SSP

EX-99.1

2 ssp-20260507ex991.htm

EX-99.1

Document

Exhibit 99.1

Scripps reports Q1 2026 financial results

May 7, 2026

CINCINNATI – The E.W. Scripps Company (NASDAQ: SSP) delivered $517 million in revenue for the first quarter of 2026. Loss attributable to the shareholders of Scripps was $18 million or 20 cents per share.

Business notes:

•Net leverage at the end of the first quarter was 3.9x, per the calculations in company credit agreements, which includes the retroactive benefit of proforma adjustments of management’s ongoing transformation efforts. In February, Scripps announced it had launched a transformation plan that targets annualized enterprise EBITDA growth of $125-$150 million by 2028 through cost savings and revenue growth initiatives.

•For the first quarter, core advertising revenue in the Local Media division increased 7% on an adjusted combined basis, largely driven by revenue from agreements with four National Hockey League teams, including the addition of the Tampa Bay Lightning this season. The Winter Olympics and the Super Bowl also contributed. The NHL regular season ended in mid-April, reducing the impact of live local sports on second-quarter results.

•A fifth NHL team, the Nashville Predators, and Scripps Sports announced a landmark multi-year media rights agreement in early April that begins with the 2026–27 NHL season. Scripps Sports will produce and distribute all local preseason, regular season and first-round playoff Predators games that are not allocated exclusively to national broadcasts and will broadcast live 30-minute pre-game and post-game shows.

•On March 24, Scripps debuted Scripps Sports Network (SSN), a free, premium ad-supported streaming television channel designed as a 24/7 destination for live games, original series, documentaries, sports talk and other premium sports programming. The network launched with broad distribution on major CTV platforms, including The Roku Channel, LG Channels and Samsung TV Plus, with more distribution announcements expected soon.

•In the first quarter, political advertising revenue in the Local Media division was $9 million as the nation launched into a midterm election cycle projected to have record-setting spending. Scripps’ competitive election outlook includes its markets in Arizona, Colorado, Michigan, Nevada, Ohio and Wisconsin, with certain races in Florida and Montana also being closely watched.

•Scripps has now closed on the sales of its Fox affiliate WFTX in Fort Myers, Florida, and its ABC affiliate WRTV in Indianapolis. Gross proceeds from both sales are $123 million. The company has announced plans to swap stations across five markets in four states with Gray Media, which will close following the necessary regulatory approvals. And it has entered into an agreement to purchase WTVQ, the ABC affiliate in Lexington, for $15.8 million, and create a duopoly with its existing NBC affiliate, WLEX. While approval is pending, we receive revenue from and pay expenses related to WTVQ’s operations through a local programming and marketing agreement. These transactions support two company strategies: to pay down debt and to improve the operating performance of its local stations.

•On April 30, the company entered into an agreement to extend the July 7, 2027, maturity date for $200 million of commitments on our revolving credit facility to July 7, 2029.

From Scripps President and CEO Adam Symson:

“We’re moving through the second quarter with real momentum, fueled by progress toward our transformation goals, the ongoing successes with our Scripps Sports strategy and meaningful reductions in our leverage ratio. We are on track in the execution of our ambitious plans to improve company EBITDA by at least 30% over the next two years. Hundreds of colleagues from every area of the company have come together to identify more than 1,000 cost savings and revenue growth initiatives. Our execution plans leverage AI, automation and other technology to fundamentally improve how we operate.

“The magnitude of our transformation is evident in the early changes to our leverage ratio and the improvement we’ll continue to see on our balance sheet. We plan to use proceeds from midterm political advertising revenue to make meaningful further progress.

“We’re also capitalizing on live sports across both divisions’ portfolios. Tomorrow night, the WNBA regular season tips off with a double-header on our ION network and tremendous excitement about the return of Caitlin Clark and this year’s class of draft picks. We’ll once again broadcast the most WNBA games of any network, bringing a double-header every Friday night to fans nationwide. We’re also seeing continued strong advertiser demand for our broadcasts of women’s professional soccer, hockey, volleyball, track, pro cheer, rodeo and college basketball. We recognized early that Americans were embracing the quality and professionalism of women’s sports, and we’re pleased to have become the go-to s

ssp-20260224false000083242800008324282026-02-242026-02-24

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) February 24, 2026

THE E.W. SCRIPPS COMPANY

(Exact name of registrant as specified in its charter)

Ohio 0-16914 31-1223339 (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification Number)

312 Walnut Street Cincinnati,Ohio45202 (Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code: (513) 977-3000 Not Applicable (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act.

Title of each classTrading Symbol(s)Name of each exchange on which registered Class A Common Stock, par value $0.01 per shareSSPNASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR § 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR § 240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

THE E.W. SCRIPPS COMPANY

INDEX TO CURRENT REPORT ON FORM 8-K

Item No.Page

2.02Results of Operations and Financial Condition3

5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers3

8.01Other Events4

9.01Financial Statements and Exhibits5

2

Item 2.02 Results of Operations and Financial Condition

On February 25, 2026, The E.W. Scripps Company (the "Company" or "we") released information regarding results of operations for the quarter and year-to-date period ended December 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On February 24, 2026, The E.W. Scripps Company (the “Company” or “Scripps”) entered into a new employment agreement with Adam P. Symson, its President and Chief Executive Officer. The new agreement replaces and supersedes his previous employment agreement with the Company dated as of August 2, 2022.

Term

The employment agreement has an initial term expiring on December 31, 2029, with successive automatic annual renewals unless either party provides written notice at least 180 days prior to the expiration of the then-current term. If a change in control of Scripps occurs within two years prior to the term’s expiration, the term will automatically extend to the second anniversary of the change in control.

Compensation Levels

The employment agreement provides for: (i) an annual base salary of not less than $1,400,000; (ii) a target annual incentive opportunity of not less than 175% of base salary; and (iii) a target long-term incentive opportunity of not less than $4,700,000 for fiscal year 2026, which will be converted to restricted share units pursuant to the long-term incentive program. Mr. Symson is also entitled to reimbursement of up to $20,000 annually for financial planning services, annual dues for one business club, and the cost of an annual executive physical examination. Additionally, he will receive a one-time reimbursement of up to $50,000 for attorney’s fees incurred in negotiating the employment agreement and related documents.

One-Time Cash Award

The employment agreement provides for a one-time signing grant, effective February 24, 2026, of a performance-based cash award with a value of $10,000,000 (the “Cash Award”). Except as provided below, the Cash Award will vest based on the Company’s achievement of certain enterprise EBITDA growth targets during the performance period from January 1, 2026, through December 31, 2029. The vesting thresholds are as follows: (i) threshold goal of $125 million in EBITDA growth, corresponding to a 60% payout; (ii) target goal of $150 million, corresponding to a 100% payout; and (iii) maximum goal of

ssp-20251106false000083242800008324282025-11-062025-11-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 6, 2025

THE E.W. SCRIPPS COMPANY

(Exact name of registrant as specified in its charter)

Ohio 001-10701 31-1223339 (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification Number)

312 Walnut Street Cincinnati,Ohio45202 (Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code: (513) 977-3000 Not Applicable (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered Class A Common Stock, par value $0.01 per shareSSPNASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR § 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR § 240.12b-2). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

THE E.W. SCRIPPS COMPANY

INDEX TO CURRENT REPORT ON FORM 8-K

Item No.Page

2.02Results of Operations and Financial Condition3

9.01Financial Statements and Exhibits3

2

Item 2.02 Results of Operations and Financial Condition

On November 6, 2025, we released information regarding results of operations for the quarter ended September 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits

Exhibit NumberDescription of Item

99.1 Press release dated November 6, 2025

104Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

THE E.W. SCRIPPS COMPANY

BY: /s/ Daniel W. Perschke Daniel W. Perschke Senior Vice President, Controller (Principal Accounting Officer)

Dated: November 7, 2025 4