CINCINNATI – The E.W. Scripps Company (NASDAQ: SSP) delivered $545 million in revenue for the third quarter of 2026. Income attributable to the shareholders of Scripps was $20.7 million or 21 cents per share.
Recent company events:
From Scripps President and CEO Adam Symson:
“During this contentious 2026 midterm election cycle, broadcast television continued to prove itself to be the best vehicle for reaching voters because we provide a trustworthy platform in a politically polarizing climate. Local TV platforms took nearly half of the record $11.9 billion spent this year, according to AdImpact. Scripps’ strong political footprint drove our full-year political ad revenue 44% above our 2022 midterm results. Our performance benefited from our local sports strategy, strong connected TV business and dedicated political sales force.
“The companywide transformation we launched in February is well underway and on track to deliver both on our commitment to evolve the company’s products and the expected benefit to enterprise EBITDA next year. Our goal is to ensure Scripps remains a strong media company positioned to serve our communities and preserve local journalism by adapting to how Americans consume news and information. In part aided by technology, our teams are producing more reporting from the field, deepening our community news coverage and expanding our reach to audiences across broadcast, streaming, digital and social platforms while improving the segment profit of our business.
“In our Scripps Networks division, we saw a modest sequential recovery in our third-quarter revenue and profit margin, bolstered by the early impact of Nielsen’s updated ratings methodology and 37% growth in revenue from our connected TV/streaming platform distribution. Disciplined expense management drove a year-over-year decline in total adjusted combined expenses when you factor out the first-year impact of our new WNBA contract.
“The work underway reflects our priorities to improve our earnings trajectory, strengthen the balance sheet and best serve American media consumers. At the same time, we continue to evaluate accretive M&A opportunities with discipline, focusing on transactions that enhance our financial position and strategic flexibility within our current balance sheet.”
Operating results
Third-quarter company revenue was $545 million, an increase of 3.6% or $19 million from the prior-year quarter. Political revenue was $82.6 million, compared to $5.5 million in the prior-year quarter, a non-election year. Costs and expenses for segments, shared services and corporate were $427 million, down from $449 million in the year-ago quarter, reflecting tight expense controls and savings achieved through our enterprise-wide transformation plan.
Income attributable to the shareholders of Scripps was $20.7 million or 21 cents per share. The current-year quarter included $18.8 million in restructuring costs, which decreased the income attributable to shareholders by 14 cents per share. In the prior-year quarter, loss attributable to shareholders of Scripps was $49 million or 55 cents per share. The prior-year quarter included a $7.6 million loss on extinguishment of debt, $6.5 million of financing transaction costs, a $1.4 million write-off of deferred financing costs and $2.7 million in restructuring costs. When taken together, these items increased the loss attributable to shareholders by 15 cents per share.
Third-quarter 2026 segment results compared to prior-period amounts:
Local Media
Revenue was $373 million, up 15% from the prior-year quarter.
Segment expenses decreased 6.4% to $255 million.
Segment profit was $118 million, up from $52.8 million a year-ago quarter.
Scripps Networks
Revenue was $173 million, down 14% from the prior-year quarter. Segment expenses were $140 million, down 5.2% from the prior-year quarter.
Segment profit was $33 million, compared to $53.3 million in the year-ago quarter.
Third-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 $373 million, up 19% from the prior-year quarter.
Segment expenses decreased 3.1% to $255 million.
Segment profit was $118 million, compared to $49.8 million in the year-ago quarter.
Scripps Networks – Adjusted combined basis
Revenue was $173 million, down 11% from the prior-year quarter. Segment expenses were $140 million, up 0.9%.
Segment profit was $33 million, compared to $56 million in the year-ago quarter.
Financial condition
On Sept. 30, cash and cash equivalents totaled $83.4 million, and total debt was $2.5 billion.
At Sept. 30, long-term debt included $1.7 billion of senior notes outstanding, $558 million of term loans outstanding and $274 million under the accounts receivable securitization facility. During the first nine 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 any of the quarterly preferred stock dividends in 2026. The 9% dividend rate on the preferred shares compounds quarterly. At Sept. 30, aggregated undeclared and unpaid cumulative dividends totaled $166 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 Sept. 30, 2025:
Revenue was $1.6 billion, a decrease of 2.4% or $38.2 million from the prior year. Political revenue was $122 million, compared to $11.9 million in the prior year, a non-election year.
Costs and expenses for segments, shared services and corporate were $1.3 billion, down from $1.4 billion 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 $12.73 per share. The 2026 period included a non-cash goodwill and other intangible assets impairment charge for Scripps Networks of $1.1 billion, $55.3 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 $11.82 per share. In the prior year, loss attributable to the shareholders of Scripps was $120 million or $1.36 per share. The 2025 period included $44.5 million of financing transaction costs, a $31.4 million gain on our West Palm television station building sale, a $10.6 million loss on extinguishment of debt, $7.5 million in restructuring costs and a $7 million write-off of deferred financing costs. When taken together, these items increased the loss attributable to shareholders by 33 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 third-quarter 2026 results at 9:30 a.m. Eastern time on Friday, Nov. 6.
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) 313-5910, [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.”