
Business notes:
From Scripps President and CEO Adam Symson:
“We’re moving through the second quarter with real momentum, fueled by progress toward our transformation goals, the ongoing successes with our Scripps Sports strategy and meaningful reductions in our leverage ratio. We are on track in the execution of our ambitious plans to improve company EBITDA by at least 30% over the next two years. Hundreds of colleagues from every area of the company have come together to identify more than 1,000 cost savings and revenue growth initiatives. Our execution plans leverage AI, automation and other technology to fundamentally improve how we operate.
“The magnitude of our transformation is evident in the early changes to our leverage ratio and the improvement we’ll continue to see on our balance sheet. We plan to use proceeds from midterm political advertising revenue to make meaningful further progress.
“We’re also capitalizing on live sports across both divisions’ portfolios. Tomorrow night, the WNBA regular season tips off with a double-header on our ION network and tremendous excitement about the return of Caitlin Clark and this year’s class of draft picks. We’ll once again broadcast the most WNBA games of any network, bringing a double-header every Friday night to fans nationwide. We’re also seeing continued strong advertiser demand for our broadcasts of women’s professional soccer, hockey, volleyball, track, pro cheer, rodeo and college basketball. We recognized early that Americans were embracing the quality and professionalism of women’s sports, and we’re pleased to have become the go-to source for brands that want to connect with fans.
“We continue to expand on our opportunity, having recently announced a new partnership with the NHL’s Nashville Predators for local broadcast, and with the PBR for Premier Women’s Rodeo, which we’ll bring to Grit, ION and our new streaming channel, Scripps Sports Network. In March, we launched the network to build on our leadership in sports and leverage our existing sports rights. Through this network, we’re delivering more than 100 live games a year, original sports programming, documentaries and sports talk shows.
“This is shaping up to be a pivotal year for our company. We’re using the word transformation to describe how all of us at Scripps are questioning what we do, how we do it and why, with a goal of forming the optimal organizational structure to position us to grow, inside our current businesses and beyond. Through that growth, we will continue to serve our audiences, advertisers, sports fans and communities with objective journalism, meaningful personal connection, live sports and quality entertainment – and at the same time, create new shareholder value.”
Operating results
First-quarter company revenue was $517 million, a decrease of 1.4% or $7.5 million from the prior-year quarter. Costs and expenses for segments, shared services and corporate were $457 million, up from $454 million in the year-ago quarter.
Loss attributable to the shareholders of Scripps was $18 million or 20 cents per share. The current-year quarter included a $30 million gain from the sales of Court TV and two television stations: WFTX in Fort Myers, Florida, and WRTV in Indianapolis. These sale transactions decreased the loss attributable to shareholders by 25 cents per share. In the prior-year quarter, loss attributable to shareholders of Scripps was $18.8 million or 22 cents per share. The prior-year quarter included a $4.1 million restructuring charge that increased the loss attributable to shareholders by 4 cents per share.
First-quarter 2026 as-reported results by segment compared to prior-period amounts:
Local Media
Revenue was $342 million, up 5% from the prior-year quarter.
Segment expenses increased 1.5% to $295 million.
Segment profit was $46.7 million, compared to $34.9 million in the year-ago quarter.
Scripps Networks
Revenue was $176 million, down 11% from the prior-year quarter. Segment expenses were $130 million, down 3.1% from the prior-year quarter.
Segment profit was $46.3 million, compared to $64.1 million in the year-ago quarter.
First-quarter 2026 adjusted combined results by segment compared to prior-period amounts:
In order to provide more meaningful year-over-year comparisons, we are providing non-GAAP supplemental information for certain revenues and expenses for the prior-year periods on an adjusted combined basis.
The adjusted combined revenue and expense information illustrates what the historical results of Scripps would have been, given the assumptions outlined in the supplemental materials and had WFTX, WRTV and WTVQ (Local Media) and Court TV (Scripps Networks) transactions been effective at the beginning of 2025. Refer to the “Supplemental Information” section that begins on page E-8 of the attached tables.
Local Media – Adjusted combined basis
Revenue was $331 million, up 5.8% from the prior-year quarter.
Segment expenses increased 2.4% to $287 million.
Segment profit was $43.7 million, compared to $32.3 million in the year-ago quarter.
Scripps Networks – Adjusted combined results
Revenue was $174 million, down 9.5% from the prior-year quarter. Segment expenses were $126 million, up 1% from the prior-year quarter.
Segment profit was $47.5 million, compared to $66.8 million in the year-ago quarter.
Financial condition
On March 31, cash and cash equivalents totaled $84 million. That amount reflects the proceeds received from the sale of WRTV in Indianapolis, which closed on March 31.
Total debt was $2.6 billion. At March 31, long-term debt included $1.7 billion of senior notes outstanding, $588 million of term loans outstanding and $322 million under the accounts receivable securitization facility. Additionally, we had $20 million outstanding under our revolving credit facility. On March 31, we made principal pre-payments totaling $30.6 million on our June 2028 and November 2029 term loans.
Scripps did not declare or provide payment for the first-quarter 2026 quarterly preferred stock dividend. The 9% dividend rate on the preferred shares compounds quarterly. At March 31, aggregated undeclared and unpaid cumulative dividends totaled $133 million. Under the terms of Berkshire Hathaway’s preferred equity investment in Scripps, the company is prohibited from paying dividends on or repurchasing common shares until all preferred shares are redeemed.
Looking ahead
Comparisons for our segments are to the same adjusted combined period in 2025.
Conference call
The company’s senior management team will hold a call to discuss first-quarter 2026 results at 9:30 a.m. Eastern time on Friday, May 8.
The company’s protocol for joining its earnings calls is as follows:
A replay of the conference call will be archived and available online for an extended period of time. To access the audio replay, visit http://ir.scripps.com/ approximately four hours after the call, and the link can be found on that page under “audio/video links.”
Forward-looking statements
This document contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “believe,” “anticipate,” “intend,” “expect,” “estimate,” “could,” “should,” “outlook,” “guidance,” “target” and similar references to future periods. Examples of forward-looking statements include, among others, statements the company makes regarding expected operating results and future financial condition. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on management’s current beliefs, expectations, and assumptions regarding the future of the industry and the economy, the company’s plans and strategies, anticipated events and trends, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties, and changes in circumstance that are difficult to predict and many of which are outside of the company’s control. The company’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause the company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: change in advertising demand, fragmentation of audiences, loss of affiliation agreements, loss of distribution revenue, increase in programming costs, changes in law and regulation, the company’s ability to identify and consummate strategic transactions, the controlled ownership structure of the company, and the company’s ability to manage its outstanding debt obligations. A detailed discussion of such risks and uncertainties is included in the company’s Form 10-K, on file with the SEC, in the section titled “Risk Factors.” Any forward-looking statement made in this document is based only on currently available information and speaks only as of the date on which it is made. The company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise.
Investor contact: Carolyn Micheli, The E.W. Scripps Company, (513) 977-3732, [email protected]
Media contact: Becca McCarter, The E.W. Scripps Company, (513) 410-2425, [email protected]
About Scripps
The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating connection. As one of the nation’s largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of about 60 stations in 40 markets. Scripps reaches households across the U.S. with national news outlet Scripps News and popular entertainment brands ION, Bounce, Grit, ION Mystery, ION Plus and Laff. Scripps is the nation’s largest holder of broadcast spectrum. Scripps Sports serves professional and college sports leagues, conferences and teams with local market depth and national broadcast reach of up to 100% of TV households. Founded in 1878, Scripps is the steward of the Scripps National Spelling Bee, and its longtime motto is: “Give light and the people will find their own way.”