Movers and SHAKERS
E.W. Scripps Company (SSP)
Why We Are Raising Cash Flow Estimates & Price Target
The E.W. Scripps Co. (www.scripps.com) serves audiences and businesses through a growing portfolio of television, print and digital media brands. After approval of its acquisition of two Granite Broadcasting stations later this year, Scripps will own 21 local television stations as well as daily newspapers in 13 markets across the United States. It also runs an expanding collection of local and national digital journalism and information businesses including digital video news service Newsy. Scripps also produces television programming, runs an award-winning investigative reporting newsroom in Washington, D.C., and serves as the longtime steward of one of the nation's largest, most successful and longest-running educational programs, Scripps National Spelling Bee. Founded in 1879, Scripps is focused on the stories of tomorrow.
Michael Kupinski, Director of Research, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Back on the air. The company announced that its 27 TV stations are back on the air on The Dish Network, which completed Retransmission contracts on 42% of the Scripps pay TV households.
Favorable revenue impact, true-up payment as early as Q3. We estimate that the true-up payment from March 1st to July 25th when the SSP stations were aired without contract on Dish will be roughly $10 million in revenues, ($1.25 per sub variance from the old contract to the new contract on an estimated 18 million subscribers). As such, we are raising our full year 2020 Retransmission revenue from ...
This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.