E.W. Scripps Company Reports 9.2% Revenue Decline in Q2 2026

The E.W. Scripps Company reported a significant decline in financial performance for the second quarter of 2026, with total operating revenues of $490.4 million, down 9.2% from $540.1 million in the same period last year. For the first half of 2026, revenues totaled $1.007 billion, a decrease of 5.4% compared to $1.064 billion in the first half of 2025. The decline was primarily driven by a drop in core advertising revenue, which fell by $46.3 million in the second quarter and $63.3 million year-to-date. Distribution revenue also decreased by $31.5 million and $28 million for the respective periods, although political advertising revenue saw an increase of $26.6 million in the second quarter due to the election year.

The company's operating expenses surged to $1.648 billion in the second quarter, compared to $463.5 million in the prior year, largely due to a non-cash impairment charge of $1.136 billion related to goodwill and other intangible assets. This impairment was attributed to lower-than-expected financial results in the Scripps Networks segment, which experienced a 16.5% drop in revenues for the quarter. The overall operating loss for the second quarter was $1.158 billion, compared to an operating income of $76.6 million in the same quarter of 2025.

Strategically, Scripps has been active in acquisitions and divestitures, completing the sale of several local broadcast stations, including WFTX and WRTV, for a total of $127 million. The company also engaged in a station swap with Gray Media, acquiring several stations in exchange for others. Additionally, Scripps launched the Scripps Sports Network, a free ad-supported streaming channel, and signed new media rights agreements with various sports teams, including the Nashville Predators and the Detroit Pistons.

Operationally, Scripps reported a decrease in employee headcount, which contributed to a reduction in employee compensation costs. The company also noted a significant increase in restructuring costs, totaling $35.8 million in the second quarter, as part of an enterprise-wide transformation plan aimed at improving operational performance and achieving annualized EBITDA growth of $125 million to $150 million by 2028. The company anticipates that cash flow from operations will provide sufficient liquidity to meet its operating needs for the next 12 months, despite the challenges faced in the current market environment.