Scripps Q3 2023 Earnings Report
Key Takeaways
Scripps reported a decrease in revenue to $567 million and a net loss attributable to shareholders of $16.2 million, or 19 cents per share, for Q3 2023. The results reflect a decrease in political revenue compared to the prior-year quarter, which included a midterm election.
Scripps successfully completed cable and satellite carriage agreements covering about 75% of the company’s Local Media subscriber households.
Scripps Sports signed a new agreement with the National Hockey League’s Arizona Coyotes to distribute its games beginning this season.
Scripps Networks’ third-quarter revenue was down 8%, exceeding guidance because of better-than-expected connected TV and direct response revenue.
Restructuring charges for the third quarter were nearly $5 million, and the company is on track to realize at least $40 million in savings through the reorganization by the middle of 2024.
Scripps
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Scripps Revenue by Segment
Forward Guidance
The company provided the following outlook for Q4 2023, comparisons are to the same period in 2022:
Challenges Ahead
- Local Media revenue down low to mid-double digits
- Local Media expense up mid-single digits
- Scripps Networks revenue down in the 10% range
- Scripps Networks expense flat
- Shared services and corporate about $22 million