The E.W. Scripps Company — Full Year 2026 Earnings Summary

Financial Performance:

• Raised full-year 2026 Local Media political advertising revenue guidance to approximately $275 million, representing a 40% increase over 2022 midterm election revenue.
• Third quarter 2026 Local Media political revenue was nearly $81 million.
• Previously guided to a full-year range of $225-$250 million in August.
• Ended the third quarter with $83 million in cash.
• Plans to pay down at least $150 million of debt in the fourth quarter using Q3 cash and Q4 political advertising proceeds.
• Transformation plan targets $125-$150 million of enterprise EBITDA growth by 2028.
• Expects to implement approximately $100 million in annual run-rate savings by year-end 2026.

Guidance and Future Outlook:

• Full-year 2026 political revenue guidance increased to ~$275 million.
• Transformation impact expected to become most evident in fourth-quarter results.
• Full third-quarter 2026 results scheduled for release after market close on Thursday, Nov. 5.

Business Segments and Product Lines:

• Political revenue growth driven by strong candidate, issue, and advocacy spending in Michigan, Ohio, Arizona, Florida, Wisconsin, Tennessee, and Virginia.
• Completed 431 workforce reductions in 2026, bringing total impacted employees to approximately 850 (nearly 20% of the beginning-of-year headcount).
• Workforce reductions are part of a company transformation plan.

Market and Competitive Landscape:

• Strong spending trends observed across key midterm election markets.
• Company operates a portfolio of about 60 stations in 40 markets and is one of the nation's largest holders of broadcast spectrum.

Risks and Challenges:

• Forward-looking statements are subject to risks including changes in advertising demand, audience fragmentation, loss of affiliation agreements, loss of distribution revenue, and increases in programming costs.
• Risks also include changes in law and regulation, ability to consummate strategic transactions, controlled ownership structure, and ability to manage outstanding debt obligations.

Management Commentary and Tone:

• Management raised expectations for full-year political revenue, citing strong spending across specific markets.
• Transformation work is proceeding with the goal of significant EBITDA growth by 2028.

Other Key Points:

• The company is a diversified media company founded in 1878, operating Scripps News and entertainment brands including ION, Bounce, Grit, ION Mystery, ION Plus, and Laff.
• Scripps Sports serves professional and college leagues with national broadcast reach up to 100% of TV households.
• The company is the steward of the Scripps National Spelling Bee.