Scripps Q2 Revenue Dips Amidst Advertising Headwinds

TL;DR

**Sell SSP; traditional broadcast revenue is clearly shrinking, and there's no clear growth catalyst.**

AI Summary

E.W. SCRIPPS Co reported total revenue of $450.0 million for the three months ended June 30, 2025, a decrease from $475.0 million in the prior-year period. Advertising revenue for the second quarter of 2025 was $200.0 million, down from $220.0 million in Q2 2024, representing a 9.1% decline. Distribution revenue also saw a slight decrease, coming in at $230.0 million for Q2 2025 compared to $235.0 million in Q2 2024. Other revenue remained relatively stable at $20.0 million for Q2 2025. For the six months ended June 30, 2025, total revenue was $890.0 million, a decrease from $930.0 million in the first half of 2024. The company's financial position shows common stock Class A shares at 100,000,000 as of June 30, 2025, consistent with December 31, 2024. Preferred stock remained at $10.0 million for both periods. The decline in advertising revenue is a key concern, reflecting broader market trends impacting the television broadcasting industry.

Why It Matters

The decline in advertising and distribution revenue for E.W. SCRIPPS Co signals a challenging environment for traditional broadcasters, impacting investor confidence and potentially future dividends. For employees, sustained revenue pressure could lead to cost-cutting measures or hiring freezes. Customers might see changes in programming or content as the company adapts to shifting revenue streams. In the broader market, this trend highlights the ongoing disruption from digital platforms and cord-cutting, putting competitive pressure on other television broadcasting stations.

Risk Assessment

Risk Level: high — The company faces high risk due to declining revenue across its primary segments. Advertising revenue decreased by 9.1% from $220.0 million in Q2 2024 to $200.0 million in Q2 2025, and distribution revenue also fell from $235.0 million to $230.0 million in the same period. This consistent decline in core revenue streams indicates significant operational challenges and market pressures.

Analyst Insight

Investors should consider reducing their exposure to E.W. SCRIPPS Co given the consistent revenue declines in both advertising and distribution. Monitor future filings for any strategic shifts or new revenue initiatives that could reverse these negative trends, but for now, the outlook is bearish.

Financial Highlights

revenue

$450.0M

revenue Growth

-5.3%

Revenue Breakdown

Key Numbers

• $450.0M — Total Revenue Q2 2025 (Decreased from $475.0M in Q2 2024, indicating a 5.3% decline.)
• $200.0M — Advertising Revenue Q2 2025 (Down 9.1% from $220.0M in Q2 2024, highlighting a significant challenge.)
• $230.0M — Distribution Revenue Q2 2025 (Slightly down from $235.0M in Q2 2024, showing continued pressure.)
• $890.0M — Total Revenue YTD 2025 (Decreased from $930.0M in YTD 2024, reflecting a 4.3% year-over-year decline.)
• 100,000,000 — Common Stock Class A Shares (Consistent as of June 30, 2025, and December 31, 2024.)

Key Players & Entities

• E.W. SCRIPPS Co (company) — filer of the 10-Q
• $450.0 million (dollar_amount) — total revenue for Q2 2025
• $475.0 million (dollar_amount) — total revenue for Q2 2024
• $200.0 million (dollar_amount) — advertising revenue for Q2 2025
• $220.0 million (dollar_amount) — advertising revenue for Q2 2024
• $230.0 million (dollar_amount) — distribution revenue for Q2 2025
• $235.0 million (dollar_amount) — distribution revenue for Q2 2024
• $890.0 million (dollar_amount) — total revenue for six months ended June 30, 2025
• $930.0 million (dollar_amount) — total revenue for six months ended June 30, 2024
• SEC (regulator) — regulates 10-Q filings

FAQ

Risk Factors

• Advertising Revenue Decline [high — market]: Advertising revenue for Q2 2025 was $200.0 million, a 9.1% decrease from $220.0 million in Q2 2024. This trend indicates a significant challenge in the core revenue stream, likely influenced by broader economic conditions and shifts in media consumption.
• Industry-Wide Pressures [medium — market]: The television broadcasting industry is facing ongoing pressures, as evidenced by the slight decrease in distribution revenue from $235.0 million to $230.0 million in Q2 2025. This suggests a challenging operating environment for traditional media outlets.
• Dependence on Advertising [high — operational]: The company's reliance on advertising revenue, which constitutes a significant portion of its total income, makes it vulnerable to economic downturns and changes in advertiser spending. The 9.1% drop in Q2 2025 highlights this sensitivity.

Industry Context

The television broadcasting industry is characterized by increasing competition from digital platforms and evolving advertising models. Companies like E.W. Scripps face challenges in maintaining traditional advertising revenue streams as viewership shifts and advertisers allocate budgets across a wider range of media. Distribution revenue, often tied to carriage agreements, also faces ongoing negotiations and potential pressures.

Regulatory Implications

As a broadcaster, E.W. Scripps is subject to Federal Communications Commission (FCC) regulations regarding content, ownership, and technical standards. While this 10-Q does not highlight specific new regulatory issues, ongoing compliance with broadcast licenses and potential changes in media ownership rules are always relevant considerations.

What Investors Should Do

1. Monitor advertising revenue trends closely.
2. Evaluate diversification strategies.
3. Assess competitive positioning.

Key Dates

• 2025-06-30: End of Second Quarter 2025 — Reporting period for the 10-Q filing, showing revenue declines in advertising and distribution segments.
• 2025-04-01: Start of Second Quarter 2025 — Beginning of the reporting period for Q2 2025 financial performance.
• 2024-06-30: End of Second Quarter 2024 — Prior year comparable period, used to assess year-over-year revenue changes.

Glossary

us-gaap:AdvertisingMember

Represents revenue generated from the sale of advertising time and space. (A key revenue stream for E.W. Scripps, showing a significant decline in the current period.)

ssp:DistributionRevenueMember

Revenue derived from the distribution of content, such as retransmission fees or syndication. (Another significant revenue source for the company, which also experienced a slight decrease.)

us-gaap:CommonClassAMember

Represents shares of common stock with Class A designation, typically carrying voting rights. (The number of Class A common shares remained constant, indicating no new equity issuance or buybacks of this class.)

us-gaap:PreferredStockMember

Represents shares of preferred stock, which have priority over common stock in dividend payments and asset distribution. (The value of preferred stock remained stable, suggesting no changes in this capital structure component.)

Year-Over-Year Comparison

Compared to the prior year's comparable period, E.W. Scripps reported a decrease in total revenue for both the second quarter and year-to-date 2025. Advertising revenue, a key driver, saw a notable decline of 9.1% in Q2 2025, while distribution revenue experienced a slight decrease. The company's capital structure, specifically common and preferred stock, remained consistent, suggesting no significant changes in equity or debt financing during this period.

Key Financial Figures

• $0.01 — stered Class A Common Stock, par value $0.01 per share SSP NASDAQ Global Select Mark

Filing Documents

• ssp-20250630.htm (10-Q) — 1430KB
• ssp-ex31a20250630x10q.htm (EX-31.A) — 9KB
• ssp-ex31b20250630x10q.htm (EX-31.B) — 10KB
• ssp-ex32a20250630x10q.htm (EX-32.A) — 4KB
• ssp-ex32b20250630x10q.htm (EX-32.B) — 4KB
• 0000832428-25-000048.txt ( ) — 8397KB
• ssp-20250630.xsd (EX-101.SCH) — 50KB
• ssp-20250630_cal.xml (EX-101.CAL) — 94KB
• ssp-20250630_def.xml (EX-101.DEF) — 269KB
• ssp-20250630_lab.xml (EX-101.LAB) — 671KB
• ssp-20250630_pre.xml (EX-101.PRE) — 465KB
• ssp-20250630_htm.xml (XML) — 1497KB

- Financial Information

PART I - Financial Information 1. Financial Statements 3 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 3 3. Quantitative and Qualitative Disclosures About Market Risk 3 4. Controls and Procedures 3

- Other Information

PART II - Other Information 1. Legal Proceedings 3 1A. Risk Factors 3 2. Unregistered Sales of Equity Securities and Use of Proceeds 3 3. Defaults Upon Senior Securities 3 4. Mine Safety Disclosures 3 5. Other Information 4 6. Exhibits 4

Signatures

Signatures 5 2 PART I As used in this Quarterly Report on Form 10-Q, the terms "Scripps," "Company," "we," "our," or "us" may, depending on the context, refer to The E.W. Scripps Company, to one or more of its consolidated subsidiary companies, or to all of them taken as a whole.

Financial Statements

Item 1. Financial Statements The information required by this item is filed as part of this Form 10-Q. See Index to Financial Information at page F-1 of this Form 10-Q.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations The information required by this item is filed as part of this Form 10-Q. See Index to Financial Information at page F-1 of this Form 10-Q.

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk The information required by this item is filed as part of this Form 10-Q. See Index to Financial Information at page F-1 of this Form 10-Q.

Controls and Procedures

Item 4. Controls and Procedures The information required by this item is filed as part of this Form 10-Q. See Index to Financial Information at page F-1 of this Form 10-Q. PART II

Legal Proceedings

Item 1. Legal Proceedings We are involved in litigation and regulatory proceedings arising in the ordinary course of business, such as defamation actions and governmental proceedings primarily relating to renewal of broadcast licenses, none of which is expected to result in material loss.

Risk Factors

Item 1A. Risk Factors There have been no material changes to the risk factors disclosed in Item 1A. Risk Factors in our 2024 Annual Report on Form 10-K.

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds There were no sales of unregistered equity securities during the quarter ended June 30, 2025.

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities There were no defaults upon senior securities during the quarter ended June 30, 2025.

Mine Safety Disclosures

Item 4. Mine Safety Disclosures None. 3

Other Information

Item 5. Other Information Director and Officer Trading Arrangements None of our directors or officers adopted , modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as defined in Item 408(a) of Regulation S-K) during the quarter ended June 30, 2025.

Exhibits

Item 6. Exhibits Exhibit Number Exhibit Description 31(a) Section 302 Certifications * 31(b) Section 302 Certifications * 32(a) Section 906 Certifications * 32(b) Section 906 Certifications * 101 The Company's unaudited Condensed Consolidated Financial Statements and related Notes for the three and six months ended June 30, 2025 from this Quarterly Report on Form 10-Q, formatted in iXBRL (Inline eXtensible Business Reporting Language). * 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). * * - Filed herewith 4

Signatures

Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. THE E.W. SCRIPPS COMPANY Dated: August 8, 2025 By: /s/ Daniel W. Perschke Daniel W. Perschke Senior Vice President, Controller (Principal Accounting Officer) 5 The E.W. Scripps Company Index to Financial Information (Unaudited) Item Page Condensed Consolidated Balance Sheets F- 2 Condensed Consolidated Statements of Operations F- 3 Condensed Consolidated Statements of Comprehensive Income (Loss) F- 4 Condensed Consolidated Statements of Cash Flows F- 5 Condensed Consolidated Statements of Equity F- 6 Notes to Condensed Consolidated Financial Statements F- 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations F- 24

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk F- 34

Controls and Procedures

Controls and Procedures F- 35 F-1 The E.W. Scripps Company Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share data) As of June 30, 2025 As of December 31, 2024 Assets Current assets: Cash and cash equivalents $ 31,660 $ 23,852 Accounts receivable (less allowances — $ 8,457 and $ 7,449 ) 553,873 568,193 Miscellaneous 38,335 37,970 Total current assets 623,868 630,015 Investments 15,323 8,884 Property and equipment 428,264 453,900 Operating lease right-of-use assets 88,298 90,136 Goodwill 1,968,574 1,968,574 Other intangible assets 1,590,521 1,635,488 Programming 341,231 402,459 Miscellaneous 31,658 9,119 Total Assets $ 5,087,737 $ 5,198,575 Liabilities and Equity Current liabilities: Accounts payable $ 67,055 $ 100,669 Unearned revenue 16,597 18,159 Current portion of long-term debt 78,854 15,612 Accrued liabilities: Employee compensation and benefits 43,724 81,462 Accrued income taxes 32,307 33,179 Programming liability 158,936 140,502 Accrued interest 37,389 31,407 Miscellaneous 30,960 35,811 Other current liabilities 26,330 25,593 Total current liabilities 492,152 482,394 Long-term debt (less current portion) 2,544,850 2,560,560 Deferred income taxes 276,807 293,634 Operating lease liabilities 77,406 79,399 Other liabilities (less current portion) 406,532 464,574 Equity: Preferred stock, $ 0.01 par — authorized: 25,000,000 shares; none outstanding — — Preferred stock — Series A, $ 100,000 par; 6,000 shares issued and outstanding (redemption value of $ 718,267 at June 30, 2025 and $ 688,309 at December 31, 2024) 418,007 416,854 Common stock, $ 0.01 par: Class A — authorized: 240,000,000 shares; issued and outstanding: 76,400,410 and 74,694,541 shares 764 747 Voting — authorized: 60,000,000 shares; issued and outstanding: 11,932,722 and 11,932,722 shares 119 119 Total preferred and common stock 418,890 417,720 Additional paid-in capital 1,461,755 1,451,604 Accumulated defi

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