Overview

* E.W. Scripps Q3 revenue fell 19% yr/yr, impacted by lower political ad revenue

* Net loss attributable to shareholders was $49 mln, impacted by restructuring and financing costs

* Connected TV revenue grew 41%, offsetting economic uncertainty in Scripps Networks

Outlook

* Company expects Q4 Local Media revenue to decline about 30%

* Scripps Networks Q4 revenue and expenses to decrease in low double-digit range

* Full-year cash interest expense projected between $165 mln and $175 mln

Result Drivers

* CORE ADVERTISING - Local Media division's core advertising revenue rose 2% due to strong sales execution and sports strategy

* CONNECTED TV REVENUE - Scripps Networks division grew connected TV revenue by 41%, offsetting economic uncertainty

* EXPENSE DISCIPLINE - Co reduced expenses by more than 4% in Local Media and 7.5% in Scripps Networks, improving margins

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 $525.85

Operatin mln

g

Revenue

Q3 Net -$32.96

Income mln

Q3 -$488.23

Operatin mln

g

Expenses

Q3 $37.62

Operatin mln

g Income

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 2 "hold" and 1 "sell" or "strong sell"

* The average consensus recommendation for the broadcasting peer group is "buy."

* Wall Street's median 12-month price target for E W Scripps Co ( SSP ) is $5.50, about 61.6% above its November 5 closing price of $2.11

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)