Business
Scripps' quarterly segment profit jumped 21%, driven by political and distribution revenue
CINCINNATI, Feb. 24, 2023 /PRNewswire/ -- The E.W. Scripps Company (NASDAQ: SSP) delivered $681 million in revenue and $204 million in segment profit for the
About this update from E.w. Scripps Company (the)
[{"type":"text","content":"CINCINNATI, Feb. 24, 2023 /PRNewswire/ -- The E.W. Scripps Company (NASDAQ: SSP) delivered $681 million in revenue and $204 million in segment profit for the fourth quarter of 2022, year-over-year increases of 9.4% and 21% respectively, driven by growth in political advertising and distribution-related revenues.\n\n \n \n \n \n \n \n\n \nOn Jan. 5, the company announced plans to reorganize, creating a more nimble enterprise that further leverages Scripps' strong position in the U.S. television ecosystem and propels its growth across emerging media marketplaces. Scripps Networks President Lisa Knutson was promoted to chief operating officer and is leading the reorganization. Scripps expects this work to result in at least $40 million in annual savings and will begin taking restructuring charges this year.\nHighlights:\nOn Dec. 15, the company launched the Scripps Sports division to seize on this moment of opportunity in the changing sports rights landscape with its local market depth and national broadcast reach, in partnership with sports leagues, conferences and teams. Brian Lawlor, who has led the company's Local Media division since 2009, was appointed president of the new division.Scripps News launched Jan. 1, incorporating the former Newsy brand and other Scripps national news operations into one powerful national news network.The Local Media division delivered a full-year midterm election-year record of nearly $200 million in political advertising revenue, alongside the record $655 million in distribution revenue for 2022, driving a 13% increase in division revenue over fiscal year 2021.Scripps will renew about 75% of traditional pay TV subscriber households in 2023, driving distribution revenue growth and margin expansion.The Scripps Networks division grew connected TV (CTV) revenue by nearly 40% from 2021 to 2022 as its popular national brands, including ION, Bounce and Grit, gained further distribution across the major streaming services. The division expects to generate more than $100 million in CTV revenue in 2023.In January, Scripps partnered with the nonprofit News Literacy Project on the fourth annual National News Literacy Week – a public service effort to encourage news consumers to stop the flood of misinformation and learn how to identify trustworthy news. Dozens of other media outlets partnered with the initia...