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Scripps (NASDAQ:SSP) reported second-quarter results marked by higher political advertising revenue and progress on cost reductions, but also by weaker networks revenue, carriage-dispute effects and a $1.1 billion non-cash impairment charge tied to its Scripps Networks business
The company reported a loss of $12.68 per share for the quarter. Results included the impairment charge, $36 million in restructuring costs related to its transformation plan and a $9 million gain from station swaps with Gray Media. Together, those items increased the loss attributable to shareholders by $11.83 per share, according to Chief Financial Officer Jason Combs.
President and CEO Adam Symson said the company’s financial performance “didn’t meet my expectations,” citing Nielsen measurement changes, continued linear-TV viewing declines, advertising-market uncertainty and temporary blackouts involving legacy pay-TV distributors. Local Media Revenue Supported by Political Advertising On an adjusted combined, or same-station, basis, Scripps’ Local Media division generated $317 million in second-quarter revenue, down 1% from the prior-year quarter. Core advertising revenue declined 4.8%, which Combs attributed to broader economic uncertainty, political advertising crowd-out and the impact of carriage disputes.