Quarterly ResultAug 7, 2026, 07:27 AM
Scripps Q2 Loss $1.2B ($12.68/share) due to $1.1B Impairment
AI Summary
E.W. Scripps Company reported a significant net loss of $1.2 billion, or $12.68 per share, for Q2 2026, primarily driven by a $1.1 billion non-cash impairment charge on goodwill and intangible assets. Total revenue declined 9.2% to $490 million, with both Local Media and Scripps Networks segments experiencing revenue decreases. The company is undergoing a transformation plan, targeting substantial EBITDA growth and cost savings, and has made strategic moves in sports partnerships and station transactions, alongside job reductions affecting 6% of its workforce.
Key Highlights
- Q2 2026 revenue was $490 million, a 9.2% decrease year-over-year.
- Net loss attributable to shareholders was $1.2 billion, or $12.68 per share.
- Loss included a $1.1 billion non-cash goodwill and intangible asset impairment charge for Scripps Networks.
- Local Media revenue decreased 5.4% to $317 million, with distribution revenue down 17% due to service blackouts.
- Scripps Networks revenue decreased 16% to $172 million, partly due to the sale of Court TV and a weak ad market.
- Local Media political advertising revenue was a Q2 record at $28 million.
- Company targets $125-$150 million enterprise EBITDA growth by 2028, with $100 million annual run-rate savings expected by year-end.
- Total debt stood at $2.5 billion as of June 30, 2026, with $150 million in undeclared preferred dividends.
Price Impact
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