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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.
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)
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.
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, 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)
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. 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. 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.
Apr. 1, 2015, 12:45 PM
Mar. 30, 2015, 12:03 PM
- E.W. Scripps (NYSE:SSP) is up 2.4% after setting $60M up for the special dividend associated with its merger/spinoff with Journal Communications (JRN +2.5%).
- As expected, the closing date for the transaction is this Wednesday, April 1.
- When-issued trading is under way for Journal Media Group (JMG -0.4%), the resulting spinoff ticker that will hold the newspaper assets from JRN and SSP.
Feb. 3, 2015, 10:17 AM
- The New York Times Co. (NYSE:NYT) is up 5.9% on news of its Q4 earnings beat.
- Digital ad growth of 19% is seen as encouraging as the company wrestles with slipping print advertising revenue.
- News peers are also trading higher today: (GCI +2.8%), (SSP +2.9%), (LEE +3.4%), (AHC +2.5%).
- The NYT conference call comes up at 11 a.m.
Aug. 11, 2014, 1:45 PM
- There's some asset re-allocation going on in the media sector with a group of newspapers stocks piling on some gains - while select TV broadcaster and digital media stocks head in the other direction.
- The flurry of merger and spinoff news within the sector has created more pure-play bets and consolidated some firms into larger players.
- Analysts have noted the extra volatility in the sector has created more buy/sell opportunities than normal on mismatched valuation.
- Gainers: McClatchy (NYSE:MNI) +3.0%, Lee Enterprises (NYSE:LEE) +3.3%, New Media Investment (NYSE:NEWM) +4.4%.
- Decliners: E.W. Scripps (NYSE:SSP) -3.6%, Media General (NYSE:MEG) -2.1%, Journal Communication (NYSE:JRN) -3.4%.
- Related ETF: PBS
Jul. 31, 2014, 12:45 PM
Jul. 31, 2014, 9:11 AM| Jul. 31, 2014, 9:11 AM | 4 Comments
Jun. 25, 2014, 12:11 PM
- Sinclair Broadcast (SBGI +14.1%), Media General (MEG +10.4%), E.W. Scripps (SSP +7.9%), Gray Television (GTN +7.5%), Meredith (MDP +4.3%), Gannett (GCI +3.8%), and Nextar (NXST +15.6%) are taking off after the Supreme Court ruled (by a 6-3 vote) Aereo's TV streaming service is illegal.
- National broadcast network owners are generally showing more moderate gains.
May 12, 2014, 1:20 PM
- TV broadcast stocks are outperforming for the day after the sector was tapped by M.D. Sass to soar.
- The investment firm notes there is a disconnect between the 10% of carriage fee revenue broadcasters haul in compared to the 35% of total viewing they account for across the industry. A normalization of the revenue mix is in the "early inning," according to Sass.
- A timely initiation by Wells Fargo of Media General at Outperform is also giving a boost.
- Gainers: E.W. Scripps (SSP) +7.6%, Nexstar Broadcasting (NXST) +5.7%, Media General (MEG) +4.8%, Liberty Interactive (LVNTA) +1.9%, Sinclair Broadcast Group (SBGI) +1.9%, Gray Television (GTN) +1.7%.
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.
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