|Over a week ago|
E.W. Scripps upgraded to Overweight from Underweight at Huber Research » 17:4105/1805/18/21
Huber Research analyst…
Huber Research analyst Craig Huber earlier upgraded E.W. Scripps to Overweight from Underweight with a $28 price target.
E.W. Scripps says Octane OTT sales team, Amazon Advertising to work together » 10:3205/1805/18/21
The E.W. Scripps Company…
The E.W. Scripps Company (SSP) announced it is collaborating with Amazon Advertising (AMZN) to bring its OTT advertising offerings to local businesses. "As part of this new initiative, Scripps' Octane OTT sales team and Amazon Advertising will work together to sell Amazon OTT inventory across IMDb TV, livestreaming service Twitch, top-tier network and broadcaster apps and Amazon's News apps to local businesses. Amazon OTT and Twitch jointly reach an unduplicated monthly audience of 120 million viewers across the U.S. Scripps launched Octane OTT in 2019 as a platform for local advertisers to reach cord-cutting audiences across a variety of premium OTT video brands and services," Scripps stated.
E.W. Scripps selects Magnite as preferred CTV SSP » 08:1705/1805/18/21
Magnite (MGNI) announced…
Magnite (MGNI) announced The E.W. Scripps Company (SSP) has selected Magnite to serve as the company's preferred sell-side platform across its connected TV inventory. Scripps also will leverage the Magnite platform to give buyers access to its programmatic inventory across all channels.
|Over a month ago|
E.W. Scripps reports Q1 EPS (10c) with items, consensus 15c » 07:3505/0705/07/21
Q1 EPS includes items…
Q1 EPS includes items which decreased income from continuing operations by $29.3M or 36c: an $81.8M gain from the sale of Triton, a $67.2M non-cash adjustment due to the increase in the fair value of the outstanding common stock warrant liability as stock price rose during Q1, acquisition and related integration costs of $28.6M and $7.1M of restructuring costs. Reports Q1 revenue $540.92M, consensus $536.21M. "During Q1, our Local Media and Scripps Networks divisions capitalized on the resurgence of the local and national TV advertising marketplaces with strong sales execution and drove an exceptionally strong start to the year," CEO Adam Symson said. "In Local Media, service-oriented local business advertising continued its momentum from the end of 2020, and we saw significant growth in advertising tied to the number of states legalizing sports betting as well as meaningful new advertising business developed by our sales teams. (...) Retransmission revenue grew 15% (adjusted combined) as we annualize a big reset in household rates last year and due to stabilization of pay TV household counts in the most recent reporting period. In our new Scripps Networks division, we are gaining strong traction in the upfront and scatter markets as well as continued growth in direct response advertising demand and rates. We delivered Q1 margins of more than 40% and expect to maintain margins this year in the 40% range (adjusted combined), other than a dip in Q3 as we invest in the launch of the new networks Defy TV and True Real and prepare to deploy Newsy over the air. The foundation of our acquisition of ION and the creation of our OTA powerhouse networks portfolio is growth in free, over-the-air television viewing that consumers pair with subscription streaming services. Television is a high-free-cash-flow business, and Scripps is creating value today from our two highly profitable operating divisions even as we prepare to capitalize on future industry growth."
Scripps completes sale of Triton to iHeartMedia » 13:0203/3103/31/21
The E.W. Scripps Company…
The E.W. Scripps Company (SSP) closed on its sale of Triton to iHeartMedia (IHRT) for $230M. Triton is the global technology and services leader for the digital audio and podcast industry. Scripps bought the company for $150M in 2018, and it has been accretive to segment margins since then. The sale of Triton completes Scripps' high-return exit from podcasting and digital audio. It sold podcast company Stitcher in October. Scripps nearly doubled its return on investments in both companies, and now it is focused on growth strategies in the television business. The company intends to use proceeds from the Triton transaction toward debt reduction.
|Over a quarter ago|
E.W. Scripps to host virtual investor event » 09:0003/0303/03/21
Virtual Investor Event…
Virtual Investor Event with President & CEO Symson, CFO Combs, Local Media President Lawlor and National Networks President Knutson discuss the company's growth strategies and new composition as a full-scale local and national television broadcaster, on March 3 at 10 am. Webcast Link
Fly Intel: Pre-market Movers » 09:0302/2602/26/21
DKNG, AMCX, BLDR, SSP, BYND, FL, CNK, CRI, FLR, SPCE, DASH, CRM
Check out this morning's…
E.W. Scripps reports Q4 EPS $1.35, consensus $1.28 » 07:3302/2602/26/21
Reports Q4 revenue $591M,…
Reports Q4 revenue $591M, consensus $570.48M.
E.W. Scripps board chairman Rich Boehne to retire, Kim Williams to succeed » 09:0402/1802/18/21
Rich Boehne has notified…
Rich Boehne has notified the board of directors of The E.W. Scripps Company that he will step down as chairman and retire from the board when his term expires on May 3. Kim Williams will become chair of the board, effective the same date. Williams has served as a director of the board since 2008 and the board's independent lead director - elected by public, Class A shareholders - since 2018.
E.W. Scripps to sell Triton Digital to iHeartMedia for $230M » 08:0302/1702/17/21
The E.W. Scripps (SSP)…
The E.W. Scripps (SSP) has entered into an agreement with iHeartMedia IHRT) to sell Triton Digital for $230M, a cash-on-cash return of 1.6x for a business Scripps acquired in late 2018. Triton is the global technology and services leader for the digital audio and podcast industry. Scripps bought the company for $150M, and it has been accretive to segment margins since then. Scripps CFO Jason Combs said the company would use proceeds from the Triton sale to pay down debt. The Triton transaction is expected to close in the first quarter, pending Hart-Scott-Rodino clearance.