Monday, May 10, 2021
E.W. Scripps Company (SSP)
Stepping Up To The OTT Plate
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.
Q1 results exceed expectations. Total company revenues of $540.9 million exceeded our estimate of $526.3 million by 2.8%, with core advertising the largest upside variance to our estimates. Q1 Adjusted EBITDA far exceeded our estimates, $140.8 million versus our estimate of $107.4 million, as the company benefited from cost synergies from its January purchase of Ion Media.
Company provides guidance. Given the improved revenue visibility, management reinstated providing guidance for the upcoming quarter and provided more color full year free cash flow generation. The guidance was above our Q2 expectations …
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.
