SSPNasdaqTelevision Broadcasting StationsUS GAAP · USD

E.W. SCRIPPS Co

E.W. Scripps Company is a U.S. media business built around local television stations, national news, and entertainment networks. It sells audience reach and local market access to advertisers, while also monetizing distribution across broadcast, digital, streaming, and over-the-air platforms. The company also owns Tablo, a device for watching and recording free TV, and has begun expanding into ATSC 3.0-based data delivery through a broadcast joint venture.

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Revenue2,151m USD
−14.3 %y/y
Operating profit (EBIT)184m USD
−55.4 %y/y
EBIT margin8.6%
−7.9 ppy/y
Net income-101m USD
−169.0 %y/y
Free cash flow6.5m USD
−97.8 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-1,00001,0002,0003,000m USD2020: 1,857 m USD2020: EBIT 303 m USD20202021: 2,284 m USD2021: EBIT 401 m USD20212022: 2,453 m USD2022: EBIT 428 m USD20222023: 2,293 m USD2023: EBIT -753 m USD20232024: 2,510 m USD2024: EBIT 412 m USD20242025: 2,151 m USD2025: EBIT 184 m USD20252,151184
RevenueOperating profit (EBIT)
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Business

Share of revenue
Local Media55 %

Free over-the-air local news, sports, weather, and entertainment from more than 60 stations in 40+ markets.

National Networks35 %

National news and entertainment channels distributed via broadcast, streaming, FAST, and digital platforms.

Consumer Devices5 %

Tablo devices that let households watch and record free broadcast and streaming channels.

Other / Strategic Initiatives5 %

Spelling Bee sponsorship and early-stage spectrum/data delivery initiatives such as EdgeBeam.

Products

Reported · share of revenue
62.0%35.3%FY2025100 %
  • Core Advertising Revenue62.0 %
  • Distribution Revenue35.3 %
  • Other Revenue1.7 %
  • Political Advertising Revenue1.0 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Scripps primarily serves advertisers that want local market reach, national reach, or both, using its station group and network brands to deliver audiences across broadcast and streaming. It also serves viewers who consume free news, sports, and entertainment, especially households that rely on over-the-air television or FAST channels. Tablo is sold to consumers seeking subscription-free access to live and recorded TV, while the EdgeBeam venture is aimed at future enterprise and device data-delivery use cases.

Local advertising clients

Businesses and agencies buying inventory on local stations to reach households in specific markets and dayparts.

National advertisers

Brands buying scale across ION, Bounce, Grit, Laff, and news distribution to reach large U.S. audiences.

Viewers and households

Consumers who watch free local news, sports, and entertainment over the air or via streaming/FAST.

Tablo consumers

Households that want subscription-free live TV and DVR functionality for free broadcast channels.

Future data-delivery customers

Potential users of EdgeBeam's broadcast-based data delivery services as ATSC 3.0 develops.

Strategy

Scripps is trying to extend its broadcast assets across more platforms, especially streaming, FAST channels, and digital distribution, so it can keep monetizing audiences as viewing habits shift. Management is also focused on cost savings, technology, AI, and automation to improve operating performance, while using station swaps and selective transactions to optimize its portfolio. The EdgeBeam joint venture shows a longer-term effort to monetize broadcast spectrum in new ways beyond traditional advertising.

Grow digital and streaming distributionShort term

Offsets pressure in traditional TV viewing and broadens monetization of existing content.

Improve operating efficiency through transformationMedium term

Cost savings and automation are intended to lift EBITDA and support margins in a challenged media market.

Reposition the station portfolioMedium term

Portfolio optimization can improve market quality, regulatory fit, and capital allocation.

Create new spectrum-based revenue opportunitiesLong term

ATSC 3.0 could monetize broadcast infrastructure beyond advertising.

Geography

Scripps is overwhelmingly a U.S.-focused business, with more than 60 local stations in more than 40 markets and national networks reaching nearly every American. Its exposure is tied to U.S. television households, FCC ownership rules, and local market economics rather than international operations. The company also has a national audience reach of about 38% of U.S. television households after the UHF discount, which matters for station ownership and transaction planning.

Risks

Scripps faces structural risks from audience fragmentation, advertising cyclicality, and regulatory limits on station ownership and transactions. The company also highlights cybersecurity, AI-related misuse, and FCC compliance as material risks because its business depends on content distribution, data handling, and licensed broadcast operations. High leverage and preferred-share restrictions add financial flexibility risk if operating performance weakens.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Advertising cyclicality1Cybersecurity incidents2Leverage and capital structure constraints3FCC ownership and transaction restrictions4AI governance and reliability5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Advertising cyclicalityImpact: HighLikelihood: Medium

    Revenue depends heavily on advertiser demand, which weakens in downturns and can vary by quarter.

    Exposure: Local and national TV ad inventory

  2. Cybersecurity incidentsImpact: HighLikelihood: Medium

    The company stores and transmits sensitive information and depends on uninterrupted distribution systems.

    ExposureBroadcastDigitalVendor/client systems
  3. Leverage and capital structure constraintsImpact: HighLikelihood: Medium

    Substantial debt and preferred shares can constrain investment and refinancing flexibility.

    ExposureInterest expenseCovenant headroomCapital allocation
  4. FCC ownership and transaction restrictionsImpact: HighLikelihood: Low

    Broadcast station acquisitions and swaps require regulatory approval and may force divestitures.

    Exposure: Station portfolio strategy and M&A

  5. AI governance and reliabilityImpact: MediumLikelihood: Medium

    AI can create ethical, legal, privacy, and accuracy issues if deployed poorly.

    Exposure: Content workflows and internal operations

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Accounting

Judgemental items
Revenue recognition for advertising and distribution

Revenue depends on when ads air and when contractual performance obligations are satisfied.

Impact: Can shift revenue between quarters and affect comparability.

Seasonality and quarterly volatility

Political, sports, and local advertising demand can vary materially by period.

Impact: Makes quarterly margins and revenue trends less linear.

Goodwill and intangible asset impairment

Broadcast assets and acquired station groups must be tested if market conditions weaken.

Impact: Potential non-cash charges if station economics deteriorate.

Debt and preferred shares

Large borrowings and preferred equity affect interest expense, liquidity, and equity attribution.

Impact: Impacts leverage metrics and earnings available to common shareholders.

Restructuring and transformation costs

The enterprise-wide transformation plan may generate severance, consulting, and technology costs.

Impact: Can create one-time charges before savings are realized.

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Last updated: 24/09/2026

E.W. SCRIPPS Co (SSP) Revenue, Earnings & Financials 2025 – Clarifo