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- **Revenue Growth Driven by Sports**: Q3 sports advertising up 30%, Connected TV revenue +41% YoY, with plans for double-digit growth in 2026.
- **Debt Reduction and Efficiency**: $123M from station sales used to deleverage, net leverage down to 4.6x. Networks margin target: 400-600 basis points improvement.
- **Strategic M&A**: Sold stations at 9.2x and 8.5x EBITDA multiples, exploring further portfolio optimization.
- **Political Advertising Momentum**: 2026 midterms expected to drive record spending in 7 competitive races, with Scripps' portfolio well-positioned.

**【CEO Summary Section】**
- **Scripps Sports Strategy Success**: Q3 revenue growth driven by 30% increase in sports-related advertising, including new NHL partnerships and women's sports inventory. Connected TV revenue up 41% YoY, with plans for double-digit growth in 2026.
- **Expense Management**: Local Media expenses down 4% YoY; Scripps Networks expenses reduced by 7.5% due to operational efficiency. Targeting 400-600 basis points margin improvement in Networks.
- **M&A and Portfolio Optimization**: Sold WFTX (Fort Myers) and WRTV (Indianapolis) at 9.2x and 8.5x EBITDA multiples, generating $123M cash to deleverage debt. Exploring further station swaps and sales for strategic portfolio optimization.
- **AI and Transformation**: Early AI adoption in newsrooms and sales teams to enhance efficiency and journalism quality. Full details on transformation initiatives to be shared in Q1 2026.

**【CFO Financial Commentary】**
- **Q3 Financials**: Local Media revenue down 27% (due to political ad absence), but core advertising up 2% YoY. Networks revenue flat at $201M, with Connected TV contributing 20% of viewing. Segment profit for Networks at $53M (27% margin).
- **Debt Reduction**: Refinanced $750M in senior notes at 9.875%, reducing cash interest by $15M annually. Paid off $200M of 2028 term loan and full revolver balance, lowering net leverage to 4.6x.
- **Q4 Guidance**: Local Media revenue expected down 30% YoY, but core up 10% driven by sports. Networks revenue down low double digits due to political ad absence and Medicare open enrollment delays.

**【Q&A Key Highlights】**
- **Disney-YouTube Dispute**: Scripps remains dark on YouTube TV but sees minimal impact on revenue due to diversified distribution (OTA, streaming). Focus on direct negotiations with virtual MVPDs.
- **Political Advertising 2026**: Expect record spending in 7 competitive governor and Senate races, with Scripps' portfolio well-positioned in key markets (AZ, CO, MI, NV, OH, TN).
- **Advertising Environment**: Local core advertising strong (up 2% Q3, +10% Q4 guide), but national networks face challenges in DR and pharma due to macro uncertainty.
- **M&A Strategy**: Management-led, Board-supported approach with family trust alignment. Prioritizes accretive station sales and swaps, with $123M from recent deals used to deleverage debt.

The E.W. Scripps Company(SSP)-20251107-2025 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SSP

SSP fundamentals

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