Scripps Turns to Profit as Political Ads Lift Local Media

The Tip Desk · November 6, 2026 · 3 min read

Income attributable to shareholders was $20.7 million, or 21 cents a share, after $18.8 million of restructuring costs cut 14 cents a share.

The E.W. Scripps Company (SSP), a diversified media company and one of the nation’s largest local TV broadcasters, reported income attributable to shareholders of $20.7 million, or 21 cents a share, for the third quarter of 2026, after a $49 million, or 55 cents a share, loss a year earlier.

The swing included $18.8 million of restructuring costs that reduced income by 14 cents a share. A year earlier, the loss had been increased 15 cents a share by a debt-extinguishment loss, financing transaction costs, a deferred-financing write-off and restructuring.

Company revenue was $545 million, up 3.6%, or $19 million, from the year-ago quarter. Political revenue was $82.6 million, compared with $5.5 million in the prior-year quarter, a non-election year. Costs and expenses for segments, shared services and corporate were $427 million, down from $449 million. Adjusted EBITDA was $121.5 million.

Local Media carried the quarter. Segment revenue was $373 million, up 15%. Political revenue was $80.6 million, versus $5.1 million a year earlier. Core advertising decreased 16% to $111 million, which the company said reflected displacement from political advertising. Distribution revenue decreased $7.8 million, or 4.2%, to $178 million; the year-ago quarter included $10.7 million from WRTV and WFTX, sold in the first quarter of 2026, and a DirecTV service blackout had a $3.8 million third-quarter 2026 impact. Segment expenses decreased 6.4% to $255 million. Segment profit was $118 million, up from $52.8 million.

On an adjusted combined basis that restates the WFTX, WRTV and WTVQ transactions, Local Media revenue was $373 million, up 19%, with core advertising down 13% to $111 million, political revenue of $80.6 million versus $5.3 million, distribution flat at $178 million, expenses down 3.1% to $255 million, and segment profit of $118 million versus $49.8 million.

Scripps Networks revenue was $173 million, down 14%. Segment expenses were $140 million, down 5.2%. Segment profit was $33 million, compared with $53.3 million a year earlier. On an adjusted combined basis that also restates the Court TV sale, revenue was $173 million, down 11%, expenses were up 0.9%, and segment profit was $33 million versus $56 million. The company said pressure from the economy and low consumer confidence on direct-response advertising led to revenue down 11% on an adjusted combined basis. Adjusted combined expenses were up 0.9%, driven by a new WNBA contract.

Connected TV revenue grew 37% in the third quarter. Nielsen’s Sept. 1 ratings methodology change, the company said, more accurately measured over-the-air households after negative impact from earlier-year changes. Scripps now expects connected TV revenue to end the year at about $155 million.

Through Election Day, full-year Local Media political advertising revenue was $284 million, 44% above the 2022 midterm cycle. In late October the company had raised its full-year guide to about $275 million from an August range of $225 million to $250 million.

The company completed 431 additional workforce reductions on Oct. 28, bringing 2026 employees impacted to about 850, nearly 20% of the beginning-of-year count. It said it will have implemented about $100 million in annual run-rate savings by year end as it targets $125 million to $150 million of enterprise EBITDA growth by 2028.

Cash and cash equivalents were $83.4 million at Sept. 30, and total debt was $2.5 billion. Scripps said it will use that cash and fourth-quarter political advertising proceeds to pay down at least $150 million of debt in the fourth quarter. It did not declare or pay quarterly preferred stock dividends in 2026; aggregated undeclared and unpaid cumulative dividends totaled $166 million.

For the fourth quarter, the company expects Local Media revenue up in the low-to-mid 40% range, Local Media expense about flat, Scripps Networks revenue down high single digits, Scripps Networks expense down low single digits, and shared services and corporate about $27 million.