Tag: E.W. Scripps

E.W. Scripps (SSP) – Strong Retransmission Revenue Growth Offsets Some Headwinds

Posted on by cpereira@noblefcm.com


Monday, May 08, 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.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Solid Q1 results. The company reported quarterly revenue of $527.8 million, in-line with our estimate of $531.5 million. Adj. EBITDA of $75.9 million in the quarter was 6% lower than our estimate of $80.8 million, attributed to lower than expected stock based compensation. 

Favorable retransmission renewal. The company renewed 26% of its pay TV households in Q1, with a total of 75% of pay TV households up for renewal this year. As such, we expect strong Retrans revenue growth of 14% which should offset some of the headwinds from weak National and Direct Response advertising. Retransmission revenue is expected to be 50% of TV revenue and 30% of ttotal company revenue in 2023.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

E.W. Scripps (SSP) – Lowering Estimates On Weak National, Direct Response Ad Outlook

Posted on by cpereira@noblefcm.com


Monday, February 27, 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, 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.

Slight miss in Q4. Q4 revenue of $680.9 million was in line with our estimate of $684 million. Adj. EBITDA of $208.2 million was 2.7% below our estimate of $214 million. Notably, Core advertising was down 11% in the quarter, which was primarily attributed to political advertising displacement.

Distribution revenue to bolster results. Management expects distribution revenue to grow in the low-teens percentage range for full year 2023 attributed to 75% of its subscribers to be renewed this year.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

E.W. Scripps (SSP) – New Sports Division Could Be A Home Run

Posted on by cpereira@noblefcm.com


Thursday, December 22, 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.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Launches new sports division. Management believes that sports broadcasting is the most valuable asset in the linear TV market and will be implementing a two prong approach for its national and local strategy. The company believes it can provide a unique value proposition for both a local/regional and a national strategy.

Serves a growing viewership gap. Due to cable cord cutting, the Regional Sports Networks have seen a significant decline in viewership. In many cities, 40% to 50% of the households are not watching cable or satellite. The company’s local strategy will focus on markets where it currently operates two or more stations, furthering its reach in those markets. Management highlighted Phoenix and Detroit as two markets it would be interested in for local sports rights. 


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

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.


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.