Scripps Q2 loss $1.2B ($12.68/sh) on $1.1B impairment; revenue down 9.2%

E.W. SCRIPPS Co

Q2 revenue $490M, down 9.2% YoY; loss attributable $1.2B or $12.68/sh incl $1.1B non-cash impairment.
Local Media revenue $317M (-5.4%); distribution revenue down 17% to $161M, hurt by Comcast/DirecTV blackouts.
Scripps Networks revenue $172M (-16%); segment profit fell to $25.5M from $55.9M; impairment charged to Networks.
Transformation plan targets $125-150M EBITDA growth by 2028; ~$100M run-rate savings by year-end; 268 jobs cut.
Political ad revenue Q2 record $28M; FY guidance raised to $225-250M; new deals with Pistons, Predators, Women's Volleyball World Cup.

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