Monday, November 06, 2023
The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As one of the nation’s largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of 61 stations in 41 markets. The Scripps Networks reach nearly every American through the national news outlets Court TV and Newsy and popular entertainment brands ION, Bounce, Defy TV, Grit, ION Mystery, Laff and TrueReal. Scripps is the nation’s largest holder of broadcast spectrum. Scripps runs an award-winning investigative reporting newsroom in Washington, D.C., and is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps has held for decades to the motto, “Give light and the people will find their own way.”
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Overachieves Q3 expectations. Total company revenue of $ 566.5 million was in line with our expectations of $567.0 million. But, the company overachieved adj. EBITDA, $100.9 million versus our $84.0 million estimate, with the upside variance split evenly between its Local Media and Network segments.
Adds color on its sports initiative. Management indicated that its two NHL sports licenses will account for a 4% point increase in its core advertising in the fourth quarter and 3% for the full year 2023. The sports license in Las Vegas allowed the company to flip an ION station to an independent station allowing it to receive substantial retransmission revenue.
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