Business
Scripps' revenue grows 10% in Q3, fueled by political and connected TV advertising
Scripps Networks is on pace to reach a $100 million run rate in CTV revenue next year, after launching additional streaming channels this fall CINCINNATI,
About this update from E.w. Scripps Company (the)
[{"type":"text","content":"Scripps Networks is on pace to reach a $100 million run rate in CTV revenue next year, after launching additional streaming channels this fall\nCINCINNATI, Nov. 8, 2022 /PRNewswire/ -- The E.W. Scripps Company (NASDAQ: SSP) delivered $612 million in revenue and $145 million in segment profit for the third quarter of 2022, year-over-year increases of 10% and 13% respectively, driven by growth in political advertising, retransmission revenues and Scripps Networks revenue.\n\n \n \n \n \n \n \n\n \nAs of today's Election Day, Scripps has received $208 million in 2022 midterm election advertising revenue across the company, including Local Media political revenue that surpassed its 2018 midterm record revenue. Due to the unexpected shift in political ad spending away from some Scripps markets as well as the ongoing macroeconomic challenges, the company has adjusted its 2022 free cash flow expectation to about $320 million.\nHighlights:\nScripps Networks division revenue was higher than expected in the third quarter at 4% over Q3 2021. Connected TV (CTV) revenue grew 57% year over year as the division launched more channels on major streaming services. The division expects to reach an annual run rate of more than $100 million in CTV revenue next year.Against a strong Q3 2021 core advertising comparison, Local Media delivered revenue growth of 14% by capturing $63 million in political advertising revenue and a 7% increase in retransmission revenue. About 75% of Scripps' subscriber households will renew in 2023 and should lead to revenue growth and margin expansion.Due to cost-management efforts, expenses for both divisions came in as expected despite rising inflation.On Sept. 29, the company announced the creation of Scripps News – a news division that will combine the teams at Newsy, Scripps Washington Bureau and other national news resources under one brand with a mission of producing fact-based, non-partisan reporting. It launches Jan. 1 across all platforms.Scripps' Free TV Project – created to promote the use of digital TV antennas – kicked off in July and is already seeing an impact on sales. Data from leading national antenna manufacturers shows a 30% increase in antenna sales from Q2 to Q3 in the 13 markets where Scripps ran its marketing campaign.The Scripps Howard Fund's 2022 \"If You Give a Child a Book…\" campaign raised $...