A $1.1 billion non-cash impairment charge weighed heavily on The E.W.
Scripps Company’s (NASDAQ:SSP) second-quarter 2026 results, although the media company continued to advance its transformation strategy, expand cost savings and reaffirm expectations for a strong political advertising year
Key Investor Takeaways – Scripps (NASDAQ:SSP) reported a net loss of $1.2 billion, primarily due to a $1.1 billion non-cash goodwill and intangible asset impairment. – The company is targeting $125 million to $150 million of enterprise EBITDA growth by 2028 and expects approximately $100 million of annual run-rate cost savings by the end of 2026. – Local political advertising reached a second-quarter record, with full-year political revenue now projected between $225 million and $250 million. – Retransmission disputes with Comcast and DirecTV reduced second-quarter distribution and advertising revenue, while Scripps Networks continued to face pressure from advertising and audience trends. – The company expects Local Media revenue to increase about 20% in the third quarter, supported by the election cycle. Why SSP Stock Is in Focus Scripps reported second-quarter revenue of $490 million, down 9.2% year over year, while recording a loss attributable to shareholders of $1.2 billion, or $12.68 per share. The reported loss was largely driven by a $1.1 billion non-cash goodwill and intangible asset impairment within its Scripps Networks business, accounting for $11.61 per share of the loss.
Operationally, Local Media revenue declined 5.4% to $317 million as retransmission negotiations with Comcast and DirecTV resulted in temporary station blackouts that reduced distribution revenue by $26.7 million during the quarter. Political advertising provided a significant offset, reaching a record $28 million in the quarter compared with $2.6 million a year earlier. Scripps Networks revenue fell 16% to $172 million, reflecting the sale of Court TV, continued weakness in the national…