The E.W. Scripps Company

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  • Mon, Feb. 1, 5:24 PM
    • In an increasingly rare drama-free re-signing, Scripps (NYSE:SSP) has struck a multi-year retransmission agreement with Time Warner Cable (NYSE:TWC).
    • The deal also covers some Bright House Networks systems for which TWC handles negotiations. It covers stations representing some 3M households in 14 markets.
    | Mon, Feb. 1, 5:24 PM
  • Thu, Jan. 28, 2:26 PM
    • Newsy -- E.W. Scripps' (SSP -1.7%) over-the-top video news offering targeted at millennials -- has set up a bureau in Washington, D.C., one of a number of moves over the past several months to establish its offering heading into a key election year.
    • Zach Toombs will lead the D.C. team as Newsy puts a new emphasis on political reporting. It's concurrently launching an interactive "Buying Democracy" video experience to explore the links between donors and candidates.
    • The unit has set up teams in Chicago, New York and Cincinnati in addition to its Columbia, Mo., HQ. Newsy is available on seven streaming platforms.
    | Thu, Jan. 28, 2:26 PM
  • Dec. 16, 2015, 5:52 PM
    • As some reports anticipated, a rider has been attached to an omnibus federal spending bill that's set to weaken a 2014 FCC rule covering broadcast ownership restrictions, in a win for local broadcasters like Sinclair (SBGI +3.4%) and Nexstar (NXST +6.8%), as well as Gray Television (GTN +4.3%) and Scripps (SSP +4.7%).
    • The FCC had moved on March 31, 2014 to fight market power gathering by companies controlling two stations in a market, particularly by banning "joint sales agreements" that FCC Chairman Tom Wheeler called de facto control.
    • The rider would grandfather in JSAs that existed before the 2014 rule change, for a period of 10 years. Among braodcast chains, Sinclair Broadcast Group and Nexstar have been among the more aggressive users of JSAs in growth.
    • The National Association of Broadcasters applauded the move: "This provision would allow TV stations to better serve our viewers in smaller markets, and ensure that constituents in those communities continue to have access to numerous free, local programming options.”
    • Previously: Report: Congress to ease pending local broadcast ownership restrictions (Dec. 14 2015)
    | Dec. 16, 2015, 5:52 PM | 4 Comments
  • Nov. 20, 2015, 11:12 AM
    • E.W. Scripps' (NYSE:SSP) chairman/CEO Richard Boehne has adopted a stock trading plan under rule 10b5-1.
    • The pre-arranged plan will provide for selling up to 466,500 shares underlying options beginning Dec. 21 and completed by Feb. 12. The options were granted in February 2008.
    • The intent of the sales is to facilitate charitable giving, the company says; as with other 10b5-1s, Boehne won't have any discretion over the sales.
    | Nov. 20, 2015, 11:12 AM
  • Nov. 6, 2015, 11:19 AM
    • E.W. Scripps (NYSE:SSP) has slid today, -6.6%, after a Q3 earnings report where an adjusted break-even result became a $24.4M loss after an impairment charge to its digital business.
    • The company says that since it acquired its digital product Newsy, it's seen slow revenue growth despite recent momentum with Apple TV and Comcast's Watchable. Investing in it as an over-the-top platform led Scripps to record a n impairment to goodwill.
    • Operating revenue by segment: Television, $157.4M (up 35.2%); Radio, $20.4M (new); Digital, $10.9M (up 102.8%); Syndication and other, $972K (down 27.8%).
    • For Q4, management sees TV revenue dropping in the low to mid-teens (political revenue expected of $4M vs. $43.9M last year); radio revenue down mid-single digits; and digital revenue up in the mid-30% range.
    | Nov. 6, 2015, 11:19 AM
  • Nov. 6, 2015, 7:33 AM
    • E.W. Scripps (NYSE:SSP): Q3 EPS of $0.02 beats by $0.05.
    • Revenue of $189.69M (+54.1% Y/Y) beats by $3.06M.
    | Nov. 6, 2015, 7:33 AM
  • Nov. 5, 2015, 5:30 PM
  • Oct. 29, 2015, 7:21 PM
    • Maintaining a push to keep up with industry moves toward original material, E.W. Scripps (NYSE:SSP) has named Mark Binda senior director of programming for its station group.
    • He'll work with the company's station managers to build up original programming and syndication deals. In particular, Binda and programming VP Cater Lee will seek daytime material to add to its shows The List, The Now and RightThisMinute.
    • Binda joined Nashville affiliate WTVF in 1985 and he will also continue to serve as program and research director there.
    | Oct. 29, 2015, 7:21 PM
  • Oct. 27, 2015, 3:31 PM
    • Newsy, the over-the-top video news offering owned by E.W. Scripps (SSP -1.4%), is joining the Xumo smart-TV platform as its news content partner.
    • Xumo's connected-TV platform will offer Newsy through a channel on the service, Newsy Live, which will offer a continually updated feed of top stories and hourly updates from the newsroom as well as on-demand viewing.
    • The move means that Newsy is available now on Xumo as well as Comcast's Watchable, Pluto TV, Roku, and Amazon's Fire TV.
    | Oct. 27, 2015, 3:31 PM
  • Oct. 7, 2015, 6:51 PM
    • E.W. Scripps (NYSE:SSP) picked up 6.1% and rose to its highest point since mid-August as Evercore upgrades the stock to Buy, from Hold.
    • The firm made the move after meeting with Scripps management. It's reduced its price target, though, on a "sum-of-the-parts" analysis.
    • The new target is $24, down from $25. Scripps closed today at $19.42, implying 23.6% more upside even after today's move up. Evercore praised its "strong and flexible" balance sheet.
    • Updated 8 p.m.: Scripps says it expects its spinoff of newspaper ops into Journal Media Group to remain tax-free even with Gannett's planned acquisition of JMG. It's received a tax counsel opinion to that effect.
    • Shares are down 13.1% YTD, but up 17.7% over the past month.
    | Oct. 7, 2015, 6:51 PM
  • Oct. 7, 2015, 5:35 PM
    • Journal Media Group (JMG +5.5%) is up 8.4% after hours on a Wall Street Journal report that Gannett (NYSE:GCI) is close to a deal to buy it out.
    • A deal that could reach $300M (at a premium of 50% or more) could be announced as soon as tomorrow.
    • Journal Media Group was established just this spring in a merger/spinoff between E.W. Scripps (NYSE:SSP) and Journal Communications; JMG took on the newspaper operations of both companies while handing off broadcast and digital media to Scripps.
    • With Gannett (which recently underwent its own broadcast/print spinoff with Tegna) ready to buy into the pure-play print company, the move could kick off a long-awaited round of newspaper industry consolidation.
    • Gannett is flat in after-hours trading.
    • Previously: Scripps, Journal wrap broadcast/print merger, spinoff (Apr. 01 2015)
    | Oct. 7, 2015, 5:35 PM
  • Sep. 10, 2015, 10:57 AM
    • Cater Lee, formerly a key executive in TV program development at E.W. Scripps (NYSE:SSP), is returning to the company to lead programming as a vice president.
    • The move is effective Monday. Lee helped launch multiple programs for Scripps stations in her stint from 2011 to 2014, including syndicated success The List.
    • After its merger/spinoff with Journal Communications, Scripps re-focused as primarily a broadcaster and one of the country's largest independent station owners, with 33 stations in 24 markets (and 34 radio stations in eight markets).
    | Sep. 10, 2015, 10:57 AM
  • Aug. 24, 2015, 2:24 PM
    • E.W. Scripps (SSP -1.8%) will take a charge of up to $60M in Q4 as it offers about 4,300 former employees with vested deferred pension benefits an option of getting those benefits as a lump sum or an immediate annuity.
    • Employees were notified over the weekend, and have until Oct. 13 to choose. Lump sums will be paid out in November.
    • The precise noncash settlement charge will depend on the rate of acceptance. Scripps expects the plan's funded status (80% ratio at 2014's end) to be materially unchanged.
    | Aug. 24, 2015, 2:24 PM
  • Aug. 10, 2015, 12:59 PM
    • E.W. Scripps (NYSE:SSP) is off 4.1% after dueling price target actions today in the wake of posting a Q2 loss Friday.
    • Jefferies Group has lowered its target on the shares to $23, from $25. It maintains a Hold rating on the stock.
    • Scripps closed Friday at $20.25 and is now trading at $19.42.
    • Meanwhile, Benchmark has raised its target on Scripps to $29, from $28, implying a 49% upside from today's price.
    • The stock picked up 3% on Friday after it posted a loss due to restructuring costs. It was the first quarter reporting under reorganized categories following a merger/spinoff with Journal Media Group.
    • Previously: Scripps up 3.7% as TV results boosted by retransmission revenues (Aug. 07 2015)
    | Aug. 10, 2015, 12:59 PM
  • Aug. 7, 2015, 11:31 AM
    • E.W. Scripps (NYSE:SSP) is up 3.7% after posting a wider Q2 loss (driven by restructuring costs) in its first quarter reporting under new categories, following the April 1 merger/spinoff with Journal Media Group that placed broadcast properties with Scripps.
    • Pre-spinoff newspaper results are now reported as discontinued operations.
    • Revenues by segment: Television, $167.4M (up 50.3%); Radio, $19.4M (new); Digital, $8.6M (up 58%); Syndication and Other, $2.7M (down 6.1%). In P&L, the company lost $4.9M in Digital and $1M in Syndication and Other, but drew a $4.9M profit from Radio and a $44.6M profit in TV.
    • Results in TV were boosted by retransmission revenues that rose $13.5M to $36M, offsetting a decline in political advertising (down $4.7M to $2.2M).
    • For Q3, management says it expects TV revenue down mid single digits (prior year had $21M political revenue) and expenses up high single digits; radio revenue flat to down low single digits, and expenses to rise low single digits; and digital revenue (boosted by its Midroll acquisition) to be up more than 40% and expenses up mid-20s.
    | Aug. 7, 2015, 11:31 AM
  • Aug. 7, 2015, 7:34 AM
    • E.W. Scripps (NYSE:SSP): Q2 EPS of -$0.15
    • Revenue of $198.1M (+65.5% Y/Y)
    | Aug. 7, 2015, 7:34 AM
Company Description
The E W Scripps Co is a media enterprise with interests in television stations, newspapers, and local and national digital media sites. It operates in three segments namely television, newspaper and syndication.