Strong sales execution bolstered Scripps Q1 results as ad markets began to rebound
Local Media core advertising continued post-election momentum; Scripps Networks delivered as promised in first quarter as a division
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CINCINNATI, May 7, 2021 /PRNewswire/ In the first quarter of 2021, The E.W. Scripps Company (NASDAQ: SSP) completed its acquisition of national broadcast network ION, sold digital audio firm Triton and announced plans to redeem $400 million in bonds while delivering record company revenue.
First-quarter Local Media core advertising outperformed expectations, up 2% on an adjusted-combined basis, driven by a rebound in the advertising market and strong sales execution. The top five core advertising categories were up on a year-over-year basis in March.
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the Scripps First Quarter 2021 Earnings Call. [Operator Instructions]
I ll turn the call now over to Ms. Carolyn Micheli, Head of Investor Relations. Please go ahead.
Carolyn Micheli
Head of Investor Relations
Thank you, John. Good morning, everyone and thank you for joining us for a discussion of The E.W Scripps Company s financial results and business strategies. You can visit scripps.com for more information and a link to the replay of this call.
A reminder, that our conference call and webcast includes forward-looking statements and actual results may differ. Factors that may cause them to differ are outlined in our SEC filings. The COVID-19 pandemic enhances the uncertainty of forward-looking statements we make about our operations and financial conditions. We do not intend to update any forward-looking statements we make today.
Strong sales execution bolstered Scripps Q1 results as ad markets began to rebound Local Media core advertising continued post-election momentum; Scripps Networks delivered as promised in first quarter as a division May 7, 2021 CINCINNATI - In the first quarter of 2021, The E.W. Scripps Company (NASDAQ: SSP) completed its acquisition of national broadcast network ION, sold digital audio firm Triton and announced plans to redeem $400 million in bonds while delivering record company revenue. First-quarterLocal Media core advertising outperformed expectations, up 2% on an adjusted- combined basis, driven by a rebound in the advertising market and strong sales execution. The top five core advertising categories were up on a year-over-year basis in March.
Scripps 1Q Adjusted Station Revenue Up 2.2%
The drop to $313 million reflected the sale of WPIX New York and lower core revenue due to the COVID-19 pandemic.
By TVN Staff | May 7, 2021 | 7:54 a.m. ET.
In the first quarter of 2021, The E.W. Scripps Co. completed its acquisition of national broadcast network Ion, sold digital audio firm Triton and announced plans to redeem $400 million in bonds while delivering record company revenue.
First-quarter Local Media (its TV stations and local brands on all platforms) core advertising outperformed expectations, up 2% on an adjusted-combined basis, driven by a rebound in the advertising market and strong sales execution. The top five core advertising categories were up on a year-over-year basis in March.
Scripps Expects Double Digit 2Q Growth
It predicts station revenue for the second quarter “be up in the high-teens percent range. That includes core ad revenue up in the mid-40% range,” CFO Jason Combs told analysts. And for the company’s networks division the former Ion operation, Katz Networks and Newsy revenues are expected to be up about 20%.
By Jack Messmer | May 7, 2021 | 12:18 p.m. ET.
The E.W. Scripps Co. is signaling Wall Street that even more robust growth is ahead after beating expectations for the first quarter. “Businesses have reopened, mask mandates are loosening and vaccine rates are rising. Americans are coming out of their homes, their wallets a little fatter with federal stimulus dollars, and advertisers are competing to capture them, Scripps President-CEO Adam Symson told analysts Friday morning following release of the company’s first quarter earnings.