The following is a summary of the The E.W. Scripps Company (SSP) Q1 2024 Earnings Call Transcript:

Financial Performance:

• The E.W. Scripps Company reported a 13% increase in local media division revenue in Q1 2024, boosted by political and distribution revenue.

• Political revenue was $15 million, mostly from early U.S. Senate spending in Montana and Ohio.

• Distribution revenue increased by over 20% this quarter due to the renewal of 2023 cable and satellite agreements.

• Core advertising revenue fell by approximately 3%.

• The expected local political advertising revenue is now between $240 million and $270 million for the full year, higher than the previously guided $210 - $250 million.

• The company paid off $40 million in discretionary debt in the first quarter, with expectations to further reduce debt owing to a robust political advertising cycle.

Business Progress:

• The company reported an increase in total pay TV subscribers by almost 1% in the most recent quarter.

• Scripps Networks' direct response business was up year-over-year for the first time in two years, expected to continue into the second quarter.

• The company has ventured into the women sports sector in their networks, opening up for new advertisers and attracting a different demographic.

• The sale of Bounce TV network and smaller, non-strategic real estate assets is underway as part of Scripps' deleveraging strategy.

• There's been positive momentum in direct-response and scatter market, with scatter pricing up 40% over upfront pricing from last year.

• The company is witnessing a resurgence in the advertising marketplace, with bookings offering visibility into the third and fourth quarters of the year.

More details: The E.W. Scripps IR

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