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Scripps raises full-year political ad guide to $275M, completes 431 layoffs
SSPE.W. SCRIPPS Co
The E.W. Scripps Company raised its full-year 2026 Local Media political advertising revenue guidance to approximately $275 million, representing a 40% increase over 2022 midterm levels and exceeding the previous August estimate of $225-$250 million. The company also completed an additional 431 workforce reductions in October, bringing the total headcount cuts for the year to about 850 employees, or nearly 20% of its workforce at the start of the year. These actions are part of a transformation plan targeting $125-$150 million in enterprise EBITDA growth by 2028, with expected annual run-rate savings of $100 million by year-end. Scripps plans to use $83 million in cash and Q4 political ad proceeds to pay down at least $150 million of debt. The company operates as a diversified media company focused on local TV broadcasting, national news, and entertainment brands.