Scripps reports $490 million revenue, $1.2 billion second quarter loss after impairment charge

E.W. Scripps (NASDAQ: SSP) reported Q2 2026 results with a loss of $12.68 per share versus a -$0.40 estimate. Revenue fell to $490.4M from $540.1M year over year, and net loss was $1.15B. Local Media revenue declined 5.4% to $316.5M. Shares rose 2.8% to $2.95 after the release.

E.W. Scripps (SSP) reported Q2 FY2026 net loss of $12.68 per share, driven by a $1.1 billion non-cash goodwill impairment in Scripps Networks, plus $36 million restructuring costs. Adjusted local media revenue fell 1% to $317 million, while Scripps Networks revenue dropped 13% to $172 million. Management raised transformation savings to $100 million run-rate by end-2026 and guided Q3 local revenue up ~20% YoY.

E.W. Scripps (SSP) reported Q2 local media revenue of $317 million, down 1% adjusted, with core advertising down 4.8% due to economic uncertainty, political crowd-out, and carriage disputes. Political revenue was a record $28 million. Management said Q3 revenue should rise about 20% on political spending, and expects full-year political revenue of $225 million to $250 million. CFO discussed $100 million annual run-rate savings and a path toward ~30% network margins.

E.W. Scripps (Scripps) said it cut 12% of its workforce in 2024, eliminating 432 positions and ending 126 open roles since the year began, including 268 layoffs disclosed earlier, according to CEO Adam Symson on the Q2 earnings call. The company plans AI and automation to centralize roles, shift to a 24-hour streaming model, and expects $100 million in annualized savings and $125 million to $150 million in EBITDA gains by 2028. Q2 revenue was $490.4 million, down 9%, with a net loss of 34 cents

E.W. Scripps (Scripps) CEO Adam Symson told analysts the company is cutting about 12% of staff, mostly at local TV stations, as it shifts to an AI-enabled 24-hour streaming news model. Scripps reported Q2 revenue of $490.4M (-9% YoY) and a net loss of 34 cents/share, and targets $100M run-rate savings plus EBITDA growth of $125M-$150M by 2028.

E.W. Scripps (NASDAQ:SSP) reported Q2 2026 revenue of $490 million, down 9.2% year over year, and a net loss attributable to shareholders of $1.2 billion, largely from a $1.1 billion non-cash goodwill and intangible impairment. The company cited $100 million annual run-rate cost savings by end-2026, $125 million to $150 million enterprise EBITDA growth by 2028, and full-year political revenue of $225 million to $250 million.