Scripps' business not significantly affected by global IT outage

Rhea-AI Summary

The E.W. Scripps Company (NASDAQ: SSP) reported minimal impact from a global IT outage that occurred overnight. Despite the incident, the majority of Scripps' 40+ local news operations maintained uninterrupted broadcasts, with none going completely off-air. Scripps News experienced only a brief 10-minute interruption. By 8 a.m. EDT, most stations resumed local news broadcasts, and all were operational by noon.

The company's swift recovery and the overnight timing of the outage resulted in no significant effect on advertising revenue. This demonstrates Scripps' resilience and effective crisis management in maintaining its broadcasting operations and protecting its revenue streams during unexpected technical challenges.

Positive

• Quick recovery from IT outage with minimal disruption to operations
• No significant impact on advertising revenue
• Majority of local stations maintained uninterrupted broadcasts
• All stations resumed broadcasting news by noon

Negative

• Scripps News experienced a 10-minute off-air period

News Market Reaction – SSP

-0.31%

1 alert

-0.31% News Effect

On the day this news was published, SSP declined 0.31%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

CINCINNATI, July 19, 2024 /PRNewswire/ -- The E.W. Scripps Company (NASDAQ: SSP) has not been significantly affected by the global IT outage that struck overnight. Scripps operates more than 40 local news operations as well as national networks ION and Scripps News, which was only off air for 10 minutes. Scripps was impacted by the outage, but the majority of its local stations' broadcast operations were not interrupted, and none went off the air completely. By 8 a.m. EDT, nearly all were able to air local news, and all were broadcasting news by noon. The company's ability to recover quickly and the timing of the incident overnight prevented Scripps' advertising revenue from being significantly affected. 

Contact: Carolyn Micheli, The E.W. Scripps Company, 513-977-3732, Carolyn.micheli@scripps.com

About Scripps
The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As one of the nation's largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of more than 60 stations in 40+ markets. Scripps reaches households across the U.S. with national news outlets Scripps News and Court TV and popular entertainment brands ION, Bounce, Grit, ION Mystery and Laff. Scripps is the nation's largest holder of broadcast spectrum. Scripps is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps' long-time motto is: "Give light and the people will find their own way."

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SOURCE The E.W. Scripps Company

FAQ

How did the global IT outage affect Scripps' (SSP) broadcasting operations on July 19, 2024?

The global IT outage had minimal impact on Scripps' operations. Most local stations maintained uninterrupted broadcasts, with Scripps News experiencing only a 10-minute off-air period. By noon, all stations were broadcasting news.

Was Scripps' (SSP) advertising revenue affected by the IT outage on July 19, 2024?

Scripps reported that its advertising revenue was not significantly affected by the IT outage, due to the company's quick recovery and the overnight timing of the incident.

How many local news operations does Scripps (SSP) operate as of July 2024?

Scripps operates more than 40 local news operations, along with national networks ION and Scripps News.

How long did it take for Scripps (SSP) stations to resume local news broadcasts after the IT outage on July 19, 2024?

By 8 a.m. EDT on July 19, 2024, nearly all Scripps stations were able to air local news, and all stations were broadcasting news by noon.