$SSP

E.W. SCRIPPS Co

CIK:0000832428|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating Revenues:
Total operating revenues	$ 490,401	$ 540,080	$ 1,007,269	$ 1,064,473
Operating Expenses:
Cost of revenues, excluding depreciation and amortization	294,070	313,689	604,864	630,842
Selling, general and administrative expenses, excluding depreciation and amortization	147,085	143,386	292,912	280,625
Restructuring costs	35,840	613	36,484	4,757
Depreciation	13,287	14,643	26,572	29,547
Amortization of intangible assets	21,774	22,555	43,836	46,111
Impairment of goodwill and other intangible assets	1,135,825	0	1,135,825	0
Losses (gains), net on disposal of property and equipment	59	(31,410)	(450)	(31,488)
Total operating expenses	1,647,940	463,476	2,140,043	960,394
Operating income (loss)	(1,157,539)	76,604	(1,132,774)	104,079
Interest expense	(54,110)	(58,653)	(111,068)	(102,403)
Loss on extinguishment of debt	(913)	(2,972)	(913)	(2,972)
Other financing transaction costs	0	(38,071)	0	(38,071)
Defined benefit pension plan expense	(734)	(337)	(1,467)	(675)
Gains (losses) from sale of business	8,872	0	38,881	0
Miscellaneous, net	(3,843)	(1,683)	(5,374)	(1,527)
Loss from operations before income taxes	(1,208,267)	(25,112)	(1,212,715)	(41,569)
Provision (benefit) for income taxes	(57,017)	10,850	(59,675)	(2,152)
Net loss	(1,151,250)	(35,962)	(1,153,040)	(39,417)
Preferred stock dividends	(16,555)	(15,722)	(32,746)	(31,110)
Net loss attributable to the shareholders of The E.W. Scripps Company	$ (1,167,805)	$ (51,684)	$ (1,185,786)	$ (70,527)
Net loss per basic share of common stock attributable to the shareholders of The E.W. Scripps Company (in dollars per share)	$ (12.68)	$ (0.59)	$ (13.04)	$ (0.81)
Net loss per diluted share of common stock attributable to the shareholders of The E.W. Scripps Company (in dollars per share)	$ (12.68)	$ (0.59)	$ (13.04)	$ (0.81)
Advertising
Operating Revenues:
Total operating revenues	$ 315,820	$ 335,530	$ 631,486	$ 661,380
Distribution
Operating Revenues:
Total operating revenues	163,917	195,404	356,280	384,328
Other
Operating Revenues:
Total operating revenues	$ 10,664	$ 9,146	$ 19,503	$ 18,765

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities:
Net loss	$ (1,153,040)	$ (39,417)
Adjustments to reconcile net loss to net cash flows from operating activities:
Depreciation and amortization	70,408	75,658
Impairment of goodwill and other intangible assets	1,135,825	0
Losses (gains), net on disposal of property and equipment	(450)	(31,488)
Loss on extinguishment of debt	913	2,972
Losses (gains) from sale of business	(38,881)	0
Programming assets and liabilities	(29,278)	13,223
Restructuring impairment charges	14,857	1,397
Losses (gains) on sale of investments	0	(42)
Deferred income taxes	(81,860)	(16,850)
Stock and deferred compensation plans	15,011	14,192
Pension contributions, net of income/expense	880	61
Other changes in certain working capital accounts, net	70,059	(48,935)
Miscellaneous, net	12,652	15,371
Net cash provided by (used in) operating activities	17,096	(13,858)
Cash Flows from Investing Activities:
Business acquisition deposit	(5,000)	0
Proceeds from sale of business	126,721	0
Additions to property and equipment	(19,689)	(17,245)
Purchase of investments	(497)	(6,928)
Proceeds from sale of property and equipment	717	40,664
Proceeds from sale of investments	0	42
Net cash provided by investing activities	102,252	16,533
Cash Flows from Financing Activities:
Net borrowings under revolving credit facility	0	70,000
Proceeds received from accounts receivable securitization facility	156,500	422,600
Payments on accounts receivable securitization facility	(204,100)	(57,100)
Proceeds from issuance of long-term debt	0	885,369
Payments on long-term debt	(60,598)	(1,266,427)
Payments of deferred financing costs	(6,434)	(43,195)
Payments of debt extinguishment costs	(300)	(2,819)
Tax payments related to shares withheld for vested stock and RSUs	(5,918)	(874)
Miscellaneous, net	(2,070)	(2,421)
Net cash provided by (used in) financing activities	(122,920)	5,133
Increase (decrease) in cash, cash equivalents and restricted cash	(3,572)	7,808
Cash, cash equivalents and restricted cash:
Beginning of year	27,923	23,852
End of period	24,351	31,660
Supplemental Cash Flow Disclosures
Interest paid	101,426	81,906
Income taxes (refunded) paid	(4,758)	12,729
Non-cash investing information
Accrued capital expenditures	$ 1,285	$ 2,602

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 13,046	$ 27,923
Restricted cash	11,305	0
Accounts receivable (less allowances — $7,358 and $5,909)	526,417	569,307
Miscellaneous	42,714	47,255
Total assets held for sale	0	102,933
Total current assets	593,482	747,418
Investments	12,188	14,369
Property and equipment	424,827	407,966
Operating lease right-of-use assets	85,747	95,975
Goodwill	929,814	1,918,334
Other intangible assets	1,323,662	1,517,776
Programming	249,897	280,359
Miscellaneous	26,340	26,431
Total Assets	3,645,957	5,008,628
Current liabilities:
Accounts payable	65,938	63,420
Unearned revenue	27,604	22,166
Current portion of long-term debt	0	8,854
Accrued liabilities:
Employee compensation and benefits	41,261	55,657
Accrued taxes	55,876	34,576
Programming liability	125,580	141,914
Accrued interest	50,326	53,791
Miscellaneous	45,749	41,813
Other current liabilities	31,627	24,347
Liabilities held for sale	0	7,063
Total current liabilities	443,961	453,601
Long-term debt (less current portion)	2,493,889	2,585,534
Deferred income taxes	192,996	268,427
Operating lease liabilities	78,329	85,885
Other liabilities (less current portion)	336,095	369,089
Equity:
Total preferred and common stock	420,086	420,049
Additional paid-in capital	1,474,490	1,467,347
Accumulated deficit	(1,729,921)	(576,881)
Accumulated other comprehensive loss, net of income taxes	(63,968)	(64,423)
Total equity	100,687	1,246,092
Total Liabilities and Equity	3,645,957	5,008,628
Preferred stock
Equity:
Preferred stock	0	0
Preferred stock, Series A
Equity:
Preferred stock	419,159	419,159
Common stock, Class A
Equity:
Common stock	808	771
Common stock, Voting
Equity:
Common stock	$ 119	$ 119