The E.W. Scripps Company reported $728 million in revenue for the fourth quarter of 2024, an 18% increase from the prior-year quarter, driven by record political advertising revenue. Income attributable to shareholders was $80.3 million, or 92 cents per share, compared to a loss of $268 million, or $3.17 per share, in Q4 2023.
For the full year 2024, total revenue reached $2.5 billion, up 9.5% from 2023, with political revenue at $363 million. The company significantly reduced its leverage ratio to 4.8x at year-end 2024, nearly a full turn below year-end 2023 levels, by paying off the $330 million revolving credit facility balance and making principal payments on term loans.
The Local Media segment's Q4 revenue increased by 34% to $511 million, with segment profit at $199 million. The Scripps Networks segment's revenue decreased by 6.1% to $216 million, with segment profit at $60.7 million. Management expects to achieve a 400-600 basis point margin improvement for the Networks segment in 2025.
For the first quarter of 2025, Local Media revenue is guided to be down in the high single-digit range, and Scripps Networks revenue down in the mid-single-digit range. The company also announced active negotiations for debt refinancing, aiming to transform its balance sheet and improve operating performance.
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