E.W. SCRIPPS Co

E.W. Scripps announced its third-quarter 2026 financial results, reporting a revenue increase of 3.6% to $545 million and a net income of $20.7 million, or $0.21 per share, a significant improvement from the prior year's loss. The Local Media division saw a substantial boost from political advertising, contributing to a 14.5% revenue increase. The Scripps Networks division experienced a revenue decline. The company is progressing with its transformation plan, including workforce reductions and expense savings, and plans to use strong political advertising revenue to pay down debt.

E.W. Scripps reported a substantial net loss of $1.168 billion for the second quarter of 2026, or $12.68 per diluted share, primarily driven by a $1.136 billion impairment charge on goodwill and other intangible assets. Total operating revenues declined to $490.4 million. The company also incurred significantly higher restructuring costs of $35.8 million and completed several divestments and an acquisition, including a stations swap with Gray Media, Inc. and the sale of WFTX and WRTV.

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.

The E.W. Scripps Company has completed its previously announced acquisition of WTVQ, the ABC affiliate in Lexington, Kentucky, for $15.8 million. This strategic move creates a duopoly in Lexington with Scripps' existing NBC affiliate, WLEX, enhancing its local media presence. The acquisition aligns with Scripps' broader strategy to optimize its local television portfolio, which also included the sale of WFTX and WRTV for $123 million and a station swap with Gray Media.

The E.W. Scripps Company has promoted veteran television leader Dean Littleton to President of Media, a newly created role. Littleton will now oversee the company's entire television business, including its local media portfolio of approximately 60 TV stations, its national Scripps Networks division, and Scripps News. This organizational realignment aims to unite local and national television operations to drive growth and efficiency as Scripps executes its transformation plan.

The E.W. Scripps Company announced it will release its second-quarter 2026 operating results after the market closes on Thursday, August 6. Following the release, the company will host a conference call with its senior management team on Friday, August 7, at 9:30 a.m. Eastern time. Details for accessing the live webcast, listen-only dial-in, and analyst Q&A registration have been provided, along with information for accessing the archived replay.

The E.W. Scripps Company has finalized a new retransmission consent agreement with DIRECTV, concluding its three largest cable and satellite distribution renewals for 2026. These agreements cover the majority of Scripps' pay-TV subscriber households due for renewal this year. The deal with DIRECTV was reached on July 10, following a five-week blackout period, with service immediately restored to subscribers in over 40 markets.

The E.W. Scripps Company announced extensive coverage plans leading up to America's 250th birthday in July, aiming to connect Americans through stories, people, and places that define the nation. This includes a 60-minute special, "250: Celebrating America," airing July 4 on all Scripps local stations and streaming platforms. In partnership with the Scripps Howard Fund, the company will surprise five nonprofit organizations with a total of $75,000 in grants to further their community impact.

Shrey Parikh, a 14-year-old from Rancho Cucamonga, California, was crowned the champion of the 2026 Scripps National Spelling Bee after a thrilling spell-off. Parikh set a new record by correctly spelling 32 out of 35 words, with "bromocriptine" being his championship word. He defeated Ishaan Gupta, who placed second, and Sarv Dharavane, who secured third place for the second year in a row. Parikh received a $50,000 cash prize from Scripps, along with other significant prizes from various sponsors.

The E.W. Scripps Company has completed its local TV station swap with Gray Media, a transaction originally announced in July 2025. Under the agreement, Scripps divested WSYM (Fox) in Lansing, Michigan, and KATC (ABC) in Lafayette, Louisiana, to Gray Media. In return, Scripps acquired KKTV (CBS) in Colorado Springs, Colorado; KKCO (NBC) and KJCT-LP (ABC) in Grand Junction, Colorado; and KMVT (CBS) and KSVT-LD (Fox) in Twin Falls, Idaho. This strategic move expands Scripps' presence in the Mountain West, creating greater depth in existing markets and establishing a new footprint in Grand Junction, with no cash exchanged.