CINCINNATI – The E.W. Scripps Company (NASDAQ: SSP) delivered $490 million in revenue for the second quarter of 2026. Loss attributable to the shareholders of Scripps was $1.2 billion or $12.68 per share. A non-cash goodwill and other intangible assets impairment charge for the quarter accounted for $11.61 of the per-share loss.
Recent company events:
From Scripps President and CEO Adam Symson:
“We’re in the midst of transforming Scripps through fundamental changes in how we operate. These changes leverage today’s most advanced technology, AI and automation to both deliver improved operating results and allow us to better serve our local consumers, audiences and advertisers that rely on us across the nation. The company’s Q2 financial results, impacted by the economic environment and audience measurement challenges, are not reflective of the progress we’re making. We expect the transformation benefits to the company’s health and performance to become increasingly visible in the coming quarters.
“In parallel with our transformation work, we continue to evaluate and execute M&A opportunities through a disciplined lens focused on accretive transactions that improve our financial footing and strategic flexibility. Our recently closed transactions bring greater depth and operating efficiency to our local stations portfolio to create the economic durability to sustain our public service commitment: high-quality local news, emergency alerts, weather coverage and local sports that keep people informed, engaged and connected to their communities.
“During the second quarter, we demonstrated our commitment to two important revenue growth strategies. First, with Scripps Sports, our new Detroit Pistons and Nashville Predators agreements will drive incremental core advertising revenue growth on top of the organic growth we expect from our existing robust portfolio of local sports. Second, the three new distribution agreements we closed acknowledge the enduring value of local television stations as essential infrastructure for American communities.
“Scripps is differentiating ourselves by attacking industry disruption with bold strategic bets. We are making difficult decisions, including eliminating 268 jobs across the company earlier this week, in service to our ability to survive and thrive and fulfill our commitments to our country and to our shareholders. Macroeconomic conditions have come and gone, and we have survived them. What distinguishes our approach today is that we are being proactive in making permanent changes that allow us to succeed within the realities of today’s media landscape.”
Operating results
Second-quarter company revenue was $490 million, a decrease of 9.2% or $49.7 million from the prior-year quarter. Political revenue was $29.7 million, compared to $3.1 million in the prior-year quarter, a non-election year. Costs and expenses for segments, shared services and corporate were $441 million, down from $457 million in the year-ago quarter, reflecting tight expense controls and savings achieved through our enterprise-wide transformation plan.
Loss attributable to the shareholders of Scripps was $1.2 billion or $12.68 per share. The current-year quarter included a non-cash goodwill and other intangible assets impairment charge for Scripps Networks of $1.1 billion, $35.8 million in restructuring costs and a $9.3 million gain from our stations swap with Gray Media, Inc. When taken together, these items increased the loss attributable to shareholders by $11.83 per share. In the prior-year quarter, loss attributable to shareholders of Scripps was $51.7 million or 59 cents per share. The prior-year quarter included $38.1 million of financing transaction costs, a $31.4 million gain on our West Palm Beach, Florida, television station building sale, a $5.6 million write-off of deferred financing costs and a $3 million loss on extinguishment of debt. When taken together, these items increased the loss attributable to shareholders by 13 cents per share.
Second-quarter 2026 segment results compared to prior-period amounts:
Local Media
Revenue was $317 million, down 5.4% from the prior-year quarter.
Segment expenses decreased 6.5% to $261 million.
Segment profit was $55.8 million, flat from a year-ago quarter.
Scripps Networks
Revenue was $172 million, down 16% from the prior-year quarter. Segment expenses were $146 million, down 2.3% from the prior-year quarter.
Segment profit was $25.5 million, compared to $55.9 million in the year-ago quarter.
Second-quarter 2026 segment results compared to prior-period adjusted combined 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 $317 million, down 1.2% from the prior-year quarter.
Segment expenses decreased 3.1% to $261 million.
Segment profit was $55.8 million, compared to $51.4 million in the year-ago quarter.
Scripps Networks – Adjusted combined basis
Revenue was $172 million, down 13% from the prior-year quarter. Segment expenses were $146 million, up 3.7% from the prior-year quarter.
Segment profit was $25.5 million, compared to $57.2 million in the year-ago quarter.
Financial condition
On June 30, cash and cash equivalents totaled $13 million, and total debt was $2.5 billion.
At June 30, long-term debt included $1.7 billion of senior notes outstanding, $558 million of term loans outstanding and $314 million under the accounts receivable securitization facility. During the first six months of 2026, we made principal pre-payments totaling $60.6 million on our June 2028 and November 2029 term loans.
Scripps did not declare or provide payment for either of the quarterly preferred stock dividends in 2026. The 9% dividend rate on the preferred shares compounds quarterly. At June 30, aggregated undeclared and unpaid cumulative dividends totaled $150 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.
Year-to-date 2026 operating results:
The following comparisons are to the period ending June 30, 2025:
Revenue was $1 billion, a decrease of 5.4% or $57.2 million from the prior year. Political revenue was $39.8 million, compared to $6.4 million in the prior year, a non-election year.
Costs and expenses for segments, shared services and corporate were $898 million, down from $911 million in the year-ago period, reflecting tight expense controls and savings achieved through our enterprise-wide transformation plan.
Loss attributable to the shareholders of Scripps was $1.2 billion or $13.04 per share. The 2026 period included a non-cash goodwill and other intangible assets impairment charge for Scripps Networks of $1.1 billion, $36.5 million in restructuring costs and a $38.9 million gain from the sale of Court TV and two television stations: WFTX in Fort Myers, Florida, and WRTV in Indianapolis, as well as our stations swap with Gray Media, Inc. When taken together, these items increased the loss attributable to shareholders by $11.74 per share. In the prior year, loss attributable to the shareholders of Scripps was $70.5 million or 81 cents per share. The 2025 period included $38.1 million of financing transaction costs, a $31.4 million gain on our West Palm television station building sale, a $5.6 million write-off of deferred financing costs, $4.8 million in restructuring costs and a $3 million loss on extinguishment of debt. When taken together, these items increased the loss attributable to shareholders by 17 cents per share.
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 second-quarter 2026 results at 9:30 a.m. Eastern time on Friday, Aug. 7.
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.”