Varsity Spirit and Scripps Sports to Bring Professional Cheer to National Television

Rhea-AI Summary

Varsity Spirit and Scripps Sports (NASDAQ: SSP) reached a multi-year exclusive broadcast agreement to air the inaugural Pro Cheer League 2026 season on ION across every U.S. TV household and major pay-TV/CTV platforms.

The season runs January 16–March 27, 2026, features five live events including a championship in Nashville, and showcases four teams: Atlanta, Dallas, Golden State, and Miami. Financial terms were not disclosed.

Positive

• Exclusive national broadcast across every U.S. TV household
• Full 2026 season live coverage: Jan 16–Mar 27, 2026
• Five live events including a championship in Nashville
• Four professional teams named for inaugural season

Negative

• None.

News Market Reaction – SSP

-1.88%

1 alert

-1.88% News Effect

On the day this news was published, SSP declined 1.88%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Pro Cheer events 2026: 5 events Q3 2025 revenue: $525.9 million Q3 2024 revenue: $646.3 million +5 more

8 metrics

Pro Cheer events 2026 5 events Number of live Pro Cheer League events in 2026 season on ION

Q3 2025 revenue $525.9 million Quarter ended September 30, 2025; vs $646.3M prior year

Q3 2024 revenue $646.3 million Prior-year quarter revenue comparator

Q3 2025 net loss $49.0 million Net loss attributable to shareholders in Q3 2025

YTD 2025 revenue $1.59 billion Year-to-date revenues vs $1.78B prior year

YTD 2025 net loss $119.5 million Year-to-date net loss vs $7.3M income last year

AR facility commitments $450 million Aggregate commitments under receivables securitization; $360M outstanding

Long-term debt $2.64 billion Long-term debt net of current portion at Q3 2025

Market Reality Check

Price: $3.71 Vol: Volume 981,299 is below 2...

normal vol

$3.71 Last Close

Volume Volume 981,299 is below 20-day average 1,291,885 (relative volume 0.76x). normal

Technical Price 4.79 is trading above 200-day MA 2.88, reflecting a prior uptrend.

Peers on Argus

SSP gained 5.27% while key peers showed mixed, mostly modest moves (e.g., CURI -...

1 Down

SSP gained 5.27% while key peers showed mixed, mostly modest moves (e.g., CURI -2.17%, GTN -3.29%, IHRT +0.23%), pointing to a company-specific reaction.

Historical Context

5 past events · Latest: Dec 18 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 18	Sports rights deal	Positive	+5.3%	Exclusive local broadcast rights for NWSL’s Denver Summit FC games.
Dec 17	M&A communication	Neutral	-3.0%	Company statement regarding Sinclair’s merger proposal for Scripps.
Dec 16	Bid rejection	Positive	+6.3%	Board rejects Sinclair’s unsolicited <b>$7 per share</b> acquisition proposal.
Nov 26	Rights plan adopted	Neutral	+0.9%	Adoption of limited-duration shareholder rights plan after acquisition proposal.
Nov 24	Acquisition proposal	Positive	+7.5%	Receipt of unsolicited acquisition proposal from Sinclair, Inc.

Pattern Detected

Recent news tied to sports rights and M&A proposals has typically coincided with positive price reactions.

Recent Company History

Over the last month, SSP has been shaped by unsolicited acquisition interest from Sinclair, the board’s rejection of a $7 per share proposal, and adoption of a one-year shareholder rights plan on Nov. 26, 2025. At the same time, Scripps Sports expanded its portfolio with women’s soccer via Denver Summit FC. Today’s Pro Cheer League/Ion agreement continues this focus on live sports properties layered onto an already active strategic backdrop.

Market Pulse Summary

This announcement expands Scripps Sports’ live sports portfolio through exclusive national coverage ...

Analysis

This announcement expands Scripps Sports’ live sports portfolio through exclusive national coverage of the Pro Cheer League’s 2026 season on ION, adding to recent women’s sports rights deals. It comes against a backdrop of unsolicited acquisition interest, a newly adopted shareholder rights plan, and quarterly results showing lower revenue, net losses, and high long-term debt. Investors may watch how new sports properties contribute to audience reach and financial trends.

Jargon Translator

accounts receivable securitization facility

A accounts receivable securitization facility is a financing arrangement where a company converts its unpaid customer invoices into immediate cash by selling them or using them as collateral for a line of credit. Think of it like using a stack of IOUs as a short-term loan to smooth cash flow; it matters to investors because it changes a company’s liquidity, borrowing profile and risk exposure without necessarily showing up as traditional debt, affecting valuation and credit health.

reg s

Reg S is a U.S. securities rule that allows companies to sell new stocks or bonds to investors located outside the United States without registering with U.S. regulators. Think of it as a back door for raising money abroad: it can speed up capital raising and expand the buyer pool, but comes with resale limits and compliance steps that can reduce short-term liquidity and restrict who can later trade those securities in U.S. markets.

Rule 144A

Rule 144A is a regulation that makes it easier for companies to sell private bonds to large investors without going through all the usual rules that apply to public sales. It matters because it helps companies raise money more quickly and privately, often attracting big investors looking for special deals.

senior secured second-lien notes

Debt securities backed by specific company assets where the lender’s claim is secured but ranks behind a first-lien lender; think of a second mortgage on a house that gets paid only after the primary mortgage is satisfied. They matter to investors because they typically offer higher interest than first-lien debt to compensate for greater risk, while still providing some recovery protection compared with unsecured debt, affecting potential returns and loss exposure if the borrower defaults.

shareholder rights plan

A shareholder rights plan is a board-approved defense that makes an unsolicited takeover harder by triggering measures—such as issuing extra shares or special rights—if one investor accumulates a large stake without board approval. Think of it as a temporary roadblock that protects existing management and gives the company time to seek better offers. It matters to investors because it can affect share price, takeover chances, and whether a competing buyer can quickly buy control.

AI-generated analysis. Not financial advice.

The new league will showcase its full 2026 season and championship match exclusively on ION

MEMPHIS, Tenn., Dec. 19, 2025 /PRNewswire/ -- Varsity Spirit – a division of Varsity Brands and a global leader in cheerleading, dance team and band apparel, camps and competitions, and yearbook – has reached an exclusive broadcast agreement with Scripps Sports to deliver live coverage of the inaugural Pro Cheer League season to viewers across the United States.

Under the multi-year agreement, ION, Scripps' national sports and entertainment network that reaches every U.S. TV household over-the-air and on all major pay TV and connected TV/FAST services, will air all five live Pro Cheer League events during the 2026 season, which runs from January 16 to March 27, 2026.

"We've been rapidly expanding our robust portfolio of professional sports and we're thrilled to welcome the Pro Cheer League to ION," said Brian Lawlor, president of Scripps Sports. "We look forward to showcasing these world-class athletes in a new professional sports league, combining the high-energy of cheerleading and engaging storytelling that will leave everyone wanting more."

"This agreement with Scripps Sports gives our athletes and fans the national stage they deserve from the moment our first season begins," said Varsity Spirit President Bill Seely. "We've watched this incredible sport grow at all levels for decades and ION will help introduce a national audience to these incredibly talented professional athletes who best embody the skill, energy, athleticism, and precision unique to cheer. Our goal is to not only grow our fanbase but inspire a whole new generation of athletes to turn pro and build a league and career that never before seemed possible."

The Pro Cheer League brings the intensity of professional sports to cheerleading for the first time on national television with paid athletes in an all-new competition format. The league includes the Atlanta Air, Dallas Drive, Golden State Grit, and Miami Metal with each match featuring high-energy routines packed with stunts, tumbling, and synchronized choreography, as well as head-to-head skills challenges. With four regular season matches before the championship finals broadcast live on ION, viewers will have a front-row seat for every stunt, toss and flip of the newest professional sport. Competition begins in Indianapolis and continues through the Pro Cheer League Championship in Nashville, with the full schedule available here. Each match will begin at 8 p.m. ET.

This groundbreaking agreement was coordinated through Paramount Global Content Distribution, Paramount Sports Entertainment and Foundation Media Partners. Their support underscores a shared commitment to delivering dynamic, fan-focused experiences through live matches and other unscripted content, allowing viewers to follow the league all season long. Competition opens on January 16 in Indianapolis and concludes March 27 in Nashville with the PCL Championship, with the full schedule available here.

Additional details, including on-air talent and other content, will come later. Financial terms are not being disclosed.

Media Contacts
Jim Weiss, jim.weiss@scripps.com
Katie Tisherman , Katie.tisherman@cbs.com
Brian Bianco, media@varsitybrands.com

About Scripps Sports
Scripps Sports serves professional and college sports leagues, conferences and teams with local market depth and national broadcast reach. Scripps Sports currently has partnerships with the Women's National Basketball Association (WNBA), the National Women's Soccer League (NWSL), the National Hockey League's (NHL) 2024 Stanley Cup champion Florida Panthers, the 2023 Stanley Cup champion Vegas Golden Knights, the Utah Mammoth, the Las Vegas Aces of the WNBA, and the NCAA's Big Sky Conference. Scripps Sports is owned by The E.W. Scripps Company (NASDAQ: SSP).

About ION
A leading general entertainment network, ION's lineup features major cable and broadcast shows, original series, live sports and special event programming. ION is part of The E.W. Scripps Company (NASDAQ: SSP), 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 more than 60 stations in more than 40 markets.

About The Pro Cheer League
The Pro Cheer League presented by Varsity Spirit is the world's first professional cheer league.  Featuring paid elite-level cheer athletes at the top of their sport, the Pro Cheer League takes cheer skills to a professional stage. The season begins in January 2026 and features teams in Atlanta, Dallas, Miami and San Diego that will compete in five matches across the country to determine the first-ever Pro Cheer League champion. Updates on team rosters, schedules and other league news can be found at procheerleague.com or by following @procheerleague on Instagram.

View original content:https://www.prnewswire.com/news-releases/varsity-spirit-and-scripps-sports-to-bring-professional-cheer-to-national-television-302647023.html

SOURCE Varsity Spirit

FAQ

When will Pro Cheer League (SSP) air its 2026 season on ION?

The Pro Cheer League season airs live on ION from January 16 to March 27, 2026.

How many Pro Cheer League matches will Scripps Sports (SSP) broadcast in 2026?

Scripps Sports will broadcast five live Pro Cheer League events during the 2026 season.

Which Pro Cheer League teams will appear on ION in 2026 and when is the championship?

Teams include Atlanta Air, Dallas Drive, Golden State Grit, and Miami Metal; the championship airs live on March 27, 2026 in Nashville.

What platforms will carry the Pro Cheer League broadcasts from Scripps Sports (SSP)?

The broadcasts will be available over-the-air on ION and on major pay-TV and connected TV/FAST services.

Are financial terms of the Varsity Spirit and Scripps Sports (SSP) agreement disclosed?

No, the announcement states that financial terms are not being disclosed.

Where does the Pro Cheer League season begin and what time do matches start?

Competition opens in Indianapolis on January 16 and each match begins at 8 p.m. ET.