Tuesday, June 28, 2022
E.W. Scripps (SSP)
Likely To Grow Faster Than Its Peers
The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As one of the nation’s largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of 61 stations in 41 markets. The Scripps Networks reach nearly every American through the national news outlets Court TV and Newsy and popular entertainment brands ION, Bounce, Defy TV, Grit, ION Mystery, Laff and TrueReal. Scripps is the nation’s largest holder of broadcast spectrum. Scripps runs an award-winning investigative reporting newsroom in Washington, D.C., and is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps has held for decades to the motto, “Give light and the people will find their own way.”
Michael Kupinski, Director of Research, Noble Capital Markets, Inc.
Patrick McCann, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Highlights from NDR. This report provides highlights from a recent Non Deal Road Show with investors in St. Louis last week. Jason Combs, the CFO, provided a compelling growth outlook for the company given its anticipated strong Political advertising outlook, strong Retransmission revenue growth in 2023 and favorable trends for its National Networks.
Retransmission contract renewals. Management expects a significant revenue boost in 2023 from retransmission contract renewals. The revenue opportunity will result from roughly 75% of the company’s cable contracts being set for renewal in the first half of 2023 along with rising retransmission rates.
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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.