Tag: Broadcasting

E.W. Scripps (SSP) – Powering Through The Economic Headwinds

Posted on by cpereira@noblefcm.com


Wednesday, November 09, 2022

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.

Q3 miss. The company reported Q3 revenue of $612.1 million, below our estimate of $638.5 million. Adj. EBITDA of $149.1 million missed our forecast of $170.5. The disappointing quarter was due to lower-than-expected Political revenue.

Political below expectations.  The company recorded $63.2 million in Political revenue, compared with our forecast of $90.0 million. Management attributed the slowed Political revenue pace to spending falloffs in Florida and Montana as certain races became less competitive than initially expected. Political dollars shifted to more competitive markets where the company did not have a large TV station footprint. Notably, Political was still up strongly over the prior election cycle.


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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. 

Gray Television (GTN) – Learns A Hard Lesson On Forecasting Political

Posted on by cpereira@noblefcm.com


Monday, November 07, 2022

Gray Television is a multimedia company headquartered in Atlanta, Georgia. We are the nation’s largest owner of top-rated local television stations and digital assets in the United States. Our television stations serve 113 television markets that collectively reach approximately 36 percent of US television households. This portfolio includes 80 markets with the top-rated television station and 100 markets with the first and/or second highest rated television station. We also own video program companies Raycom Sports, Tupelo Honey, PowerNation Studios and Third Rail Studios.

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.

Q3 below expectations. The company reported Q3 revenue of $909 million, 4% below our estimate of $948 million. The revenue variance was due to lower than expected Political advertising. Adj. EBITDA of $336 million was 11% below our estimate of $377 million, surprisingly good given the absence of $50 million in high margin revenue.



Political below forecast. The quarterly miss was due primarily to lower-than-expected Political revenue, $144 million compared with our estimate of $194 million. Political advertising shifted toward some of the tight races in larger markets. Nonetheless, for the first nine months of the year, Political revenue was just 3.5% below the cyclical high Presidential election of 2020, on a combined historic basis. 


Get the Full Report

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.