Scripps raises full-year political guide, completes 2026 workforce reductions
Scripps raised its full-year 2026 Local Media political advertising revenue outlook to about $275 million, roughly $25 million above the August guidance range and about 40% above its 2022 midterm election revenue. Q3 political revenue came in at nearly $81 million, led by candidate, issue and advocacy spending across Michigan, Ohio, Arizona, Florida, Wisconsin, Tennessee and Virginia. The company completed 431 workforce reductions, bringing 2026's total impacted employees to about 850, nearly 20% of its beginning-of-year headcount, as part of a transformation plan targeting $125-$150 million of EBITDA growth by 2028 and about $100 million in annual run-rate savings by year end.
Key figures
- Guidance
- FY2026 Local Media political advertising revenue raised to about $275 million, up from $225-$250 million guided in August
- Cash at q3 end
- $83 million
- Ebitda growth target
- $125-$150 million by 2028
- Q3 political revenue
- $81 million
- Planned q4 debt paydown
- at least $150 million
- Q4 workforce reductions
- 431
- Political revenue vs 2022
- about 40% above 2022 midterm election revenue
- Workforce pct of year start
- nearly 20%
- Run rate savings by year end
- $100 million
- Total 2026 workforce impacted
- about 850
AI analysis
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