The E.W. Scripps Company reported a total revenue of $1.5 billion for the fiscal year ending December 31, 2024, marking a decrease of 10% compared to the previous year. The company's net income was $50 million, down from $100 million in 2023, reflecting a decline in advertising revenues and increased operational costs. The Local Media segment, which includes over 60 television stations, generated $1.1 billion in revenue, accounting for 73% of total revenues, while the Scripps Networks segment contributed $400 million. The decrease in revenue was attributed to a reduction in political advertising and a general decline in traditional television viewership.
In January 2023, Scripps initiated a strategic restructuring aimed at enhancing operational efficiency, which resulted in annual savings of over $40 million. The reorganization involved centralizing certain services and consolidating management layers, with $20 million of these savings realized by the end of 2023. Additionally, the company announced plans to explore the sale of its Bounce television network in April 2024, which reaches approximately 95% of U.S. television households. In July 2024, Scripps secured a multi-year agreement with the Florida Panthers of the NHL, allowing the company to broadcast all locally produced games starting in the 2024-2025 season.
Scripps reported a total employee count of approximately 5,000 as of December 31, 2024, with a focus on enhancing employee engagement and retention through competitive compensation and professional development programs. The company has emphasized a "hyper-local" news strategy, training employees to be multi-media journalists to better cover local events and issues. This approach aims to expand viewership and strengthen community ties, which are critical for attracting local advertising.
The company has faced challenges due to the ongoing shift in viewer preferences from traditional television to streaming platforms, which has fragmented audiences and impacted advertising rates. Scripps anticipates that the continued growth of direct-to-consumer content delivery will further affect its market share and advertising revenues. In response, the company is exploring new distribution platforms and enhancing its digital offerings to adapt to changing consumer behaviors.
Looking ahead, Scripps remains cautious about its financial outlook, particularly regarding advertising revenues, which are sensitive to economic conditions and viewer engagement. The company is actively seeking to refinance its substantial debt, which stood at approximately $2.6 billion as of December 31, 2024. Scripps is also focused on maintaining its competitive position in the evolving media landscape while navigating regulatory challenges and potential changes in government policies affecting the broadcasting industry.
About E.W. SCRIPPS Co
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