The E.W. Scripps Company (SSP) SEC Filings & Earnings Calls

Scripps Networks Impairment Risk

“We concluded that the fair value of our Scripps Networks reporting unit did not exceed its carrying value and we recognized a non-cash charge of $967 million to reduce the carrying value of goodwill and $169 million to reduce the value of intangible assets.” · word for word

Advertising Market Weakness

“The Scripps Networks business has experienced lower than projected financial results reflecting the impact of continued pressure from a weak national advertising market, ratings challenges, including impacts from the Nielsen methodology changes, and broader macroeconomic uncertainty.” · word for word

High Leverage

“Long-term debt $2,493.9 million vs total equity $100.7 million, implying very high leverage.”

National advertising market weakness and ratings challenges driving impairment and revenue decline

“Scripps Networks revenue down 16%; $1.1B impairment due to weak national ad market, ratings challenges, macroeconomic uncertainty”

Retransmission consent disputes causing temporary station removal and revenue loss

“Two negotiations resulted in distributors’ temporary removal of Scripps stations during the second quarter, negatively impacting Q2 core advertising and distribution revenue”

Shift from linear to streaming/digital advertising eroding traditional revenue base

“Decline in legacy linear viewing and the resulting shift in advertiser spending to streaming and digital” · word for word

Nielsen measurement methodology changes impacting reported viewership and ad revenue

“Changes in Nielsen’s measurement methodology, which Scripps is working with Nielsen to mitigate in the coming quarters” · word for word

Scripps Networks revenue decline indicates ongoing linear TV headwinds.

“Scripps Networks Revenue was $176 million, down 11% from the prior-year quarter.” · word for word

High leverage (net leverage 3.9x) requires continued debt reduction.

“Net leverage at the end of the first quarter was 3.9x” · word for word

High leverage and interest expense burden

“Interest expense (56,958) (2026) vs (43,750) (2025)”

Goodwill impairment risk in Scripps Networks segment

“Our fourth quarter 2025 annual goodwill impairment test indicated that the fair value of our Scripps Networks reporting unit exceeded its carrying value by approximately 5%.” · word for word

Declining core advertising revenue

“Advertising $315,666 (2026) vs $325,850 (2025)”

Debt maturity extension reduces refinancing risk but does not eliminate leverage concerns.

“Amendment extends maturity but company still has $8M non-extended facility maturing in 2027.”

Political advertising dependency

“Because of these political election cycles, we usually see a significant difference in our operating results when comparing performance in even-numbered years, such as 2024, to odd-numbered years, such as 2025.” · word for word

High leverage

“The Company used an incremental borrowing rate of 10.4% to measure the lease liabilities. In developing this rate, the Company considered its credit profile, including its higher leverage position at the time of the sale and leaseback transactions.”

Unsolicited acquisition proposal

“The Board adopted the Rights Plan following the public disclosure of an unsolicited, non-binding acquisition proposal for the Company” · word for word

Stock price decline

“The value was calculated using the closing market price of our Class A Common Shares on December 31, 2025 ($3.99 per share).” · word for word

High debt and interest burden

“Interest expense increased $10.6 million or 5.1% in 2025 compared to 2024 ... We incurred a loss on extinguishment of debt of $13.0 million ... other financing transaction costs ... totaled $44.5 million.” · word for word

Preferred stock dividend overhang

“At December 31, 2025, aggregated undeclared and unpaid cumulative dividends totaled $117 million and the redemption value of the preferred stock totaled $750 million.” · word for word

Subscriber decline trend

“Distribution revenues were unfavorably impacted by mid-single-digit subscriber declines.” · word for word

Sports rights cost escalation

“Costs attributed to these sports rights agreements ... increased programming expense by $23.5 million in 2025 compared to 2024.” · word for word

Revenue decline due to political ad cycling; transformation execution risk; debt leverage.

“Revenue down 23% due to prior year political ads; net loss $44.9M; transformation plan targets 2028.”

Potential takeover defense may signal vulnerability or activist pressure, but no immediate financial impact.

“Rights Agreement adopted as a defensive measure”

High leverage and refinancing risk

“Total debt $2.7 billion, preferred stock redemption value $734 million, and high interest rates (9.875% on new notes) increase financial risk.”

Goodwill impairment risk

“Scripps Networks reporting unit fair value exceeded carrying value by only 1.3% as of Q4 2024, making it sensitive to changes in assumptions.”

Cumulative preferred dividend overhang

“Undeclared and unpaid cumulative dividends on preferred stock totaled $101 million as of September 30, 2025.”

Subscriber decline trend

“Distribution revenues were unfavorably impacted by high-single-digit subscriber declines.” · word for word

Political revenue volatility: Q3 political revenue dropped from $125M to $5.1M year-over-year due to election cycle.

“Political revenue was $5.1 million, compared to $125 million in the prior-year quarter, an election year.” · word for word

High leverage: Net leverage at 4.6x, though reduced from 4.9x, remains elevated.

“Net leverage at the end of the third quarter was 4.6x, down from 4.9x at the end of the first quarter.” · word for word