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Dec 31, 2023
Scripps Q4 2023 Earnings Report
Scripps delivered Q4 2023 financial results
Key Takeaways
Scripps reported a Q4 2023 revenue of $616 million. The loss attributable to shareholders was $268 million, or $3.17 per share, which included a non-cash goodwill impairment charge and restructuring costs.
Scripps Sports is part of a historic media rights agreement with the National Women’s Soccer League and will nationally broadcast 50 games on Saturday nights on ION.
Local Media core advertising revenue increased 1% year-over-year, driven by new National Hockey League deals.
Scripps Networks' revenue decreased 7%, exceeding guidance due to better-than-expected connected TV, general market and direct response revenue.
The company recorded a $266 million non-cash goodwill impairment charge due to a slower than anticipated recovery in the national television advertising market.
Revenue by Segment
Forward Guidance
The company provided guidance for Q1 2024 and full year 2024.
Positive Outlook
- Local Media revenue is expected to be up low teens percent in Q1 2024.
- Connected TV revenue is on track to grow more than 40% for the full year, minus the programmatic product.
- Top four local core categories – services, auto, retail and home improvement – are all up in February.
- Scripps Networks expense is expected to be down low-single-digit percent in Q1 2024.
- The company is planning for a near-term media landscape where consumers combine a variety of connected TV services with free, over-the-air viewing.
Challenges Ahead
- Local Media expense is expected to be up about 10% in Q1 2024.
- Scripps Networks revenue is expected to be flat to down low-single-digit percent in Q1 2024.
- Shared services and corporate costs are expected to be about $24 million in Q1 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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