Scripps raises full-year political guide, completes 2026 workforce reductions

Third-quarter Local Media political revenue was nearly $81 million, driven by candidate, issue and advocacy spending.

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Rhea-AI Summary

E.W. Scripps (SSP) raised its full-year 2026 Local Media political advertising revenue outlook to about $275 million.

The outlook is about 40% above 2022 midterm election revenue and replaces August guidance of $225-$250 million. Scripps completed 431 workforce reductions Tuesday, bringing employees impacted in 2026 to about 850, nearly 20% of its beginning-of-year employee count.

The transformation plan targets $125-$150 million of growth in enterprise EBITDA, a measure of earnings before interest, taxes, depreciation and amortization, by 2028. Scripps expects about $100 million in annual run-rate savings to be implemented by year end, with transformation effects becoming most evident beginning in fourth-quarter results. It plans to use its $83 million in cash at third-quarter end and fourth-quarter political advertising proceeds to repay at least $150 million of debt in the fourth quarter.

5 points · 3 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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0 major · 1 point

Hollow bars mark forward-looking points. How the balance works

Positive

Major point. Forward-looking: it has not happened yet and may not happen.2026 political revenue outlook raised to about $275 million from $225-$250 million, about 40% above 2022 midterm revenue.
Major point. Forward-looking: it has not happened yet and may not happen.Transformation plan targets $125-$150 million of enterprise EBITDA growth by 2028.
Major point. Forward-looking: it has not happened yet and may not happen.Debt repayment of at least $150 million planned for the fourth quarter using cash and political advertising proceeds. 81% of market cap
Moderate pointThird-quarter Local Media political revenue was nearly $81 million, driven by candidate, issue and advocacy spending.
Minor point. Forward-looking: it has not happened yet and may not happen.Annual run-rate savings of about $100 million expected to be implemented by year end.

Negative

Moderate point431 workforce reductions completed Tuesday brought 2026 employees impacted to about 850, nearly 20% of beginning-of-year headcount.

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Details

Market move: SSP +22.39% vs previous close. 2026 political guidance update

$1.95 – $2.52 Day Range

$227.97M Mkt Cap at Last Price

On Oct 28, the day this news came out, the latest delayed price for SSP is 22.39% above the previous close. Our momentum scanner has recorded 25 alerts for this stock so far that day. The latest delayed price is $2.46. Relative volume is exceptionally heavy at 33.8x the average.

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Key Figures

Full-year political advertising revenue expectation: about $275 million Completed workforce reductions: 431 Employees impacted: about 850 +5 more

Full-year political advertising revenue expectation: about $275 million; 2026; about 40% above 2022 and raised from the August range of $225-$250 million
Completed workforce reductions: 431; Completed Tuesday
Employees impacted: about 850; Total in 2026; nearly 20% of beginning-of-year employee count
Enterprise EBITDA growth target: $125-$150 million; Transformation plan target by 2028
Annual run-rate savings: about $100 million; Expected by year end
Local Media political revenue: nearly $81 million; Third quarter
Cash: $83 million; At the end of the third quarter
Debt paydown: at least $150 million; Planned for the fourth quarter, using cash and Q4 political advertising proceeds

Key Terms

ebitda, run-rate savings

2 terms

ebitda financial

"generate $125-$150 million of enterprise EBITDA growth by 2028"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

run-rate savings financial

"implemented about $100 million in annual run-rate savings by year end"

Run-rate savings are the annualized amount of cost reduction a company expects to sustain going forward after a one-time change, measured by taking recent monthly or quarterly savings and projecting them over a year. Investors care because this shows how permanent and scalable expense cuts or efficiency gains will improve future profit trends, like checking the steady speed a car will hold after you stop braking.

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10/28/2026 - 08:45 AM EDT

CINCINNATI, Oct. 28, 2026 (GLOBE NEWSWIRE) -- The E.W. Scripps Company (NASDAQ: SSP) has raised its expectations for full-year 2026 midterm Local Media political advertising revenue to about $275 million, which is about 40% above its 2022 midterm election revenue.

On Tuesday, the company also completed 431 workforce reductions, bringing the total employees impacted in 2026 to about 850 – nearly 20% of its employee count from the beginning of the year. The reductions are part of Scripps’ company transformation plan to generate $125-$150 million of enterprise EBITDA growth by 2028. The impact of the transformation work will become most evident beginning in the fourth-quarter results, and the company expects to have implemented about $100 million in annual run-rate savings by year end.

For the third quarter, Scripps’ Local Media political revenue was nearly $81 million, driven by strong candidate, issue and advocacy spending across Scripps markets in Michigan and Ohio as well as Arizona, Florida, Wisconsin, Tennessee and Virginia. In August, the company had guided to a full-year range of $225-$250 million.

At the end of the third quarter, Scripps had $83 million in cash and will use that and proceeds from Q4 political advertising revenue to pay down at least $150 million of debt in the fourth quarter.

Scripps will release its full third-quarter 2026 results after the market closes Thursday, Nov. 5, as previously announced.

Forward-looking statements
This document contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “believe,” “anticipate,” “intend,” “expect,” “estimate,” “could,” “should,” “outlook,” “guidance,” “target” and similar references to future periods. Examples of forward-looking statements include, among others, statements the company makes regarding expected operating results and future financial condition. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on management’s current beliefs, expectations, and assumptions regarding the future of the industry and the economy, the company’s plans and strategies, anticipated events and trends, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties, and changes in circumstance that are difficult to predict and many of which are outside of the company’s control. The company’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause the company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: change in advertising demand, fragmentation of audiences, loss of affiliation agreements, loss of distribution revenue, increase in programming costs, changes in law and regulation, the company’s ability to identify and consummate strategic transactions, the controlled ownership structure of the company, and the company’s ability to manage its outstanding debt obligations. A detailed discussion of such risks and uncertainties is included in the company’s Form 10-K, on file with the SEC, in the section titled “Risk Factors.” Any forward-looking statement made in this document is based only on currently available information and speaks only as of the date on which it is made. The company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise.

Media contact: Becca McCarter, The E.W. Scripps Company, (513) 410-2425, rebecca.mccarter@scripps.com
Investor contact: Carolyn Micheli, The E.W. Scripps Company, (513) 313-5910, carolyn.micheli@scripps.com

About Scripps
The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating connection. As one of the nation’s largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of about 60 stations in 40 markets. Scripps reaches households across the U.S. with national news outlet Scripps News and popular entertainment brands ION, Bounce, Grit, ION Mystery, ION Plus and Laff. Scripps is one of the nation’s largest holders of broadcast spectrum. Scripps Sports serves professional and college sports leagues, conferences and teams with local market depth and national broadcast reach of up to 100% of TV households. Founded in 1878, Scripps is the steward of the Scripps National Spelling Bee, and its longtime motto is: “Give light and the people will find their own way.”

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FAQ

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What is Scripps' updated 2026 political advertising revenue guidance?

Scripps expects full-year 2026 Local Media political advertising revenue of about $275 million, up from August guidance of $225-$250 million. The updated outlook is about 40% above its 2022 midterm election revenue.

When will Scripps release its full third-quarter 2026 results?

Scripps will release its full third-quarter 2026 results after the market closes Thursday, Nov. 5.

Scripps raises full-year political guide, completes 2026 workforce reductions