E.W. SCRIPPS Co (SSP): Results of Operations and Financial Condition
E.W. SCRIPPS Co (SSP) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Scripps reports Q2 2026 financial results Aug. 6, 2026 CINCINNATI – The E.W. Scripps Company (NASDAQ: SSP) delivered $490 million in revenue for the second quarter of 2026. Loss attributable to the shareholders of Scripps was $1.2 billion or $12.68 per share. A non-c
How this was made
The 30-second read
Why it matters
Traders should focus on the magnitude of the non-cash impairment and restructuring costs, the quantified revenue declines (including distribution revenue and Scripps Networks revenue), and the specific mitigation steps (retransmission agreements completed, political revenue outlook, and expense run-rate savings).
Market read
This is a primary Q2 results disclosure with quantified impairment and revenue headwinds plus actionable operational updates (cost savings run-rate, retransmission agreements, and political ad outlook).
What to watch
The blackout periods tied to Comcast and DirecTV negotiations directly hit distribution revenue, and Nielsen measurement methodology changes may distort comparability until mitigated.
Scripps reports Q2 2026 financial results
Revenue declined 9.2%, Scripps Networks revenue declined 16%, and the company reported a $1.2 billion loss attributable to shareholders, including a $1.1 billion non-cash impairment charge.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Company revenueother | $490 million | – | a decrease of 9.2% or $49.7 million |
| Political revenueother | $29.7 million | – | – |
| Costs and expenses for segments, shared services and corporateother | $441 million | – | – |
| Loss attributable to the shareholders of Scrippsother | $1.2 billion | – | – |
| Loss attributable to the shareholders of Scripps per shareother | $12.68 per share | – | – |
| Scripps Networks goodwill and other intangible assets impairment chargeother | $1.1 billion | – | – |
| Restructuring costsother | $35.8 million | – | – |
| Gain from stations swap with Gray Media, Inc.other | $9.3 million | – | – |
| Year-to-date revenueother | $1 billion | – | a decrease of 5.4% or $57.2 million |
| Year-to-date political revenueother | $39.8 million | – | – |
| Year-to-date costs and expenses for segments, shared services and corporateother | $898 million | – | – |
| Year-to-date loss attributable to the shareholders of Scrippsother | $1.2 billion | – | – |
| Year-to-date loss attributable to the shareholders of Scripps per shareother | $13.04 per share | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Local MediaCore advertising revenue decreased 8.7% to $125 million, political revenue was $28 million, and distribution revenue decreased $32.1 million or 17% to $161 million. | $317 million | – | down 5.4% from the prior-year quarter |
| Scripps NetworksThe sale of Court TV contributed to the decline, as did a challenging national advertising market, particularly for direct response advertising; a decline in legacy linear viewing and the resulting shift in advertiser spending to streaming and digital; and changes in Nielsen’s measurement methodology. | $172 million | – | down 16% from the prior-year quarter |
| Local Media – Adjusted combined basisCore advertising revenue decreased 4.8% to $125 million, while distribution revenue decreased 13% to $161 million, driven by service blackout periods during contract negotiations with Comcast and DirecTV. | $317 million | – | down 1.2% from the prior-year quarter |
| Scripps Networks – Adjusted combined basisSegment expenses were $146 million, up 3.7% from the prior-year quarter, and segment profit was $25.5 million, compared to $57.2 million in the year-ago quarter. | $172 million | – | down 13% from the prior-year quarter |
2026 full-year and by year end outlook
- Note2026 full-year local political revenue of between $225-$250 million.
- NoteTargeting $125-$150 million of enterprise EBITDA growth by 2028 through cost savings and revenue initiatives.
- NoteExpects to have implemented about $100 million in annual run-rate savings by year end.
Capital returns
- Scripps did not declare or provide payment for either of the quarterly preferred stock dividends in 2026.
- The 9% dividend rate on the preferred shares compounds quarterly.
- Under the terms of Berkshire Hathaway’s preferred equity investment in Scripps, the company is prohibited from paying dividends on or repurchasing common shares until all preferred shares are redeemed.
What drove it
- Local Media political advertising revenue was a second-quarter record at $28 million.
- The service blackout periods during contract negotiations with Comcast and DirecTV had a $26.7 million negative impact on second-quarter 2026 distribution revenues.
- Second-quarter segment, shared services and corporate expenses were down 3%, due to favorable programming expenses, employee cost savings and tight expense controls.
- The company completed three retransmission consent agreements representing the majority of its pay TV subscriber households scheduled for renewal in 2026.
- Scripps Sports signed the Detroit Pistons for a multi-year distribution agreement and has a full-season local rights agreement with the Nashville Predators. Both agreements will contribute to local core revenue when they begin this fall.
- ION scored the U.S. rights to televise the Women’s Volleyball World Cup 2027 tournament.
Concerns
- Scripps Networks revenue was down 16% from Q2 2025.
- The company cited a challenging national advertising market, particularly for direct response advertising.
- The company cited a decline in legacy linear viewing, advertiser spending shifting to streaming and digital, and changes in Nielsen’s measurement methodology.
- Scripps Networks incurred a $1.1 billion non-cash goodwill and intangible asset impairment charge reflecting continued pressure from a weak national advertising market, ratings challenges and broader macroeconomic uncertainty.
- Cash and cash equivalents totaled $13 million while total debt was $2.5 billion.
- The company eliminated 268 jobs across the company earlier in the week.
What to watch
- Implementation of about $100 million in annual run-rate savings by year end.
- The impact of transformation-related job reductions affecting about 6% of the workforce on third-quarter expense improvement.
- The contribution to local core revenue from the Detroit Pistons and Nashville Predators agreements when they begin this fall.
- The outcome of efforts with Nielsen to mitigate measurement-methodology effects in coming quarters.
- Full-year local political revenue against the expected range of between $225-$250 million.
- The impact of completed retransmission consent agreements and prior Comcast and DirecTV service blackout periods on distribution revenue.
Balance sheet and cash flow
- On June 30, cash and cash equivalents totaled $13 million, and total debt was $2.5 billion.
- At June 30, long-term debt included $1.7 billion of senior notes outstanding, $558 million of term loans outstanding and $314 million under the accounts receivable securitization facility.
- During the first six months of 2026, we made principal pre-payments totaling $60.6 million on our June 2028 and November 2029 term loans.
- At June 30, aggregated undeclared and unpaid cumulative dividends totaled $150 million.
Analysis
Second-quarter revenue was $490 million, down 9.2% or $49.7 million from the prior-year quarter. Local Media revenue was $317 million, down 5.4%, while Scripps Networks revenue was $172 million, down 16%. On an adjusted combined basis, Local Media revenue was down 1.2% and Scripps Networks revenue was down 13%, identifying the station and Court TV transactions as important factors in the reported comparisons.
Local Media had a second-quarter record of $28 million in political advertising revenue, but this did not offset weaker core advertising and distribution revenue. Core advertising revenue decreased 8.7% to $125 million, and distribution revenue decreased $32.1 million or 17% to $161 million. The Comcast and DirecTV contract-negotiation blackout periods had a $26.7 million negative impact on second-quarter distribution revenues.
Expense actions provided a partial offset. Costs and expenses for segments, shared services and corporate were $441 million, down from $457 million, and Local Media segment expenses decreased 6.5% to $261 million. However, Scripps Networks segment profit fell to $25.5 million from $55.9 million in the year-ago quarter, reflecting weak national advertising, ratings challenges, linear-viewing declines, advertising shifts toward streaming and digital, and Nielsen measurement-methodology changes.
The reported loss attributable to shareholders was $1.2 billion, or $12.68 per share. The quarter included a $1.1 billion non-cash goodwill and other intangible assets impairment charge for Scripps Networks, $35.8 million in restructuring costs and a $9.3 million gain from the Gray Media station swap. The impairment reflects the continued pressure described in the release and is the principal driver of the reported loss.
Capital structure and capital-return constraints remain central. Cash and cash equivalents were $13 million and total debt was $2.5 billion at June 30. The company made principal pre-payments totaling $60.6 million during the first six months of 2026, but it did not declare or pay either quarterly preferred dividend in 2026, with aggregated undeclared and unpaid cumulative dividends totaling $150 million. Management expects 2026 full-year local political revenue of between $225-$250 million and about $100 million in annual run-rate savings by year end, while targeting $125-$150 million of enterprise EBITDA growth by 2028.
Management, verbatim
We’re in the midst of transforming Scripps through fundamental changes in how we operate. These changes leverage today’s most advanced technology, AI and automation to both deliver improved operating results and allow us to better serve our local consumers, audiences and advertisers that rely on us across the nation.
Adam Symson, Scripps President and CEO
During the second quarter, we demonstrated our commitment to two important revenue growth strategies. First, with Scripps Sports, our new Detroit Pistons and Nashville Predators agreements will drive incremental core advertising revenue growth on top of the organic growth we expect from our existing robust portfolio of local sports.
Adam Symson, Scripps President and CEO
We are making difficult decisions, including eliminating 268 jobs across the company earlier this week, in service to our ability to survive and thrive and fulfill our commitments to our country and to our shareholders.
Adam Symson, Scripps President and CEO
Not in the filing
stated, not guessed- Gross profit and gross margin
- Operating income or loss
- GAAP designation for reported revenue, loss, EPS and segment results
- Non-GAAP earnings, non-GAAP EPS and adjusted EBITDA
- Operating cash flow
- Free cash flow
- Capital expenditures
- Share repurchases
- Common-stock dividend amount
- Third-quarter numerical revenue, expense, margin or tax-rate guidance
- Prior-quarter comparisons for reported metrics
- Complete financial statements and any additional metrics beyond the provided filing excerpt
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
E.W. Scripps filed an SEC 8-K (Item 2.02) with Exhibit 99.1 reporting Q2 2026 results and operational updates tied to its transformation plan.
Ticker impact
Scripps reported Q2 2026 revenue of $490M and a $1.2B shareholder loss, including a $1.1B non-cash impairment in Scripps Networks.
Likely negative-to-volatile reaction as impairment and distribution blackout impacts dominate, partially offset by political ad strength and retransmission agreement progress.
This is a primary earnings-style disclosure via an 8-K with quantified results, impairment, restructuring costs, and concrete operational updates (retransmission agreements, political revenue outlook, expense run-rate savings).
Market effects
Media and local TV operators may face continued pressure from national ad weakness, ratings/measurement changes, and retransmission negotiation risk.
Limited direct regional spillover, but retransmission and local political ad dynamics can affect local-market ad demand expectations.
Low global relevance; primarily a US broadcast/media credit and earnings-quality signal.
Counterpoint
Despite the large impairment, management frames transformation benefits as increasingly visible in coming quarters, with $100M annual run-rate savings expected by year end.
Key entities
- public_companyE.W. Scripps Company
Reported Q2 2026 revenue, loss, impairment and restructuring costs, and provided transformation, retransmission, and revenue outlook updates.
- counterpartyGray Media, Inc.
Station swap mentioned as producing a $9.3M gain in the quarter.
- counterpartyComcast
Distribution blackout periods during retransmission negotiations negatively impacted Q2 distribution revenue by $26.7M.
- counterpartyDirecTV
Distribution blackout periods during retransmission negotiations negatively impacted Q2 distribution revenue by $26.7M.
- counterpartyNielsen
Measurement methodology changes are cited as a factor pressuring results, with mitigation work underway.
