E.W. Scripps Company Reports 6.6% Revenue Decline and Net Loss in Q1 2025

The E.W. Scripps Company reported a decline in financial performance for the first quarter of 2025, with total operating revenues of $524.4 million, a decrease of 6.6% from $561.5 million in the same period last year. The decline was primarily driven by reductions in core advertising revenue, which fell by $11.2 million, political revenue, which decreased by $12.7 million, and distribution revenue, which dropped by $13.6 million. Operating income also decreased to $27.5 million from $43.4 million year-over-year, while the company recorded a net loss attributable to shareholders of $18.8 million, compared to a loss of $12.8 million in the prior year.

In terms of operational changes, Scripps has been undergoing a strategic restructuring aimed at enhancing efficiency and reducing costs. The company reported restructuring costs of $4.1 million in the first quarter of 2025, down from $5.0 million in the same quarter of 2024. This restructuring has included the elimination of over 200 jobs and the centralization of certain services. Additionally, Scripps has made significant moves in the market, including a joint venture with Gray Media, Nexstar Media Group, and Sinclair, aimed at leveraging the ATSC 3.0 transmission standard for data delivery services.

The company’s Local Media segment, which includes over 60 local television stations, saw revenues decrease by 7.8% to $325.4 million, while the Scripps Networks segment reported a 5.4% decline in revenues to $198.0 million. Notably, the Scripps Networks segment experienced a 29.1% increase in segment profit, attributed to reduced employee compensation and programming expenses following the shutdown of Scripps News' over-the-air broadcast. The overall decrease in revenues was attributed to lower advertising demand, particularly in non-election years.

Scripps' financial outlook remains cautious, with the company emphasizing the need for continued focus on operational efficiency and cost management. The company ended the quarter with $24.0 million in cash and $551 million in available borrowing capacity under its revolving credit facility. Following a series of refinancing transactions completed on April 10, 2025, Scripps has restructured its debt, including new term loans and a new revolving credit facility, which are expected to provide additional financial flexibility moving forward. The company did not declare or pay preferred dividends for the first quarter of 2025, allowing for better liquidity management as it navigates through these challenging market conditions.