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The E.W. Scripps Company (SSP+2.21%) has submitted its 10-K annual report filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, indicating a 9.5% increase in operating revenues to $2,509,772,000 compared to the previous year. This growth was primarily driven by a significant increase in political advertising revenue.
Cost of revenues rose by 2.9% to $1,320,774,000, attributed to increased programming expenses, including sports rights fees. Selling, general, and administrative expenses decreased slightly by 1.4% to $606,178,000.
The company reported a net income of $146,218,000 for 2024, a significant improvement from the net loss of $947,784,000 in 2023. The previous year's loss was largely due to a $952,000,000 goodwill impairment charge.
E.W. Scripps Company announced a strategic restructuring and reorganization in January 2023, resulting in annual savings of over $40 million. The restructuring included a reduction in Scripps News' national network programming, generating anticipated net savings of $35 million annually.
The company entered into a joint venture with Gray Media, Nexstar Media Group, Inc., and Sinclair, Inc. in January 2025, forming EdgeBeam Wireless, LLC to provide data delivery services using the ATSC 3.0 transmission standard.
On March 10, 2025, E.W. Scripps Company entered into a Transaction Support Agreement with certain lenders to provide for new accounts receivable securitization and revolving credit facilities.
The company's Local Media segment saw a 19.7% increase in operating revenues to $1,674,318,000, driven by political advertising and distribution revenue growth. The Scripps Networks segment experienced a 6.4% decline in revenues to $835,809,000, impacted by lower ratings and programmatic product sunsetting.
E.W. Scripps Company continues to focus on expanding its presence in the free, ad-supported television market and leveraging its leadership in the over-the-air marketplace.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the E.W. Scripps Company annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.