E.W. SCRIPPS Co (SSP): Scripps raises full-year political guide, completes 2026 workforce reductions
E.W. SCRIPPS Co (SSP) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Scripps raises full-year political guide, completes 2026 workforce reductions Oct. 28, 2026 CINCINNATI - The E.W. Scripps Company (NASDAQ: SSP) has raised its expectations for full-year 2026 midterm Local Media political advertising revenue to about $275 million, whi
How this was made
The 30-second read
Why it matters
The raised guidance is the primary catalyst for the stock, with expected upside ahead of the upcoming Q3 earnings release.
Market read
Guidance raise is material for SSP and may influence peers in the local media space.
What to watch
Potential headwinds from audience fragmentation and regulatory changes could limit revenue growth.
Scripps raises full-year Local Media political advertising revenue expectation to about $275 million; Q3 political revenue was nearly $81 million and the company completed 431 workforce reductions.
The company raised its full-year 2026 midterm Local Media political advertising revenue expectation to about $275 million after reporting nearly $81 million of Local Media political revenue in the third quarter, while advancing its transformation plan and targeting fourth-quarter debt reduction.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Local Media political revenue (third quarter 2026)other | nearly $81 million | – | – |
| Cash (end of third quarter)other | $83M | – | – |
| Workforce reductions completed on Tuesdayother | 431 | – | – |
| Total employees impacted in 2026other | about 850 | – | nearly 20% of its employee count from the beginning of the year |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Local Media political revenue (third quarter 2026)Strong candidate, issue and advocacy spending across Scripps markets in Michigan and Ohio as well as Arizona, Florida, Wisconsin, Tennessee and Virginia. | nearly $81 million | – | – |
full-year 2026 outlook
- NoteMidterm Local Media political advertising revenue: about $275 million
- NoteMidterm Local Media political advertising revenue: about 40% above its 2022 midterm election revenue
- NoteEnterprise EBITDA growth by 2028: $125-$150 million
- NoteAnnual run-rate savings by year end: about $100 million
- NoteDebt paydown in the fourth quarter: at least $150 million
What drove it
- Third-quarter Local Media political revenue was driven by strong candidate, issue and advocacy spending.
- Political spending was strong across Scripps markets in Michigan and Ohio as well as Arizona, Florida, Wisconsin, Tennessee and Virginia.
- Workforce reductions are part of the company transformation plan to generate $125-$150 million of enterprise EBITDA growth by 2028.
Concerns
- The company cited change in advertising demand, fragmentation of audiences, loss of affiliation agreements, loss of distribution revenue, increases in programming costs and the ability to manage outstanding debt obligations as risks.
- The impact of the transformation work is expected to become most evident beginning in the fourth-quarter results.
- The planned fourth-quarter debt reduction depends on cash and proceeds from Q4 political advertising revenue.
What to watch
- Full third-quarter 2026 results, scheduled for release after the market closes Thursday, Nov. 5.
- Fourth-quarter Local Media political advertising revenue and progress toward paying down at least $150 million of debt.
- Implementation of about $100 million in annual run-rate savings by year end.
- The fourth-quarter earnings impact of the 2026 workforce reductions and broader transformation plan.
Balance sheet and cash flow
- Cash at the end of the third quarter: $83 million
- The company will use cash and proceeds from Q4 political advertising revenue to pay down at least $150 million of debt in the fourth quarter.
Analysis
This filing is an operational and outlook update rather than Scripps' full third-quarter earnings release. The company reported nearly $81 million of Local Media political revenue for the third quarter and raised its full-year 2026 midterm Local Media political advertising revenue expectation to about $275 million. Management attributed third-quarter political revenue to strong candidate, issue and advocacy spending in markets including Michigan, Ohio, Arizona, Florida, Wisconsin, Tennessee and Virginia.
The revised political outlook is about 40% above Scripps' 2022 midterm election revenue. The company stated that its August full-year guide had been $225-$250 million, but no prior-outlook document was provided for a formal actual-versus-guidance comparison. The filing does not provide total revenue, profitability, margins, EPS or cash-flow results for the third quarter.
Scripps also completed 431 workforce reductions on Tuesday, bringing total employees impacted in 2026 to about 850, or nearly 20% of the employee count at the beginning of the year. These actions are part of a transformation plan targeting $125-$150 million of enterprise EBITDA growth by 2028. The company expects the transformation work to become most evident in fourth-quarter results and expects to have implemented about $100 million in annual run-rate savings by year end.
Liquidity and debt reduction are central to the update. Scripps had $83 million in cash at the end of the third quarter and plans to use that cash and Q4 political advertising proceeds to pay down at least $150 million of debt in the fourth quarter. The full third-quarter release on Nov. 5 will be needed to assess the underlying operating result, profitability, leverage, cash generation and the financial impact of the workforce actions.
Not in the filing
stated, not guessed- Period-end date
- Total revenue
- Revenue by reportable segment other than Local Media political revenue
- GAAP gross profit and gross margin
- GAAP operating income or loss
- Non-GAAP operating income or adjusted EBITDA for the reported period
- GAAP net income or loss
- Non-GAAP net income or loss
- GAAP EPS
- Non-GAAP EPS
- Operating cash flow
- Free cash flow
- Total debt
- Dividend information
- Share repurchase information
- Full third-quarter financial statements
- Forward guidance for total revenue, gross margin, operating expenses and tax rate
- Named executive quotes
- Prior-outlook document required for formal versus-prior-guidance comparisons
AlphAI 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
The filing is an SEC Form 8‑K reporting Item 2.02 results and guidance for E.W. Scripps Co.
Ticker impact
SSP raised its full-year 2026 political advertising revenue guidance to about $275 million, a 40% increase over 2022.
upward pressure as investors price in higher political ad revenue.
The company disclosed a material increase in expected revenue, which is new information and directly impacts valuation.
Market effects
Higher political ad spend may benefit other local media broadcasters.
Positive for U.S. local TV markets where SSP operates.
Limited to U.S. media sector.
Counterpoint
If political ad spending softens later in the cycle, the guidance could be overly optimistic.
Key entities
- companyE.W. Scripps Co
U.S. diversified media company listed on NASDAQ.
