E.w. Scripps Company (the) · NASDAQ:SSP
E.w. Scripps Company (the) — Debt Investor Presentation (November 2018)
14 slides from E.w. Scripps Company (the)'s debt investor presentation, Nov 13, 2018
Slide 1: The E.W. Scripps Company Lender Presentation
THE E.W. SCRIPPS COMPANY LENDER PRESENTATION NOVEMBER 13, 2018
Slide 2: Disclaimer: Forward-Looking Statements
THE E.W. SCRIPPS COMPANY DISCLAIMER Forward-Looking Statements Certain statements in this communication may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature and which may be identified by the
Slide 3: Transaction Overview
TRANSACTION OVERVIEW
Slide 4: Transaction Overview
TRANSACTION OVERVIEW Transaction Overview o On October 29, 2018, The E.W. Scripps Company (“Scripps” or the “Company”) announced that it is acquiring 15 television stations in 10 markets from Cordillera Communications (“Cordillera”) for $521 million o Transaction excludes Cordillera’s Tucson, AZ sta
Slide 5: Scripps + Cordillera: Portfolio Enhances Our Smart Scale
SCRIPPS + CORDILLERA The Cordillera Portfolio Enhances Our “Smart Scale” Highlights o Cordillera operates high quality stations (9 out of the 10 acquired markets are #1 and one market is #2) o All stations are affiliated with Big 3 Networks – NBC, CBS and ABC (no FOX) in attractive mid-sized markets
Slide 6: Cordillera Operates High Quality Stations
CORDILLERA COMMUNICATIONS Cordillera Operates High Quality Stations Overview Station Overview % of U.S. Ad Revenue o Cordillera, a wholly owned subsidiary of Evening Post Industries DMA TV HH Market Affiliate Rank # (“EPI”), is a leading independent, private owner of 16 high quality 63 0.4% Lexingto
Slide 7: Cordillera's Highly Ranked Stations Take Scripps Into New Markets
CORDILLERA COMMUNICATIONS Cordillera’s Highly Ranked Stations Take Scripps Into Montana, Kentucky and Louisiana Missoula, Billings, Butte-Bozeman, Great Falls, Helena, Montana DMA No. 164, 167, 185, 192, 205 KPAX/KAJJ, KTVQ, KXLF/KBZK, KRTV, KTGF, KTVH, KXLH Lexington, Kentucky DMA No. 63 WLEX Color
Slide 8: Overview of Triton Acquisition
TRITON ACQUISITION Overview of Triton Acquisition Transaction Highlights Overview o Purchase Price: $150 million o Global leader in digital audio measurement and infrastructure technology o Structure: 100% equity purchase o Founded in 2006 and currently owned by private equity firm o Financing: Cash
Slide 9: Scripps Credit Highlights
KEY CREDIT HIGHLIGHTS Scripps Credit Highlights 1 Portfolio of local and national television / digital media brands provides diversified revenue streams 2 Leading television stations in large, NFL-sized markets (leverage with networks and cable / satellite operators) 3 Growth of retransmission reven
Slide 10: Financial Update & Recent Events
SUMMARY FINANCIALS Financial Update & Recent Events Financial Update Recent Events o Q3 2018 Results Compared to Prior Year o Triton Digital Acquisition Local Media Revenue: Up 23% o o On October 17, announced the acquisition of Triton o Retransmission Revenue: Up 24% o Surging Political Revenue o N
Slide 11: Amendment Overview
AMENDMENT OVERVIEW
Slide 12: Pro Forma Capitalization
AMENDMENT OVERVIEW Pro Forma Capitalization ($ in Millions) E.W. Scripps Cordillera Acquisition Standalone At Signing (9/30/18) 3 As of Pro Forma 9/30/18 xEBITDA 1 9/30/18 xEBITDA 1 2 Cash and Equivalents $272 $70 $125MM Revolver due Apr-22 – 0.0x – 0.0x $300MM Term Loan B due Oct-24 297 1.8x 297 1.
Slide 13: Summary of Key Terms
AMENDMENT OVERVIEW Summary of Key Terms Amendment of Existing Senior Secured Credit Facilities Borrower: The E.W. Scripps Company (the “Company” or the “Borrower”) Guarantors: All existing and future direct and indirect material domestic subsidiaries of the Borrower Security: First priority security
Slide 14: Anticipated Transaction Timeline
AMENDMENT OVERVIEW Anticipated Transaction Timeline November 2018 Sun Mon Tue Wed Thu Fri Sat 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Holiday Key Date Key Dates: Event: November 13th Lender Call November 16th Amendment Consents Due November 20th Close Amendme
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