Business
Scripps reports Q2 2024 financial results
CINCINNATI, Aug. 8, 2024 /PRNewswire/ -- The E.W. Scripps Company (NASDAQ: SSP) delivered $574 million in revenue for the second quarter of 2024. Loss
About this update from E.w. Scripps Company (the)
[{"type":"text","content":"CINCINNATI, Aug. 8, 2024 /PRNewswire/ -- The E.W. Scripps Company (NASDAQ: SSP) delivered $574 million in revenue for the second quarter of 2024. Loss attributable to the shareholders of Scripps was $13 million or 15 cents per share.\n\n \n \n \n \n \n \n\n \nBusiness notes:\nScripps now believes its 2024 Local Media election-year political advertising revenue will reach record levels, with even the low end of the new range, $270-$290 million, above any previous year. Previously, the company had given a range of $240-$270 million. The increased outlook is being driven largely by U.S. Senate races in Montana and Ohio as well as controversial ballot issues in several states. There also could be upside captured in the new dynamics of the race for president.Progress continues on the planned divestiture of Scripps' Bounce television network. Bounce, whose programming is created for Black audiences, is distributed over the air, on cable and on most major streaming/FAST platform services. Bounce has grown viewership and revenue – at a 14% CAGR – since Scripps acquired it as part of the Katz networks in 2017.The Scripps Networks' national advertising upfront sales season is winding down with volume increases in the low single digit percent range over last year, driven largely by the success of the company's women's sports strategy.Viewership of the WNBA has skyrocketed with all media partners, including ION's Friday night franchise, which has seen three games so far this year with more than 1 million viewers each. Scripps' revenue for the WNBA is up 85% from the 2023 season.On the local front, Scripps Sports recently signed the newest Stanley Cup champions, the Florida Panthers, to a production, sales and distribution rights agreement. The Panthers are the third National Hockey League team to partner with Scripps Sports for the distribution of their broadcast rights. This will be Scripps Sports' first season with the Florida Panthers and the Utah Hockey Club and the second year with the Vegas Golden Knights.Companywide, expenses met or bettered expectations in the second quarter through tight expense management.From Scripps President and CEO Adam Symson:\"During the second quarter, our Local Media political advertising revenue came in much stronger than expected at $28 million, driving 40 percent growth in the first half of the year ove...