Scripps Q2 revenue $583M; net loss $8.10/sh due to $686M goodwill impairment

E.W. SCRIPPS Co

2023-Q2 EPS reported -$8.49 revenue$1,110,614,000

Local Media revenue $352M (-1% YoY); distribution +14%, core ad -5.2%, political $3.8M.
Networks revenue $231M (-3.2% YoY); CTV revenue up 18%, segment profit $60.3M vs $73.3M.
Goodwill impairment of $686M in Networks; restructuring charge $8M; combined $8.01 per share hit.
Increased revolver to $585M; used proceeds to repay $283M term loan B-1 due 2024.
Q3 outlook: Local Media revenue down mid-single-digit; Networks revenue down ~10%.

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