The Q2 miss and impairment confirm structural decline in Scripps Networks, offset only by midterm political tailwinds. Monitor Q3 Local Media revenue growth (guided +20%) for sustainability; the transformation plan's cost savings may provide a floor, but debt and preferred dividend overhang limit equity upside. Consider short-term bearish bias given the miss and weak Networks outlook.
Price Chart
Executive Summary
E.W. Scripps reported Q2 2026 revenue of $490M, missing consensus by 13.2%, and a GAAP loss of $12.68/share driven by a $1.1B non-cash goodwill impairment. Adjusted EBITDA fell 38% to $55.2M as Scripps Networks segment profit plunged 54% and Local Media distribution revenue was hit by blackouts. Political advertising hit a Q2 record of $28M, and Q3 guidance calls for Local Media revenue up ~20%, but the core business trends remain weak.
Key Financial Metrics
Key Facts
- Q2 revenue $490M, down 9.2% YoY vs $540M; consensus was $564.9M
- GAAP diluted EPS -$12.68 vs consensus -$0.31; includes $11.61/sh impairment
- Adjusted EBITDA $55.2M, down 38% from $88.9M in Q2 2025
- Scripps Networks revenue -16.5% YoY; segment profit -54.4% to $25.5M
- Local Media revenue -5.4% (adjusted combined -1.2%); distribution revenue -17% due to Comcast/DirecTV blackouts
- Political revenue $28M (Q2 record) vs $2.6M in non-election year 2025
- Q3 guidance: Local Media revenue up ~20%, expense down low-single-digit; Scripps Networks revenue down mid-teens
- Total debt $2.5B; cash $13M; preferred dividends unpaid cumulative $150M
Financial Impact
Revenue miss of ~$75M vs consensus; GAAP loss of $1.17B including $1.1B impairment; adjusted EBITDA decline of $34M
Risk Factors
- Continued secular decline in linear TV advertising and distribution revenue
- High leverage (2.5x debt/EBITDA) and $150M unpaid preferred dividends restrict financial flexibility
- Scripps Networks impairment signals further asset devaluation risk
- Dependence on political advertising cycle for near-term revenue growth
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000832428-26-000031 |
| Document: ssp-20260806.htm | 0000832428-26-000031 |
| Document: 0000832428-26-000031-index-headers.html | 0000832428-26-000031 |
| Document: 0000832428-26-000031-index.html | 0000832428-26-000031 |
| Document: 0000832428-26-000031.txt | 0000832428-26-000031 |
| 8-K Data (Synthetic) | 0000832428-26-000031 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 5, 2026 21d ago | SC 13G | $2.92 $2.84 | ▼ −2.74% | ▼ −2.60% | $2.07 (−29.11%) |
Aug 7, 2026 11w ago | 8-K | $3.32 $3.45 | ▼ −3.92% | ▼ −3.52% | $2.07 (+37.65%) |
Aug 1, 2026 12w ago | Press Release | $2.82 $3.33 | ▲ +18.09% | ▲ +16.06% | $2.07 (−26.60%) |
Jul 15, 2026 14w ago | Press Release | $3.09 $3.17 | ▲ +2.59% | ▲ +3.57% | $2.07 (−33.01%) |
Jul 13, 2026 15w ago | Press Release | $2.97 $3.10 | ▲ +4.38% | ▲ +5.16% | $2.07 (−30.30%) |
May 22, 2026 22w ago | Insider Cluster | $3.42 $3.44 | ▲ +0.58% | ▼ −0.63% | $2.07 (−39.47%) |
May 8, 2026 24w ago | 8-K | $4.54 $3.53 | ▲ +22.25% | ▲ +23.71% | $2.07 (+54.41%) |
May 6, 2026 24w ago | 8-K | $4.68 $3.48 | ▼ −25.64% | ▼ −27.15% | $2.07 (−55.77%) |
Apr 16, 2026 27w ago | Press Release | $4.78 $4.86 | ▲ +1.67% | ▲ +0.69% | $2.07 (−56.69%) |
Apr 14, 2026 27w ago | Press Release | $4.37 $4.93 | ▲ +12.81% | ▲ +11.42% | $2.07 (−52.63%) |
US Market Status
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