Monday, February 27, 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, Noble Capital Markets, Inc.
Patrick McCann, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Slight miss in Q4. Q4 revenue of $680.9 million was in line with our estimate of $684 million. Adj. EBITDA of $208.2 million was 2.7% below our estimate of $214 million. Notably, Core advertising was down 11% in the quarter, which was primarily attributed to political advertising displacement.
Distribution revenue to bolster results. Management expects distribution revenue to grow in the low-teens percentage range for full year 2023 attributed to 75% of its subscribers to be renewed this year.
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