The E.W. Scripps Company (SSP): Business Model Canvas [Dec-2025 Updated]

Honestly, looking at The E.W. Scripps Company's current setup, you see a media player making a calculated, high-stakes pivot from pure local broadcasting to a hybrid model centered on national networks and premium sports rights. The core tension is clear: they are managing a heavy debt load, sitting at about $2.7 billion in net debt as of late 2025, while trying to prove out the value of their new strategy, which saw distribution revenue hit $186 million in Q3 2025. We need to break down exactly how they plan to hit that 27% margin target for the Networks division by optimizing everything from retransmission fees to CTV advertising spend. Keep reading; I've mapped out the entire Business Model Canvas so you can see the precise resources, activities, and customer segments driving this near-term story.

The E.W. Scripps Company (SSP) - Canvas Business Model: Key Partnerships

You're looking at the core relationships The E.W. Scripps Company maintains to get its content-local news, national networks, and sports-into viewers' hands. These partnerships are the plumbing of the modern broadcast business, so let's look at the numbers defining these key alliances as of late 2025.

Pay TV providers (cable/satellite) for retransmission consent fees

Retransmission fees are a bedrock revenue source for the Local Media segment. As of late 2023, The E.W. Scripps Company reported successfully completing carriage agreements covering about 75% of its subscriber households. The company projected renewals in the low 20% range for 2025. For context, programming expenses, which include these distribution fees, represented 45% of the Local Media segment's total costs and expenses in 2024. The E.W. Scripps Company has advocated for direct negotiation rights with virtual MVPDs (vMVPDs) to secure fair value for signal distribution over IP.

Sports leagues: WNBA, NWSL, and four NHL teams

Scripps Sports is actively building its portfolio, which includes rights for the WNBA, NWSL, and several NHL teams. The ION network, owned by The E.W. Scripps Company, reached a multi-year renewal for the WNBA's Friday night games. In 2024, this WNBA programming on ION saw average viewership increase by 133% year-over-year, reaching more than 23 million unique viewers across games and wrap shows. ION is available in over 128 million homes. The sports portfolio also includes local rights for teams like the Florida Panthers, Vegas Golden Knights, and the Tampa Bay Lightning, whose multi-year agreement began with the 2025-26 NHL season. The NBA on ABC, which features Scripps Sports teams, generated over $5.5 million in revenue for the second quarter of 2025.

Streaming platforms like Peacock for Scripps Networks distribution

Digital distribution is expanding through a partnership with Peacock. As of August 2025, The E.W. Scripps Company launched six national channels on Peacock's free, always-on channel offering at no extra cost to subscribers. This move was met with a positive market reaction, with SSP stock gaining 9.97% on the day of the announcement, adding approximately $27 million to the company's valuation at that time. These six channels are ION, ION Mystery, Bounce, Court TV, Court TV Legendary Trials, and Scripps News. This launch followed a period where SSP's market capitalization was around $292 million.

Gray Media for strategic station swaps to optimize market footprint

The E.W. Scripps Company entered agreements with Gray Media in July 2025 to swap television stations across five markets, a transaction structured as an even exchange of comparable assets with no cash exchanged. This move creates new local duopolies intended to enhance operational scale and financial strength. Through this swap, The E.W. Scripps Company acquired Gray's stations, including KKTV (CBS) in Colorado Springs, KKCO (NBC) and KJCT-LP (ABC) in Grand Junction, and KMVT (CBS) and KSVT-LD (Fox) in Twin Falls, strengthening its presence in the Western U.S.

National broadcast networks (e.g., ABC, FOX, NBC) for local affiliation

The core local broadcast model relies heavily on these network relationships. Effective January 1, 2025, The E.W. Scripps Company secured a new multi-year affiliation agreement with NBC covering all 11 of its NBC television stations. This followed a successful renewal of its affiliation agreement with CBS in the fall of 2024. The company operates a portfolio of 61 television stations in 41 markets as of Q2 2025. In a strategic shift in 2024, The E.W. Scripps Company dropped its CW Network affiliation from seven of its stations to prioritize local and sports programming.

Here's a look at the specific station count and network coverage based on recent agreements:

Network	Number of Affiliated Stations (as of 2025)	Effective Date/Status
NBC	11	New multi-year agreement effective January 1, 2025
CBS	Undisclosed (Renewal completed in Fall 2024)	Renewal completed
CW Network	0 (Dropped from 7 stations)	Affiliations dropped in 2024

The E.W. Scripps Company's national networks division also partners for carriage, as evidenced by the distribution of its channels on vMVPDs.

• ION is available in over 128 million homes via pay TV, CTV, and free ad-supported streaming platforms.
• The company operates a portfolio including Court TV, Bounce, Grit, and Laff, alongside the national news outlet Scripps News.

Finance: review the Q3 2025 retransmission revenue projections against the 2024 programming expense base by next Tuesday.

The E.W. Scripps Company (SSP) - Canvas Business Model: Key Activities

You're looking at the core actions The E.W. Scripps Company is taking to manage its business and drive value as of late 2025. It's a mix of aggressive financial maneuvering and content strategy execution.

Executing the Scripps Sports strategy to drive premium ad rates is a major focus. This strategy is clearly supporting revenue in key areas. For instance, inventory for both the WNBA and National Women's Soccer League games commands premium advertising rates. The WNBA season on ION saw linear and connected TV revenue grow 92% over the 2024 season. Furthermore, sports volume was up 30% in the upfront advertising cycle. This focus helped the Local Media division see core advertising revenue grow 2% in Q3 2025.

The company is actively managing its distribution footprint. In the Local Media division, The E.W. Scripps Company completed legacy distribution revenue contracts that expired at the end of Q1 2025, covering about 25% of its pay TV households. This was a key activity to secure revenue visibility.

Aggressive expense management is directly tied to the performance of the national networks. The E.W. Scripps Company achieved a 27% segment margin for the Scripps Networks division in Q3 2025. This was supported by expense control, with division expenses down 7.5% for the quarter. Management noted they are set to deliver on the promise of a 400 to 600 basis point year-over-year margin improvement for the full year.

Financial restructuring is a critical ongoing activity. The E.W. Scripps Company closed on the placement of $750 million in new 9.875% senior secured second-lien notes in August 2025. This was part of a proactive debt reduction effort. The company also introduced an accounts receivable securitization facility with a capacity of $450 million. These actions contributed to the net leverage ratio improving to 4.6x by the end of Q3 2025.

Here's a quick look at the key financial and operational metrics tied to these activities as of Q3 2025:

Key Activity Metric	Financial/Statistical Amount	Period/Date
Scripps Networks Segment Margin	27%	Q3 2025
Scripps Networks Expense Reduction	7.5% decrease	Q3 2025
Retransmission Negotiations Coverage	25% of pay TV households	Q1 2025
Senior Notes Placement Size	$750 million	August 2025
Net Leverage Ratio	4.6x	End of Q3 2025
WNBA Season Revenue Growth (vs. 2024)	92%	Q3 2025

The E.W. Scripps Company continues to produce its core content offerings. This includes the production of local news across its broadcast stations and national niche content through outlets like Court TV and Scripps News. The Local Media division's core advertising revenue grew 1.8% year-over-year in Q3 2025, showing the underlying strength of the local news footprint despite the absence of major political advertising revenue compared to the prior election year.

The company's operational focus can be summarized by these recent achievements:

• Local Media core advertising revenue growth of 1.8% in Q3 2025.
• Scripps Networks segment profit of $53 million in Q3 2025.
• Total revenue for Q3 2025 was $526 million.
• Sale of two network-affiliated stations generated proceeds of $123 million.
• The company expects cash interest paid for FY25 to be between $165 million and $170 million.

Finance: draft Q4 2025 cash flow forecast incorporating station sale proceeds by next Tuesday.

The E.W. Scripps Company (SSP) - Canvas Business Model: Key Resources

You're looking at the core assets The E.W. Scripps Company relies on to execute its strategy right now. These aren't just abstract concepts; they are tangible assets and financial realities shaping their near-term moves.

The foundation of The E.W. Scripps Company's Local Media business is its physical reach. They are recognized as the nation's largest holder of broadcast spectrum. This spectrum is the literal airwave real estate that underpins their over-the-air broadcasting capability.

The scale of their local footprint is significant, giving them deep market penetration across the country. Here's a quick look at that physical asset base as of late 2025:

Resource Component	Metric	Value/Count
Local TV Station Portfolio	Number of Stations Operated	Over 60
Local TV Station Portfolio	Number of Markets Served	Over 40
Financial Constraint	Total Debt (as of Q3 2025)	$2.7 billion

That $2.7 billion in total debt, reported at the end of the third quarter of 2025, is definitely a key financial constraint you need to factor in when assessing capital allocation priorities.

Beyond local, The E.W. Scripps Company maintains a portfolio of national network brands that provide scale and digital monetization opportunities. These networks are crucial for their streaming and distribution leverage:

• ION
• Court TV
• Bounce
• Grit
• Laff
• Scripps News

The digital side of these networks is showing tangible growth, which is a direct result of their distribution agreements and proprietary technology efforts. For instance, in the third quarter of 2025, the Scripps Networks division reported that Connected TV revenue was up 41% year-over-year. That growth highlights the value being extracted from their streaming platform distribution.

The E.W. Scripps Company (SSP) - Canvas Business Model: Value Propositions

You're looking at the core value delivered by The E.W. Scripps Company as of late 2025, grounded in their recent operational and financial performance. The value propositions center on broad reach, targeted content, and operational efficiency.

A primary value is providing free, over-the-air access to local news and major network programming. The E.W. Scripps Company remains one of the nation's largest local TV broadcasters, serving communities through a portfolio of more than 60 stations in 40+ markets.

The E.W. Scripps Company delivers premium, affordable women's sports content (WNBA, NWSL) on ION. The NWSL on ION broadcasts reached more than 20 million total unique viewers during the prior year's inaugural season. ION itself is available over-the-air in more than 128 million homes as of September 2025. The commitment to women's sports continues with new additions like the SI Women's Games and the Elevance Health Women's Fort Myers Tip-Off coming in the fall of 2025.

For niche content, The E.W. Scripps Company offers programming for underserved audiences. Court TV's legal coverage is a key example, devoted to live gavel-to-gavel coverage, in-depth legal reporting, and expert analysis of important trials.

The company offers high-reach advertising inventory. Specifically, Scripps Sports serves leagues with national broadcast reach of up to 100% of TV households. This is complemented by the national reach of its other networks like ION, which is available on pay TV, connected TV, and free, ad-supported streaming platforms.

Financially, The E.W. Scripps Company is offering a leaner, more profitable Networks division. This division achieved margins of 32% in the first quarter of 2025. This performance represented an 870 basis points improvement, significantly exceeding the initial guidance range of 400 to 600 basis points.

Here's a quick look at the key metrics supporting these value propositions:

Metric Category	Specific Value/Metric	Period/Context
Networks Profitability	32% Segment Margin	Q1 2025
Networks Efficiency Gain	870 basis points Margin Improvement	Q1 2025 vs. prior period
Local Reach	More than 60 Stations	As of late 2025
ION National Reach (OTA)	More than 128 million Homes	As of September 2025
NWSL Viewership (Prior Year)	More than 20 million Total Unique Viewers	2024 Season
Scripps Sports National Reach	Up to 100% of TV Households	National Broadcast Reach
Networks Revenue	$198 million	Q1 2025

The content portfolio driving these propositions includes a variety of national networks:

• ION: General entertainment featuring women's sports.
• Court TV: Live gavel-to-gavel trial coverage.
• ION Mystery: Dramas, docuseries, and originals.
• Bounce, Grit, Laff, ION Plus, Defy TV, and TrueReal are also part of the portfolio.

Furthermore, the company is actively managing its distribution footprint. In Q1 2025, The E.W. Scripps Company completed negotiations covering 25% of its pay TV households.

The company's focus on cost control is also a value driver; first-quarter expenses in the Networks division decreased by 16% over Q1 2024. If onboarding takes 14+ days for new digital initiatives, churn risk rises, but the current cost structure seems defintely tight.

Finance: draft 13-week cash view by Friday.

The E.W. Scripps Company (SSP) - Canvas Business Model: Customer Relationships

You're looking at how The E.W. Scripps Company manages its key relationships as of late 2025. It's a mix of legacy distribution deals, aggressive digital growth, and a tight focus on financial health for investors.

Managed, long-term contracts with Pay TV distributors

The relationship with traditional Pay TV distributors (MVPDs) is governed by multi-year contracts, though this segment deals with subscriber declines. The company actively manages these renewals to maintain revenue stability. In the first quarter of 2025, The E.W. Scripps Company completed legacy distribution revenue contract negotiations covering about 25% of its pay TV households. Distribution revenue for the Local Media segment was $187 million in Q1 2025. By the third quarter of 2025, distribution revenue was reported at $186 million, which was flat year-over-year, despite ongoing subscriber losses in the pay TV industry.

Direct-to-consumer engagement via local news and network streaming apps

Engagement here is clearly shifting toward digital platforms, especially Connected TV (CTV). The Networks division is capitalizing on this distribution aggressively. CTV revenue for the Networks division grew by 41% year-over-year in the third quarter of 2025. The projected 2025 CTV revenue is set to exceed $120 million, a line item created in just a few years. Sports programming is a major driver; the WNBA season on ION saw linear and connected TV revenue grow by 92% over the 2024 season. Furthermore, WNBA games on ION attracted more than 23 million unique viewers across games and wrap shows in 2024.

Dedicated national and local advertising sales teams for core and political spend

Advertising sales relationships are segmented by core business and the cyclical nature of political spending. The contrast between election and non-election years is stark, which the sales teams must navigate. Core advertising revenue in the Local Media division showed resilience, increasing by 1.8% to $132 million in Q3 2025. In 2024, core advertising accounted for 33% of the Local Media segment's revenues. Political revenue, however, plunged in the odd year of 2025, coming in at just $5.1 million for Q3 2025, compared to $125 million in Q3 2024.

Here's a quick look at the advertising revenue dynamics across recent quarters:

Metric	Q2 2025 Amount	Q3 2025 Amount	Context/Change
Local Media Core Advertising Revenue	$137 million	$132 million	Q2 was down 1.9% year-over-year; Q3 was up 1.8% year-over-year
Political Advertising Revenue	$2.6 million	$5.1 million	Q2 was down over 90% from the prior year; Q3 was down 97.2% from 2024's $177 million
Networks Division Revenue	$206 million	$201 million	Both quarters were near-flat year-over-year

Investor relations focused on deleveraging and margin improvement

Investor communication centers heavily on balance sheet management and operational efficiency, which directly impacts stakeholder confidence. The company is actively pursuing deleveraging, with net leverage ending Q2 2025 at 4.4x, down from 4.9x at the end of Q1 2025. By the end of Q3 2025, net leverage stood at 4.6 times. Total debt was $2.7 billion as of September 30, 2025.

Key actions supporting this focus include significant debt refinancing. The E.W. Scripps Company completed transactions retiring or extending up to $1.5 billion of debt. In August 2025, the company closed on $750 million in new senior secured second-lien notes at a rate of 9.875%. Proceeds were used to pay off 2027 senior notes and pay down more than $200 million of the 2028 term loan.

Margin improvement is a concrete goal for the Networks division. The division achieved a 9 percentage-point improvement in margin year-over-year in Q2 2025. The division delivered a 27% margin in Q3 2025. Management noted that Q1 2025 saw an 870 basis points improvement, well ahead of the promised 400 to 600 basis points improvement over the preceding three quarters.

The relationship with preferred shareholders is also managed through debt reduction, as common stock dividends are prohibited until all preferred shares are redeemed. Undeclared and unpaid cumulative preferred dividends totaled $101 million as of September 30, 2025.

• The Networks division margin is on track for a full-year lift of 4-6 percentage points.
• Q1 2025 Networks division margins reached 32%.
• Asset sales, including two station sales for a total of $123 million, are part of the deleveraging strategy.

Finance: draft 13-week cash view by Friday.

The E.W. Scripps Company (SSP) - Canvas Business Model: Channels

You're looking at The E.W. Scripps Company's distribution strategy as of late 2025, and honestly, it's a story of two distinct businesses fighting for attention: the established local broadcast footprint and the rapidly growing digital networks.

Local over-the-air broadcast television (Local Media segment)

This is the bedrock, the traditional over-the-air (OTA) delivery of local news and programming. The Local Media segment is foundational, but it's navigating the cyclical nature of political advertising. For the third quarter of 2025, this segment brought in $325 million in revenue. That's a significant drop of 27% compared to the prior year, which was an election year. What matters for the day-to-day health, though, is the core advertising revenue. That number actually ticked up to $132 million in Q3 2025, showing a 1.8% increase year-over-year. The political revenue, as expected in an off-year, cratered to just $5.1 million from $125 million in Q3 2024. The segment profit reflected this, landing at nearly $53 million for the quarter, down from $161 million in the prior year's political cycle.

Traditional Pay TV systems (cable and satellite)

This channel relies on carriage agreements-the fees The E.W. Scripps Company collects for allowing cable and satellite providers to carry its local broadcast signals. This revenue stream proved remarkably stable in the third quarter of 2025. Distribution revenue, which covers these retransmission consent agreements, was $186 million, reported as flat on a year-over-year basis. This stability is key for cash flow, especially when the advertising side is facing non-political headwinds. The company is actively optimizing its portfolio, having recently announced the sale of two network-affiliated stations for total proceeds of $123 million, which supports debt paydown rather than direct channel expansion in these legacy systems.

Connected TV (CTV) platforms and virtual MVPDs (e.g., Fubo, YouTube TV)

This is where The E.W. Scripps Company is seeing its most aggressive growth, primarily feeding into the Scripps Networks division. Connected TV revenue is surging, which is a direct result of their sports strategy, particularly around women's programming. In Q3 2025, CTV revenue was up 41% year-over-year. To give you a sense of the momentum, Q2 2025 saw a 57% surge in streaming revenue, and management projects the full-year growth to exceed 35%. This digital reach helps offset softness in other areas. They are clearly prioritizing this digital path to viewers.

Free Ad-Supported Streaming TV (FAST) channels and Peacock integration

The Scripps Networks division, which houses their FAST offerings like Bounce TV, Court TV, Grit, Laff, and Scripps News, is leveraging this broad distribution. The overall Networks revenue was about flat for Q3 2025 at $201 million, down just 0.4% from the prior year, but the underlying digital strength is what's driving margin. A prime example of channel success is ION, which carries significant sports content. The WNBA season on ION saw its linear and connected TV revenue grow by 92% over the 2024 season. Sports volume on ION in the upfront cycle was up 30%, commanding premium ad rates. This focus on high-demand content across their streaming properties is what keeps the Networks division profitable, delivering a 27% margin in Q3 2025 on the back of a 7% reduction in expenses.

Here's a quick look at how the key revenue drivers within the channels stacked up in Q3 2025:

Channel/Revenue Type	Q3 2025 Amount	Year-over-Year Change (Approximate)	Segment
Local Media Total Revenue	$325 million	Down 27%	Local Media
Local Media Core Advertising Revenue	$132 million	Up 1.8%	Local Media
Local Media Distribution Revenue (Cable/Satellite)	$186 million	Flat (No Change)	Local Media
Scripps Networks Total Revenue	$201 million	Down 0.4%	Scripps Networks
Connected TV (CTV) Revenue	Not explicitly stated as total, but growth is key	Up 41%	Scripps Networks
WNBA Season on ION Revenue	Not explicitly stated as total	Up 92% (vs. 2024 season)	Scripps Networks (FAST/ION)

You can see the divergence clearly: the local advertising base is contracting outside of election years, but the distribution fees are holding steady, and the digital/streaming channels are delivering substantial growth. Finance: draft 13-week cash view by Friday.

The E.W. Scripps Company (SSP) - Canvas Business Model: Customer Segments

You're analyzing The E.W. Scripps Company's customer base as of late 2025, looking at the groups that actually pay them money for content or advertising access. Honestly, the picture is a mix of stable legacy revenue and growth areas in digital and sports.

The E.W. Scripps Company serves several distinct customer groups, each contributing to the Local Media and Scripps Networks segments. For the third quarter of 2025, total company revenue was reported at $526 million.

Pay TV providers (cable/satellite companies) paying retransmission fees

This group represents the stable, recurring revenue stream from carriage agreements. Distribution revenue, which comes from fees charged to cable and satellite companies for carrying The E.W. Scripps Company-owned stations, was $186 million in the third quarter of 2025, which was flat year-over-year.

The company actively manages these relationships; for instance, in the first quarter of 2025, The E.W. Scripps Company completed negotiations covering 25% of its pay TV households. This segment is crucial for maintaining reach across traditional distribution platforms, even as subscriber counts decline.

National advertisers seeking high-reach, live sports inventory

National advertisers buy inventory across The E.W. Scripps Company's networks and local stations, with a growing focus on premium sports content. The Scripps Networks division, which includes Ion, Court TV, and Scripps News, generated $201 million in revenue in Q3 2025.

The sports strategy is a key draw here. For example, the WNBA season on ION saw linear and connected TV revenue grow by 92% over the 2024 season. Also, demand for women's sports in the upfront cycle was strong, with sports volume up 30% and commanding premium advertising rates.

Local and regional advertisers, especially in the services category

This group primarily fuels the Local Media division's core advertising revenue. In Q3 2025, Local Media core advertising revenue was $132 million, marking an increase of 1.8% year-over-year.

The growth in this category was explicitly driven by two areas:

• The services category.
• Overall growth in national advertising flowing into local markets.

U.S. TV households, both over-the-air and pay TV subscribers

While The E.W. Scripps Company does not directly report the total number of U.S. TV households it reaches in its primary financial disclosures, the customer base is defined by the households receiving its signals, whether via over-the-air (OTA) broadcast or through the pay TV providers mentioned above. The growth in Connected TV revenue, which was up 41% in Q3 2025, shows an increasing focus on the streaming segment of the household audience.

Political campaigns and PACs (significant revenue in even-numbered years)

This segment provides a massive, cyclical boost to the Local Media division. In the non-election year Q3 2025, political revenue was only $5.1 million, representing a steep drop of 97.2% compared to the $125 million generated in the election year Q3 2024.

This dramatic swing highlights the segment's importance in even-numbered years, as the absence of this revenue exposed the underlying core business performance in 2025.

Here's a quick look at the key revenue components from the Local Media segment in Q3 2025:

Revenue Type	Q3 2025 Amount	Year-over-Year Change
Total Local Media Revenue	$325 million	Down 27%
Core Advertising Revenue	$132 million	Up 1.8%
Distribution Revenue	$186 million (Company-wide)	No change
Political Revenue	$5.1 million	Down 97.2%

The E.W. Scripps Company (SSP) - Canvas Business Model: Cost Structure

You're looking at the core expenditures that keep The E.W. Scripps Company running as of late 2025. This structure is heavily influenced by content acquisition, debt servicing, and the day-to-day running of a large local and national media footprint. Honestly, the numbers show a clear focus on managing debt while integrating new sports rights costs.

Programming and Content Acquisition Costs, Including New Sports Rights

Programming costs are a primary driver, especially for the Scripps Networks division, which relies on content to fuel its Connected TV (CTV) growth. For the Local Media segment, these costs cover network affiliation fees, local sports rights, and syndicated programming. The company has been actively investing in sports rights, including agreements with the NHL's Tampa Bay Lightning, the Utah Hockey Club, and the WNBA's Las Vegas Aces, which factor into the expected expense profile for Local Media.

• Programming expenses accounted for 55% of the Scripps Networks segment's costs and expenses in 2024.
• Programming costs, including network affiliation fees, were 45% of the Local Media segment's costs and expenses in 2024.
• The company expects Local Media expenses to be flat-to-down low single digits, inclusive of the new sports rights expense for the Lightning in the fourth quarter of 2025.

Cash Interest Expense

Servicing the company's debt load is a significant, non-discretionary cost. Following significant refinancing activities in 2025, the guidance for cash interest paid reflects the new debt structure.

The updated guidance for full-year 2025 cash interest paid is between $170 million to $175 million. This is a critical figure to track against free cash flow generation.

Network Affiliate Fees Paid to Major Broadcast Networks

These fees are embedded within the overall programming costs for the Local Media segment. While a specific standalone dollar amount for 2025 affiliate fees isn't itemized in the latest releases, they are a component of the segment's operating expenses.

Operating Expenses for Local Stations and National Network Infrastructure

Operating expenses cover everything from station overhead and shared services to the costs of running the national networks like ION, Bounce TV, and Court TV. The company has been actively managing these costs, often citing savings from restructuring efforts.

Here's a look at the reported segment and corporate expenses for 2025 periods:

Expense Category/Period	Amount (Millions USD)
Costs and expenses for segments, shared services and corporate (YTD through Q3 2025)	$1,400
Costs and expenses for segments, shared services and corporate (YTD through Q2 2025)	$911
Segment, shared services and corporate expenses (Q3 2025)	$449
Segment, shared services and corporate expenses (Q2 2025)	$457
Scripps Networks segment expenses (Q3 2025)	$148

The Scripps Networks division showed expense discipline, with Q3 2025 segment expenses down 7.5% compared to the year-ago quarter, partly due to operational reductions at Scripps News.

Restructuring and Financing Transaction Costs

These are non-recurring or irregular costs related to balance sheet management and operational efficiency drives. The third quarter of 2025 saw several notable charges related to debt management.

For the third quarter of 2025, the following charges were recorded:

Specific Cost Item (Q3 2025)	Amount (Millions USD)
Loss on extinguishment of debt	$7.6
Financing transaction costs	$6.5
Restructuring costs	$2.7

Looking at the year-to-date through Q3 2025, the cumulative impact of these items was higher:

• Financing transaction costs (YTD through Q3 2025): $44.5 million.
• Loss on extinguishment of debt (YTD through Q3 2025): $10.6 million.
• Restructuring costs (YTD through Q3 2025): $7.5 million.

Finance: draft 13-week cash view by Friday.

The E.W. Scripps Company (SSP) - Canvas Business Model: Revenue Streams

You're looking at how The E.W. Scripps Company brings in money as of late 2025, focusing on the hard numbers from their latest reports.

The revenue streams are clearly segmented across their Local Media and Scripps Networks divisions, with significant one-time gains from asset sales helping the balance sheet.

The core revenue components for the third quarter of 2025 are detailed below:

Revenue Category	Q3 2025 Amount	Year-over-Year Comparison Note
Distribution Revenue (Retransmission)	$186 million	Reported as flat compared to Q3 2024.
Core Advertising Revenue (Local & National)	$132 million	Increased by 1.8% over Q3 2024.
Political Advertising Revenue	$5.1 million	Significantly lower due to being an off-cycle quarter (Q3 2024 was $125 million).
Scripps Networks Revenue (Total)	$201 million	Reported as about flat for Q3, with a 41% growth in Connected TV revenue.

The company is actively optimizing its portfolio, which generates non-recurring revenue streams.

• Other revenue includes proceeds from strategic asset sales, such as the $123 million total from the announced sales of two network-affiliated stations.
• The sale of WRTV in Indianapolis to Circle City Broadcasting was valued at $83 million.
• The sale of WFTX in Fort Myers/Naples to Sun Broadcasting was valued at $40 million.

The digital and streaming side shows strong momentum, even if it doesn't fully offset the cyclical nature of local advertising.

The Connected TV (CTV) advertising revenue stream is a key growth area, projected to exceed $120 million for the full-year 2025. That CTV segment saw revenue growth of 41% in the third quarter alone, which helped balance softness from economic uncertainty elsewhere. The Networks division delivered a 27% margin in the quarter, partly due to this digital distribution strength.

You should note the political revenue drop; it was only $5.1 million in Q3 2025, compared to $125 million in the election-heavy Q3 2024. That's a massive swing, defintely exposing the core business performance.

Here's a quick look at the Q3 2025 Local Media revenue components:

• Distribution revenue: $186 million.
• Core advertising revenue: $132 million.
• Political advertising revenue: $5.1 million.

Finance: draft 13-week cash view by Friday.