secwatch.observer — SEC 8-K summary
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Issuer:     E.W. SCRIPPS Co (SSP)
CIK:        0000832428
Form:       8-K
Filed at:   2023-08-04T23:59:59+00:00
Accession:  0000832428-23-000024
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01, 99.1
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/832428/000083242823000024/0000832428-23-000024-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/832428/000083242823000024/ssp-20230804.htm
  HTML page:      https://secwatch.observer/filing/0000832428-23-000024

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer