The following is a summary of the The E.W. Scripps Company (SSP) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Scripps reported Q3 2024 political advertising revenue was more than $340 million, almost 30% above the 2020 presidential year results.

• Total third-quarter company revenue reached record levels, primarily driven by political advertising.

• Q3 earnings per share was reported at $0.37, with political advertising significantly contributing to this result despite a $0.11 per share hit from restructuring charges and a $0.17 decrease due to unpaid preferred dividends.

• Leverage ratio improved from 6x at the end of Q2 to 5.1x at the end of Q3, with a projection to reduce further to the high 4x range by year-end.

Business Progress:

• Scripps continues to focus on live sports as a crucial element for revenue growth, with significant gains made in women's sports leading to increased sales.

• The company has a strategic plan for network margin improvement for 2025, expecting a 400 to 600 basis point increase mainly through expenditure management in the Scripps Networks division.

Opportunities:

• The surge in political advertising provides Scripps with an increased cash flow, enhancing its ability to reduce debt.

• Ongoing refinancing and real estate transactions are expected to further improve the financial structure, with plans to sell Bounce in 2025 to reduce debt and leverage ratios.

Risks:

• The media industry faces challenges due to the polarized nature of the market affecting advertising sales in linear television, specifically impacting Scripps News.

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