E.w. Scripps Company (the) · NASDAQ:SSP
E.w. Scripps Company (the) — Q2 2025 Earnings Presentation
34 slides from E.w. Scripps Company (the)'s earnings presentation, Aug 8, 2025
Slide 1: Scripps Investor Presentation
SCRIPPS INVESTOR PRESENTATION August-September 2025
Slide 2: Safe Harbor Disclosure
S A F E H A R B O R D I S C L O S U R E This document contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “believe,” “anticipate,” “intend,”
Slide 3: Agenda
• Scripps financials at a glance • Q2 and full-year 2025 highlights • Our M&A successes and the regulatory environment • Our financial drivers AGENDA • Debt and leverage update • Our future-growth strategies
Slide 4: The E.W. Scripps Company: Financial Highlights at a Glance
THE E.W. SCRIPPS COMPANY: FINANCIAL HIGHLIGHTS AT A GLANCE NATIONAL REACH LOCAL REACH CAPITAL STRUCTURE Our eight national networks reach Our local stations reach 38.4% Net debt: $2.6 billion all U.S. TV households through of U.S. TV households (with UHF discount), every TV viewing platform. includi
Slide 5: Scripps Sports Is Bolstering Advertising Revenue and Helping Results Outperform
SCRIPPS SPORTS IS BOLSTERING ADVERTISING REVENUE AND HELPING SCRIPPS’ RESULTS OUTPERFORM OTHER BROADCASTERS • On June 13, Scripps and the WNBA announced an agreement on a new, multi-year renewal of their broadcast partnership for the WNBA Friday Night Spotlight on ION. The new agreement came after a
Slide 6: 2025 Key Accomplishments: Refinancing and Improved Scripps Networks Profit Profile
SO FAR IN 2025, WE HAVE COMPLETED A KEY REFINANCING AND IMPROVED SCRIPPS NETWORKS’ PROFIT PROFILE K E Y 2 0 2 5 A C C O M P L I S H M E N T S • On Aug. 6, closed on the placement of $750 million in new senior secured second-lien notes at a rate of 9.875%. Proceeds were used to pay off the company’s
Slide 7: Scripps Has a Long History of Creating Shareholder Value Through M&A
SCRIPPS HAS A LONG HISTORY OF CREATING NEW SHAREHOLDER VALUE THROUGH M&A Purchased the four Katz multicast Added 15 stations in 10 Purchased ION to significantly Announced station swaps with Sold Stitcher/Midroll in 2020 networks for $292 million and, in markets to local media bolster Scripps’ spect
Slide 8: Opportunity in Industry Deregulation to Be a Stronger Broadcast Company
LOOKING AHEAD, WE SEE AN OPPORTUNITY IN INDUSTRY DEREGULATON TO BE A STRONGER BROADCAST COMPANY “Not far ahead, we see the prospect of local broadcast industry consolidation that will drive growth … “… by finally allowing us to deepen our presence in our local markets, building upon the strong relat
Slide 9: Enterprise Financial Overview: 2021-2024
ENTERPRISE FINANCIAL OVERVIEW: 2021-2024 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $- 2021A 2022A 2023A 2024A Local Media Revenue Scripps Networks Revenue Other Revenue Segment Profit $ in millions Our total company revenue and profit have held steady in recent years, despite the challenging industry
Slide 10: Financial Performance Drivers: Core Advertising
FINANCIAL PERFORMANCE DRIVERS: CORE ADVERTISING COMPONENTS OF CORE AD REVENUE, 2025 News 48.2% Sports 16.9% Prime 13.0% Daytime, Fringe, Access Hour, Misc. 21.9% KEY CORE ADVERTISING CATEGORIES, % OF TOTAL CORE Services 32% Automotive 15% Home Improvement 15% Retail 12% LOCAL NEWS VIEWING • Nearly 7
Slide 11: Financial Performance Drivers: Political
FINANCIAL PERFORMANCE DRIVERS: POLITICAL SCRIPPS POLITICAL REVENUE (LOCAL MEDIA) C O M M E N TA R Y $ in millions Industry $343 • Heightened polarization continues to drive political advertising spend. • Broadcast TV continues to capture the lion’s share of total spending (AdImpact). $267 • Key issu
Slide 12: Financial Performance Drivers: Distribution Revenue
FINANCIAL PERFORMANCE DRIVERS: DISTRIBUTION REVENUE HOUSEHOLDS RENEWING, HOUSEHOLDS RENEWING, NETWORK RENEWALS 2025 2026 ABC: Due mid-2026 25% 70% NBC: Completed year-end 2024 CBS: Three completed year-end 2024; six renewing end of 2026 Completed end of Q1 More than half in H1 FOX: Completed July 20
Slide 13: Financial Performance Drivers: Streaming/Connected TV
FINANCIAL PERFORMANCE DRIVERS: STREAMING/CONNECTED TV 13
Slide 14: Debt and Leverage Update
DEBT AND LEVERAGE UPDATE
Slide 15: Capital Allocation Policy Focused on Debt Reduction
CAPITAL ALLOCATION POLICY FOCUSED ON DEBT REDUCTION TV Peers’ Discretionary Capital Allocation Since the ION Acquisition (1) Financial Policy $1,451 $492 $252 $918 $985 • Capital allocation priority is to de-lever via Leverage excess cash flow 20% 20% 27% 28% • Long-term target: Low to mid ~3.0x ran
Slide 16: Significant Progress Toward Leverage Reduction
SIGNIFICANT PROGRESS TOWARD LEVERAGE REDUCTION Total Debt Commentary In $MM • Significant cash flow generation driven by strong 2,987 2,944 2,940 2,822 2,643 political revenue and continued optimization of 2,435 expenses enabled Scripps to repay ~$330 million of debt in 2024. • 2024 year-end leverag
Slide 17: Scripps' Capital Structure by Year, Post 2025 Refinancings
SCRIPPS’ CAPITAL STRUCTURE BY YEAR, POST 2025 REFINANCINGS Former Maturity Profile New Maturity Profile $545 $340 $523 $523 $426 $750 $450 $450 $392 $340 $392 $340 $208 $208 $70 $70 2025 2026 2027 2028 2029 2030 2031 2025 2026 2027 2028 2029 2030 2031 $ in millions Revolver Commit. A/R Facility Comm
Slide 18: Growth Strategies
GROWTH STRATEGIES
Slide 19: Growth Strategy #1: Improve Local TV Station Group Performance
SCRIPPS GROWTH STRATEGY #1: IMPROVE THE FINANCIAL PERFORMANCE AND STRENGTH OF THE SCRIPPS LOCAL TV STATION GROUP 19
Slide 20: With Deregulation, Scripps Could Take Several Steps to Improve Local Media
WITH DEREGULATION, SCRIPPS COULD TAKE SEVERAL STEPS TO IMPROVE THE LOCAL MEDIA GROUP FINANCIAL PROFILE Our station group M&A playbook could include a mix of these three things: 1. Scripps could sell some low-performing local TV stations to improve the Local Media division’s profitability. 2. Scripps
Slide 21: Scripps Owns Stations From Coast to Coast
SCRIPPS OWNS STATIONS FROM COAST TO COAST, AND SOME STATIONS ARE LESS CORE TO OUR BUSINESS DUE TO GEOGRAPHY, OTHER FACTORS 21
Slide 22: States Impacted If Swap Transaction With Gray Is Approved
THE STATES IN DARK BLUE WILL BE IMPACTED IF OUR SWAP TRANSACTION WITH GRAY IS APPROVED 22
Slide 23: Growth Strategy #2: Quality Journalism and Local News Differentiation
SCRIPPS GROWTH STRATEGY #2: QUALITY JOURNALISM, LOCAL NEWS DIFFERENTIATION AND CREATING CONNECTION 23
Slide 24: Our Vision
our vision CREATING CONNECTION IS AT THE HEART OF THE VALUE WE DELIVER TO OUR AUDIENCES AND CUSTOMERS 24
Slide 25: Our Local News Strategies Show We Are a Visible Community Presence
OUR LOCAL NEWS STRATEGIES SHOW VIEWERS WE ARE A VISIBLE AND KNOWLEDGEABLE COMMUNITY PRESENCE 25
Slide 26: Our Journalism Receives National Recognition
OUR JOURNALISM CONTINUES TO GIVE LIGHT AND RECEIVE NATIONAL RECOGNITION 26
Slide 27: Growth Strategy #3: Scripps Sports
SCRIPPS GROWTH STRATEGY #3: SCRIPPS SPORTS 27
Slide 28: Local Sports Rights Drive Audience Engagement and Revenue Growth
LOCAL SPORTS RIGHTS DRIVE NEW AUDIENCE ENGAGEMENT AND REVENUE GROWTH FOR LOCAL The National Hockey League’s Florida Panthers: In October, Scripps began a multi-year agreement to locally broadcast preseason, regular season and round-one postseason games for the reigning Stanley Cup Champions. The Nat
Slide 29: Commitment to Sports on ION Drives Scripps Networks Opportunity
OUR COMMITMENT TO SPORTS ON ION IS DRIVING SCRIPPS NETWORKS/ION OPPORTUNITY The WNBA: Scripps’ Friday Night Spotlight on ION expanded the league’s audience by 30% and doubled Scripps’ revenue from the 2023 to 2024 seasons. On June 13, we announced we had renewed the WNBA with a new multi-year agreem
Slide 30: Growth Strategy #4: Continuous Improvement and Innovation
SCRIPPS GROWTH STRATEGY #4: CONTINUOUS IMPROVEMENT, ENTREPRENEURIALISM AND INNOVATION 30
Slide 31: Scripps' Strategic Approach to Using Artificial Intelligence
SCRIPPS’ STRATEGIC APPROACH TO USING ARTIFICIAL INTELLIGENCE We will harness the transformative power of AI to redefine our operations and become more durable while creating growth opportunities — those we know of today and those not yet conceived — for the enterprise. 31
Slide 32: Spectrum and Datacasting Is a Promising Growth Lever
SPECTRUM, AND IN PARTICULAR DATACASTING, IS A PROMISING GROWTH LEVER FOR THE LOCAL BROADCAST INDUSTRY Scripps’ station signals reach 72% of U.S. television households. This powerful broadcast spectrum reaches 74 million American homes. Our local and ION stations’ spectrum equals nearly 1.6 billion m
Slide 33: Questions + Discussion
QUESTIONS + DISCUSSION 33
Slide 34: Appendix: Non-GAAP Information
APPENDIX: NON-GAAP INFORMATION In addition to results prepared in accordance with GAAP, the company discusses adjusted EBITDA, a non-GAAP performance measure that management and the company’s Board of Directors uses to evaluate the performance of the business. We also believe that the non-GAAP measu
E.W. Scripps Company (The) — Q2 2025 Earnings Presentation on 6ix