E.W. Scripps (SSP) – Looking For A Strong Finish To The Year


Monday, May 13, 2024

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.

Solid Q1 results. Q1 Revenue of $561.5 million was modestly below our estimate of $571.0 million by 1.7%. Adj. EBITDA  in the quarter of $91.8 million beat our estimate of $82.9 million by 10.7% . Notably, Q1 adj. EBITDA benefited from $15.2 million in high margin Political advertising, which was substantially higher than our estimate of $6.5 million, and from earlier cost reductions.

Raising political guide. Given the strong political advertising in Q1, management increased full year 2024 political advertising revenue guide from a range of $210 million to $250 million to a range of $240 million to $270 million. The very high margin (85% to 90%) Political advertising will allow the company to pare down debt.


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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. 

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