Scripps Q2 2023 Earnings Report
Key Takeaways
Scripps reported a revenue of $583 million and a loss attributable to shareholders of $682 million, which included a non-cash goodwill impairment charge of $686 million. The company is making progress on distribution renewals and seeing growth in automotive spending. Scripps Sports division launched the WNBA on ION, and Scripps News began running live news programs on local television stations.
Scripps achieved $583 million in revenue and $112 million in segment profit.
Loss attributable to shareholders was $682 million, impacted by a $686 million non-cash goodwill impairment charge.
Distribution revenue in Local Media increased 14%.
Scripps Sports launched the WNBA on ION, experiencing strong advertising demand.
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Scripps Revenue by Segment
Forward Guidance
Scripps provided guidance for the third quarter and updated full-year 2023 estimates.
Challenges Ahead
- Local Media revenue is expected to be down mid-single-digit percent range.
- Local Media expense is expected to be up low-single-digit percent range.
- Scripps Networks revenue is expected to be down in the 10 percent range.
- Scripps Networks expense is expected to be up low-single-digit percent range.
- Shared services and corporate expenses are expected to be about $22 million.