Key Points:
- Scripps reported a Q2 2025 net loss of $51.7 million as total revenue fell 5.8% to $540 million, driven by lower political ad spending.
- Sports programming boosted results across divisions, with streaming revenue up 57% and WNBA games on Ion drawing over 23 million viewers.
- The company refinanced $750 million in debt, cut its net leverage ratio to 4.4x and plans to fully pay off 2028 maturities through cash flow.
The E. W. Scripps Company saw a higher amount of interest in its premium live sports programming during the second financial quarter (Q2) of the year, and some of its local and national TV sports rights helped reduce the company’s exposure to ongoing softness in the traditional television advertising market.
During Q2, Scripps earned $540 million in total company revenue, down nearly 6 percent compared to the same quarter last year. Financial losses clocked in at $51.7 million, significantly higher than the $13 million Scripps logged during Q2 2024.
In the local broadcasting business, revenue dropped 8.3 percent to $335 million. Core advertising was down just 1.9 percent to $137 million, a modest decline attributed in part to strong sports programming. Political ad revenue plunged to $2.6 million on account of Scripps and other broadcasters exiting a heavy political ad season last year; ad spending against next year’s midterm election has yet to kick in. Segment profit fell to $55.8 million from $88.1 million a year earlier.
The Scripps Networks division, which includes the company’s multicast networks and free, ad-supported streaming TV channels, posted relatively flat revenue of $206 million, down just 1.4 percent from last year. A sharp 12.4 percent drop in expenses helped boost segment profit to $55.9 million from $37.7 million, with the company citing margin improvement of nine percentage points. Ion’s programming, including WNBA and National Women’s Soccer League games, along with connected TV and streaming revenue, played a critical role in stabilizing the segment. Streaming revenue surged 57 percent over the same period last year.
“In both our Local Media and Scripps Networks divisions, we continue to benefit from our Scripps Sports strategy,” Scripps CEO Adam Symson said in prepared remarks on Thursday. He noted that the strategy to secure full-season sports partnerships and leverage free over-the-air and streaming distribution is paying off.
Symson highlighted a standout second quarter for sports programming, which featured appearances in the Stanley Cup Playoffs by the Vegas Golden Knights and Florida Panthers, whose local TV rights are held by Scripps-owned stations. The Indiana Pacers’ NBA Finals run and revenue from the NBA on ABC also contributed to broadcast revenue, he affirmed.
In June, Scripps renewed its broadcast partnership with the WNBA for its “Friday Night Spotlight” franchise on Ion following a successful 2024 season that saw average viewership rise 133 percent and more than 23 million unique viewers across games and related programming.
Scripps also announced a station swap with Gray Media in early July, trading outlets across four states to strengthen duopolies and improve local news coverage. The deal is under regulatory review and expected to close by year-end.
On the balance sheet, the company closed a $750 million refinancing deal in August, using proceeds to retire 2027 notes and pay down a portion of its 2028 term loan. Net leverage declined to 4.4x from 4.9x in Q1. Scripps ended the quarter with $31.7 million in cash and $2.7 billion in debt. It also reported $85.7 million in unpaid cumulative dividends on preferred stock held by Berkshire Hathaway.
Shares of Scripps closed down 10 percent.
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