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.
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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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