Scripps Q2 revenue $574M, loss $0.15/sh; raises 2024 political ad outlook to $270-290M

E.W. SCRIPPS Co

2024-Q2 EPS reported -$0.30 revenue$1,135,093,000

Revenue $574M (-1.6% YoY); net loss $13M ($0.15/sh) vs loss $682M ($8.10/sh) in prior year (includes goodwill impairment in prior year).
Political ad revenue outlook raised to $270-290M from $240-270M; Q2 political $28.2M vs $3.8M prior year.
Bounce TV network divestiture progressing; Scripps Networks revenue down 9.7% to $209M; segment profit $37.7M vs $60.3M.
Total debt $2.9B; suspended preferred stock dividends to accelerate deleveraging; unpaid cumulative dividends $27.3M.
Q3 guidance: Local Media revenue up ~20%, Scripps Networks revenue down mid-single digits.

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