Tuesday, October 17, 2023
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, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Highlights from a recent NDR. On October 12th, Adam Symson, CEO; Jason Combs, CFO; and Carolyn Micheli hosted investor meetings in New York. Management highlighted positive developments in retransmission revenue and Scripps Sports. Notably, Scripps Sports employs a unique model that offers sports teams wider viewership than the traditional RSN model that is now failing.
Renegotiates 75% of its subscribers. The company recently announced that it has completed retransmission negotiations with 75% of its current subscribers. As a result, the company reaffirmed its guidance that retransmission revenue will increase a strong 15% in 2024 to roughly $750 million.
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