Mon, Aug. 24, 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.
Mon, Aug. 10, 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)
Fri, Aug. 7, 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.
- Press Release
Wed, Apr. 1, 12:45 PM
Mon, Mar. 30, 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.
Tue, Feb. 3, 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%.
Mar. 21, 2014, 8:13 AM
- Broadcast media names get jiggy after Media General agrees to buy Lin Media for nearly double last night's close.
- Gray Television (GTN) +9.2% premarket, Nexstar Broadcasting (NXST) +3.2%, E.W. Scripps (SSP) +1.1%. Keep an eye on Entravision Communication (EVC) as well, along with the PowerShares Dynamic Media Portfolio (PBS).
Mar. 17, 2014, 2:22 PM
- A dour warning from Wells Fargo on broadcaster stocks is wreaking havoc in the sector.
- The group is giving up much of the M&A premiums it had built up over the last few months.
- Decliners: Gray Television (GTN) -12.5%, Nexstar Broadcasting (NXST) -9.1%, inclair Broadcast Group (SBGI) -7.4%, E.W. Scripps (SSP) -5.4%, Entravision Communication (EVC) -2.7%, Media General (MEG) -5.0%.
- The PowerShares Dynamic Media ETF (PBS) is under-performing a bit today due to its exposure to the group.
Mar. 4, 2014, 1:08 PM
Sep. 17, 2013, 5:36 PM
Aug. 5, 2013, 12:45 PM
SSP vs. ETF Alternatives
The E W Scripps Cois 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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