Scripps Reports $517M Q1 Revenue, Launches Sports Network and Secures NHL Rights
SSP•Scripps reported Q1 2026 revenue of $517 million and an $18 million net loss, with net leverage of 3.9x after transformation adjustments. The company launched the Scripps Sports Network, secured multi-year NHL rights deals, sold two TV stations for $123 million, and targets $125–150 million annual EBITDA growth by 2028.
1. Q1 Financial Results
In the first quarter of 2026, Scripps generated $517 million in revenue and recorded an $18 million net loss, or $0.20 per share. Core advertising revenue in Local Media rose 7%, buoyed by live sports events including the Winter Olympics and Super Bowl.
2. Transformation Plan and Leverage
Net leverage stood at 3.9x under company credit agreement calculations, reflecting pro forma benefits from ongoing transformation efforts. Management aims to achieve $125–150 million in annual EBITDA growth by 2028 through cost savings, AI-driven efficiencies, and revenue initiatives.
3. Sports Initiatives and Network Launch
Scripps debuted the ad-supported Scripps Sports Network on major CTV platforms, offering live games, original series and sports talk. The company secured multi-year local rights with four NHL teams and added a Predators agreement commencing in the 2026–27 season.
4. Station Sales and Capital Allocation
Scripps closed sales of WFTX (Fort Myers) and WRTV (Indianapolis) for gross proceeds of $123 million and agreed to swap stations with Gray Media pending approvals. It also agreed to acquire WTVQ (Lexington) for $15.8 million and extended $200 million of revolving credit commitments to July 2029.
