# E.W. SCRIPPS Co (SSP) Informational only - not investment advice. CIK: 0000832428 SIC: 4833 Television Broadcasting Stations SIC breadcrumb: [Transportation, Communications, Electric, Gas, And Sanitary Services](/division/E/) > [Communications](/major-group/48/) > [SIC 4833 Television Broadcasting Stations](/industry/4833/) Latest 10-K filed: 2026-02-27 SEC page: https://www.sec.gov/edgar/browse/?CIK=832428 Filing source: https://www.sec.gov/Archives/edgar/data/832428/000083242826000010/ssp-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-27 · accession 0000832428-26-000010 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000832428.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 2,150,585,000 USD | 2025 | verified | | Net income | -100,877,000 USD | 2025 | verified | | Assets | 5,008,628,000 USD | 2025 | verified | | Free cash flow | 6,523,000 USD | 2025 | computed | | Net margin | -4.69% | 2025 | computed | | Operating margin | 8.56% | 2025 | computed | | Revenue YoY | -14.31% | 2025 | computed | | ROE | -8.10% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | SSP | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | -4.7% | -3.1% | 33 | 10 | | Operating margin | 8.6% | 8.6% | 50 | 9 | | Revenue growth | -14.3% | -3.4% | 11 | 10 | | FCF margin | 0.3% | 4.7% | 11 | 10 | | ROE | -8.1% | -6.0% | 44 | 10 | | ROA | -2.0% | -1.3% | 33 | 10 | | Liabilities / equity | 3.02 | 2.86 | 56 | 10 | | Current ratio | 1.65 | 1.86 | 44 | 10 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 4833 Television Broadcasting Stations, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 2150585000 | USD | 2025 | 2026-02-27 | | Net income | -100877000 | USD | 2025 | 2026-02-27 | | Assets | 5008628000 | USD | 2025 | 2026-02-27 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000832428.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | | | 874,451,000 | 876,972,000 | 1,157,362,000 | 1,351,399,000 | 1,857,478,000 | 2,283,532,000 | 2,453,215,000 | 2,292,912,000 | 2,509,772,000 | 2,150,585,000 | | Net income | -15,537,000 | 40,188,000 | -474,000 | 10,529,000 | -73,872,000 | 59,105,000 | -10,511,000 | | | | | | -947,784,000 | 146,218,000 | -100,877,000 | | Operating income | | | | | | 128,205,000 | -1,903,000 | 148,483,000 | 87,359,000 | 303,488,000 | 400,745,000 | 428,344,000 | -753,242,000 | 412,491,000 | 183,994,000 | | Diluted EPS | | | | | | 0.80 | -0.16 | 0.24 | -0.23 | 3.21 | 0.81 | 1.62 | -11.84 | 1.01 | -1.87 | | Operating cash flow | | | | | | 146,493,000 | 40,852,000 | 140,911,000 | -27,452,000 | 277,394,000 | 237,000,000 | 311,423,000 | 111,604,000 | 365,680,000 | 53,100,000 | | Capital expenditures | | | | | | 25,911,000 | 17,932,000 | 47,093,000 | 60,935,000 | 44,949,000 | 60,744,000 | 45,792,000 | 59,627,000 | 65,256,000 | 46,577,000 | | Assets | | | | | | 1,735,906,000 | 2,129,548,000 | 2,130,347,000 | 3,561,857,000 | 4,859,386,000 | 6,658,314,000 | 6,431,005,000 | 5,410,120,000 | 5,198,575,000 | 5,008,628,000 | | Stockholders' equity | | | 545,773,000 | 518,276,000 | 900,983,000 | 945,935,000 | 936,853,000 | 926,165,000 | | | | 2,130,825,000 | 1,156,183,000 | 1,318,014,000 | 1,246,092,000 | | Cash and cash equivalents | | | | | | 134,352,000 | 148,699,000 | 107,114,000 | 32,968,000 | 576,021,000 | 66,223,000 | 18,027,000 | 35,319,000 | 23,852,000 | 27,923,000 | | Free cash flow | | | | | | 120,582,000 | 22,920,000 | 93,818,000 | -88,387,000 | 232,445,000 | 176,256,000 | 265,631,000 | 51,977,000 | 300,424,000 | 6,523,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | | | 6.76% | -1.20% | | | | | | -41.34% | 5.83% | -4.69% | | Operating margin | | | | | | 14.66% | -0.22% | 12.83% | 6.46% | 16.34% | 17.55% | 17.46% | -32.85% | 16.44% | 8.56% | | Return on equity | | | -0.09% | 2.03% | -8.20% | 6.25% | -1.12% | | | | | | -81.98% | 11.09% | -8.10% | | Return on assets | | | | | | 3.40% | -0.49% | | | | | | -17.52% | 2.81% | -2.01% | | Liabilities / equity | | | | | | 0.84 | 1.27 | 1.30 | | | | 2.02 | 3.68 | 2.94 | 3.02 | | Current ratio | | | | | | 3.32 | 2.87 | 2.38 | 2.06 | 5.84 | 1.37 | 1.33 | 1.41 | 1.31 | 1.65 | ## As-reported value updates 9 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/SSP/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000832428.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2016-Q1 | 2016-03-31 | | 4,888,000 | | reported discrete quarter | | 2016-Q2 | 2016-06-30 | | 11,488,000 | | reported discrete quarter | | 2016-Q3 | 2016-09-30 | | 12,522,000 | | reported discrete quarter | | 2016-Q4 | 2016-12-31 | | 38,337,000 | | derived Q4 = FY annual - nine-month YTD | | 2017-Q1 | 2017-03-31 | | -1,939,000 | | reported discrete quarter | | 2020-Q3 | 2020-09-30 | | 58,518,000 | | reported discrete quarter | | 2022-Q3 | 2022-09-30 | | | 0.38 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | -0.37 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | -8.10 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 566,529,000 | | -0.19 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 615,769,000 | | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 561,464,000 | | -0.15 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 573,629,000 | | -0.15 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 646,300,000 | | 0.37 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 728,379,000 | | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 524,393,000 | -3,455,000 | -0.22 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 540,080,000 | -35,962,000 | -0.59 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 525,854,000 | -32,959,000 | -0.55 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 560,258,000 | -28,501,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 516,868,000 | -1,790,000 | -0.20 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 490,401,000 | -1,151,250,000 | -12.68 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from SSP's latest 10-K: [/company/SSP/business/](/company/SSP/business/). ## Risk Factors Verbatim Item 1A Risk Factors from SSP's latest 10-K: [/company/SSP/risk-factors/](/company/SSP/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/832428/000083242826000034/ssp-20260630.htm Extracted from a later financial-section MD&A body after Item 2 boundaries were low-confidence. Confidence: high Filing date: 2026-08-07 Report date: 2026-06-30 Management’s Discussion and Analysis of Financial Condition and Results of Operations This discussion and analysis of financial condition and results of operations is based upon the Condensed Consolidated Financial Statements and the Notes to Condensed Consolidated Financial Statements. You should read this discussion in conjunction with those financial statements. Forward-Looking Statements This document contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "believe," "anticipate," "intend," "expect," "estimate," "could," "should," "outlook," "guidance," and similar references to future periods. Examples of forward-looking statements include, among others, statements the Company makes regarding expected operating results and future financial condition. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on management’s current beliefs, expectations, and assumptions regarding the future of the industry and the economy, the Company’s plans and strategies, anticipated events and trends, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties, and changes in circumstance that are difficult to predict and many of which are outside of the Company’s control. A detailed discussion of such risks and uncertainties is included in the section of this document titled "Risk Factors." The Company’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Any forward-looking statement made in this document is based only on currently available information and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise. Executive Overview The E.W. Scripps Company (“Scripps”) is a diverse media enterprise that serves audiences and businesses through a portfolio of more than 60 local television stations in 38 markets and national news and entertainment networks. Our local stations have programming agreements with ABC, NBC, CBS and FOX. The Scripps Networks reach nearly every American through national news outlet Scripps News and popular entertainment brands ION, Bounce, Grit, ION Mystery, ION Plus and Laff. All of our local stations and national entertainment networks reach consumers over the air, and we have continued to expand our television networks and local brands on free streaming platforms. We also serve as the longtime steward of one of the nation's largest, most successful and longest-running educational programs, the Scripps National Spelling Bee. Additionally, we provide a television viewing device called Tablo that allows households to watch and record dozens of free, over-the-air and streaming channels anywhere in their home without a subscription. During the first quarter of 2026, we closed on the sales of Court TV, our local broadcast station, WFTX, in Fort Myers, Florida, and our local broadcast station, WRTV, in Indianapolis, Indiana. Proceeds generated from these sale transactions totaled $127 million. Upon our acquisition of ION Media in 2021, we simultaneously sold 23 ION television stations to INYO Broadcast Holdings ("INYO") to comply with ownership rules of the FCC. These divested stations became independent affiliates of ION pursuant to long-term affiliation agreements. In connection with this sale, we also received call options that granted us the right to acquire the assets of some or all of these 23 INYO television stations. In February 2026, we notified INYO of our exercise of all of the options. In addition to other customary closing conditions, any transaction would be subject to FCC consent and, in certain cases, waiver of FCC ownership rules. We also have the right to withdraw our exercise of any or all of the options at any time prior to closing without any further obligation other than reimbursing INYO for expenses. Each station is subject to a separate option, so the acquisition of individual station assets may occur at various dates or potentially not occur. In June 2026, we withdrew the option exercise for six of the INYO television stations to bring an INYO transaction under the national television ownership cap. The aggregate purchase price for the exercise of options on the 17 INYO stations we have notified for exercise is approximately $47.0 million. However, the purchase price is based on formulas that will be contingent on the respective closing dates of any transactions. In February 2026, we announced an enterprise-wide transformation plan that is designed to improve operating performance and unlock new value and targets annualized enterprise EBITDA growth of $125 million to $150 million by 2028. We expect to deliver this improved EBITDA run-rate through cost savings and revenue growth initiatives that will leverage F-26 technology including artificial intelligence and automation and increase revenue yield on our existing businesses. We currently anticipate annualized EBITDA improvement of about $100 million by the end of 2026. On March 4, 2026, we reached agreement to acquire WTVQ, the ABC affiliate in Lexington, Kentucky, for $15.8 million. During the first quarter of 2026, we provided a $5.0 million deposit to be applied against the purchase price at closing. While federal regulatory and other customary approvals were pending, we received revenue from and paid expenses related to WTVQ's operations through a local programming and marketing agreement. The transaction closed August 1, 2026. On March 23, 2026, we announced the launch of Scripps Sports Network ("SSN") streaming channel, which premiered on March 24, 2026. This free, ad supported streaming television ("FAST") channel will be a 24/7 destination for live games and events, exclusive original series, specials, documentaries and other popular sports programming. On March 31, 2026, our retransmission consent agreement with Comcast, representing approximately 25% of our traditional subscribers, expired. We reached agreement with Comcast on May 5, 2026, with service restored that day to the customers of this MVPD. On April 7, 2026, we signed a multi-year media rights agreement with the Nashville Predators ("Predators") beginning with the 2026-27 National Hockey League season. This new agreement allows us to produce and distribute all local preseason, regular season and first-round playoff Predators games that are not allocated exclusively to national broadcasts. Scripps Sports will also broadcast live 30-minute pre-game and post-game shows for every locally broadcast Predators game. In addition to the local television broadcasts, the Predators and Scripps Sports will be introducing a new, direct-to-consumer experience where fans can livestream games throughout the local broadcast territory. On April 16, 2026, we announced a multi-year broadcast partnership with the PBR, the global leader in bull riding entertainment, to bring Premier Women's Rodeo exclusively to Scripps' national television networks ION and Grit beginning in May 2026. On April 30, 2026, we entered into an amendment to our credit agreement that extended the July 7, 2027 maturity date of our revolving credit facility. Under the terms of the amendment, we have a revolving credit facility with commitments of up to $200 million, maturing on July 7, 2029, and a non-extended revolving credit facility with commitments of up to $8.0 million, maturing on July 7, 2027. On May 13, 2026, we announced a new local media television rights agreement with the Detroit Pistons ("Pistons") beginning with the 2026-27 NBA season. WMYD TV20 Detroit will become the official local broadcast home of the Pistons, producing and airing all locally available pre-season and regular season games. Viewers will be able to watch games for free via over-the-air television as well as through participating cable and satellite providers. This agreement marks the Pistons' return to a primarily local broadcast television home for the first time since 2005. As part of the partnership, the Pistons and Scripps Sports will produce comprehensive game day coverage, including pregame, in game and postgame programming, as well as a weekly, half hour Pistons show. On May 15, 2026, we completed the transaction with Gray Media, Inc. ("Gray") to swap television stations across five markets. We acquired Gray's KKTV (CBS) in Colorado Springs, Colorado; KKCO (NBC) and low power station KJCT-LP (ABC) in Grand Junction, Colorado; and KMVT (CBS) and low power station KSVT-LD (Fox) in Twin Falls, Idaho. Gray acquired WSYM (Fox) in Lansing, Michigan, and KATC (ABC) in Lafayette, Louisiana. The swap involved the even exchange of comparable businesses. As a result, neither company paid cash consideration to the other. On May 31, 2026, our retransmission consent agreement with DirecTV, representing approximately 15% of our traditional subscribers, expired. We reached agreement with DirecTV on July 10, 2026, with service restored that day to the customers of this MVPD. On July 14, 2026, we announced that Scripps Sports signed an exclusive U.S. domestic broadcast rights agreement to televise all 64 games of the upcoming Women's Volleyball World Cup 2027 tournament on ION and Scripps Sports platforms. The three-week tournament will take place across the United States and Canada in August and September 2027. The Scripps Networks business has experienced lower than projected financial results reflecting the impact of continued pressure from a weak national advertising market, ratings challenges, including impacts from the Nielsen methodology changes, and broader macroeconomic uncertainty. These factors have negatively impacted expected future growth rates, profitability and the cash flows derived from the business, as well as, the expected period of time over which those cash flows will occur, and provided an indication that the fair value of our Scripps Networks reporting unit may be below its carrying value at June 30, F-27 2026. Following completion of a second quarter 2026 impairment test, we concluded that the fair value of our Scripps Networks reporting unit did not exceed its carrying value and we recorded a non-cash charge of $1.1 billion to reduce the carrying values of goodwill and other intangible assets. We did not declare or provide payment for the preferred stock dividend in either quarter of 2026 or any of the 2025 quarters. The 9% per annum dividend rate on the preferred shares, which compounds quarterly, will be incurred at that rate for the remaining periods that the preferred shares are outstanding. At June 30, 2026, aggregated undeclared and unpaid cumulative dividends totaled $150 million and the redemption value of the preferred stock totaled $782 million. Under the terms of the preferred shares, we are prohibited from paying dividends on and repurchasing our common shares until all preferred shares are redeemed. Results of Operations The trends and underlying economic conditions affecting the operating performance and future prospects differ for each of our operating segments. Accordingly, you should read the following discussion of our consolidated results of operations in conjunction with the discussion of the operating performance of our operating segments that follows. Consolidated Results of Operations Consolidated results of operations were as follows: [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/832428/000083242826000010/ssp-20251231.htm Complete FY 2025 MD&A: /company/SSP/mda/fy2025/ Extracted from a later financial-section MD&A body after the formal Item 7 span was a short reference. Confidence: high Filing date: 2026-02-27 Report date: 2025-12-31 Management’s Discussion and Analysis of Financial Condition and Results of Operations The Consolidated Financial Statements and Notes to Consolidated Financial Statements are the basis for our discussion and analysis of financial condition and results of operations. You should read this discussion in conjunction with those financial statements. This section of the Form 10-K omits discussion of year-to-year comparisons between 2024 and 2023, which may be found in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of our 2024 Form 10-K. Forward-Looking Statements This document contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "believe," "anticipate," "intend," "expect," "estimate," "could," "should," "outlook," "guidance," and similar references to future periods. Examples of forward-looking statements include, among others, statements the Company makes regarding expected operating results and future financial condition. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on management’s current beliefs, expectations, and assumptions regarding the future of the industry and the economy, the Company’s plans and strategies, anticipated events and trends, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties, and changes in circumstance that are difficult to predict and many of which are outside of the Company’s control. A detailed discussion of such risks and uncertainties is included in the section of this document titled "Risk Factors." The Company’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Any forward-looking statement made in this document is based only on currently available information and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise. Executive Overview The E.W. Scripps Company (“Scripps”) is a diverse media enterprise that serves audiences and businesses through a portfolio of more than 60 local television stations in more than 40 markets and national news and entertainment networks. Our local stations have programming agreements with ABC, NBC, CBS and FOX. The Scripps Networks reach nearly every American through national news outlets Scripps News and Court TV and popular entertainment brands ION, Bounce, Grit, ION Mystery, ION Plus and Laff. All of our local stations and national entertainment networks reach consumers over the air, and we have continued to expand our television networks and local brands on free streaming platforms. We also serve as the longtime steward of one of the nation's largest, most successful and longest-running educational programs, the Scripps National Spelling Bee. Additionally, we provide a television viewing device called Tablo that allows households to watch and record dozens of free, over-the-air and streaming channels anywhere in their home without a subscription. In January 2025, we announced the formation of a joint venture with Gray Media, Nexstar Media Group, Inc. and Sinclair, Inc. Leveraging broadcasters’ uniquely efficient network architecture and the ATSC 3.0 transmission standard, EdgeBeam Wireless, LLC will provide expansive, reliable and secure data delivery services. This partnership creates a spectrum footprint that no individual broadcaster could achieve on its own, unlocking the potential of ATSC 3.0 to offer nationwide coverage for data delivery to billions of potential devices on market-disrupting terms. We have committed to total cash contributions of $12.8 million for a 25% ownership interest in the joint venture, of which, $6.4 million was paid during 2025. On March 13, 2025, we announced a multi-year agreement with the Las Vegas Aces, which began in May 2025. Under the agreement, we televise all non-nationally exclusive Aces games with distribution on cable, satellite and over-the-air television. In addition to game broadcasts, the Aces and our local station Vegas 34 partnered to produce and air "In the Paint," an award-winning weekly 30-minute show featuring highlights, interviews and behind-the-scenes access to the 2025 Las Vegas Aces. On April 10, 2025, we completed a series of previously announced refinancing transactions. Following the completion of the transactions, no amounts remain outstanding for our prior 2026 term loan, our prior 2028 term loan or our prior revolving credit facility. Additionally, we issued a $545 million tranche B-2 term loan that matures in June 2028 and a $340 million tranche B-3 term loan that matures in November 2029. We also replaced the prior revolving credit facility with a new $208 F-2 million revolving credit facility, maturing on July 7, 2027, and a $70.0 million non-extended revolving credit facility, which matured on January 7, 2026. Finally, we also entered into a new three-year accounts receivable securitization facility with aggregate commitments of up to $450 million that is scheduled to terminate on April 10, 2028. Additional information about the refinancing transactions is presented in Note 9. Long-Term Debt. On May 14, 2025, we announced a multi-year media rights agreement which allows us to produce and distribute all preseason, regular season and first-round playoff Tampa Bay Lightning games that are not allocated exclusively to national broadcasts. This agreement began with the 2025-2026 National Hockey League season, which started with the preseason in late September 2025. On June 13, 2025, we announced a new, multi-year agreement with the Women's National Basketball Association ("WNBA") to continue airing regular season Friday night matchups on ION as part of its WNBA Fright Night Spotlight series. On July 7, 2025, we entered into agreements with Gray Media, Inc. ("Gray"), to swap television stations across five markets. Upon completion of the transactions, we will acquire Gray's KKTV (CBS) in Colorado Springs, Colorado; KKCO (NBC) and low power station KJCT-LP (ABC) in Grand Junction, Colorado; and KMVT (CBS) and low power station KSVT-LD (Fox) in Twin Falls, Idaho. Gray will be acquiring WSYM (Fox) in Lansing, Michigan, and KATC (ABC) in Lafayette, Louisiana. The swap involves the exchange of comparable assets. As a result, neither company will pay cash consideration to the other. The transaction will close upon satisfaction of closing conditions and necessary regulatory approvals. On August 6, 2025, we issued $750 million of senior secured second lien notes (the "2030 Senior Notes"), which bear interest at a rate of 9.875% per annum and mature on August 15, 2030. The 2030 Senior Notes were priced at 99.509% of par value and interest is payable semi-annually on August 15 and February 15. The proceeds from the 2030 Senior Notes were used to repay the remaining $426 million principal amount of the 2027 Senior Notes, provide a $205 million principal prepayment toward the June 2028 term loan, pay $89.7 million toward outstanding borrowings under our revolving credit facilities and pay related issuance costs and prepayment premiums related to the transaction. Additional information about the transaction is presented in Note 9. Long-Term Debt. On September 3, 2025, we reached an agreement to sell WFTX, our local Fox-affiliated station in Fort Myers, Florida, for $40.0 million. The transaction has received necessary regulatory approval and is expected to close on March 2, 2026. In October 2025, we reached agreement to sell WRTV, our local ABC- affiliated station in Indianapolis, Indiana, for $83.0 million. The transaction has received necessary regulatory approval and is expected to close by March 6, 2026. In the fourth quarter of 2025, we committed to the sale of Court TV and closed on the sale of the network on February 9, 2026. We recognized a $19.5 million non-cash charge in the fourth quarter, reflecting the difference between the carrying value of Court TV's net assets and the transaction consideration. Upon our acquisition of ION Media in 2021, we simultaneously sold 23 ION television stations to INYO Broadcast Holdings (“INYO”) to comply with ownership rules of the FCC. These divested stations became independent affiliates of ION pursuant to long-term affiliation agreements. In connection with this sale, we also received call options that granted us the right to acquire the assets of some or all of these 23 INYO television stations. In February 2026, we notified INYO of our exercise of all of the options. In addition to other customary closing conditions, any transaction would be subject to FCC consent and, in certain cases, waiver of FCC ownership rules. We also have the right to withdraw our exercise of any or all of the options at any time prior to closing without any further obligation other than reimbursing INYO for expenses. Each station is subject to a separate option, so the acquisition of individual station assets may occur at various dates or potentially not occur. The current aggregate purchase price for the exercise of all options is approximately $54 million. However, the purchase price is based on formulas that will be contingent on the respective closing dates of any transactions. In February 2026, we announced an enterprise-wide transformation plan that is designed to improve operating performance and unlock new value and targets annualized enterprise EBITDA growth of $125 million to $150 million by 2028. We expect to deliver this improved EBITDA run-rate through cost savings and revenue growth initiatives that will leverage technology including AI and automation and increase revenue yield on our existing businesses. We did not declare or provide payment for the preferred stock dividends in any of the 2025 or 2024 quarters. The 9% per annum dividend rate on the preferred shares, which compounds quarterly, will be incurred at that rate for the remaining periods F-3 that the preferred shares are outstanding. At December 31, 2025, aggregated undeclared and unpaid cumulative dividends totaled $117 million and the redemption value of the preferred stock totaled $750 million. Under the terms of the preferred shares, we are prohibited from paying dividends on and repurchasing our common shares until all preferred shares are redeemed. Results of Operations The trends and underlying economic conditions affecting operating performance and future prospects differ for each of our operating segments. Accordingly, you should read the following discussion of our consolidated results of operations in conjunction with the discussion of the operating performance of our operating segments that follows. Consolidated Results of Operations Consolidated results of operations were as follows: [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/SSP/mda/fy2025/ All MD&A years: /company/SSP/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/SSP/mda/fy2024/): filed 2025-03-12; accession 0000832428-25-000012 (https://www.sec.gov/Archives/edgar/data/832428/000083242825000012/ssp-20241231.htm) - [FY 2023 MD&A](/company/SSP/mda/fy2023/): filed 2024-02-23; accession 0000832428-24-000015 (https://www.sec.gov/Archives/edgar/data/832428/000083242824000015/ssp-20231231.htm) - [FY 2022 MD&A](/company/SSP/mda/fy2022/): filed 2023-02-24; accession 0000832428-23-000009 (https://www.sec.gov/Archives/edgar/data/832428/000083242823000009/ssp-20221231.htm) - [FY 2021 MD&A](/company/SSP/mda/fy2021/): filed 2022-02-25; accession 0000832428-22-000009 (https://www.sec.gov/Archives/edgar/data/832428/000083242822000009/ssp-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 4833 Television Broadcasting Stations) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [M2SL](/indicator/M2SL/): M2 Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/SSP.md · JSON record: /company/SSP.json · verified financials: /company/SSP/financials.json / /company/SSP/financials.csv · machine TOC for the whole site: /llms.txt