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Scripps reports second-quarter 2019 results

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CINCINNATI, Aug. 9, 2019 /PRNewswire/ -- The E.W. Scripps Company (NASDAQ:SSP) today reported operating results for the second quarter of 2019. Unless otherwise indicated, all operating results comparisons are to the Scripps historical results for the second quarter of 2018.

New Scripps Logo (PRNewsfoto/The E.W. Scripps Company)

Total revenue was $337 million compared to $283 million in second-quarter 2018.

Loss from continuing operations was $400,000 or 1 cent per share. Pre-tax costs for the current quarter included $2.8 million of acquisition and related integration costs and $1 million of restructuring charges that increased the loss by $2.8 million, net of taxes, or 3 cents per share. In the prior-year quarter, income from continuing operations was $8.7 million or 10 cents per share. The 2018 quarter included $2.3 million of restructuring costs that decreased income from continuing operations by $1.7 million or 2 cents per share.

Business highlights

  • On May 1, Scripps closed on the acquisition of 15 high-ranking television stations in 10 markets owned by Cordillera Communications.
  • The company has announced the acquisition of eight television stations in seven markets being divested by Nexstar in its transaction with Tribune Media. That deal is expected to close in the third quarter, making Scripps the fourth-largest independent local broadcaster, with 60 television stations in 42 markets reaching 31% of U.S. television households.
  • On July 26, Scripps completed a $500 million offering of new senior notes to finance its Nexstar/Tribune acquisition. The notes were priced at 5.875% and are due in 2027. The company upsized the initial offering by $100 million, which will be used to repay outstanding amounts under the company's revolving credit facility.
  • Local Media core advertising revenue, on an adjusted combined basis, rose 1% in the second quarter, factoring out incremental benefit from the Cleveland Cavaliers' NBA Finals appearance in 2018.
  • National Media division revenue increased 44 percent to $98.5 million, including $10 million from Triton, which was acquired Nov. 30. Katz Networks, Stitcher and Newsy all exceeded expectations for revenue growth, driving National Media segment profit to reach $6.6 million.
  • Katz' newest network, the iconic trial coverage and true-crime journalism-focused Court TV, now expects to be distributed to more than 90% of U.S. television households by year end.

Commenting on the business highlights, Scripps President and CEO Adam Symson said:

"We were very pleased to deliver stronger-than-expected financial results in the second quarter, including higher company segment profit and better earnings per share. Improving our short-term operating results has been one of our highest priorities over the last two years, and we have steadily executed on our plan.

"Also instrumental to our short-term performance improvement plan is our aggressive pursuit of a clearly articulated M&A strategy that will help us build a more powerful and durable portfolio of television stations. With the transactions we have announced or completed in the last seven months, we will emerge as the fourth-largest independent local broadcaster, enhancing our financial durability and vastly improving cash flow generation.

"We soon will have 26 television stations in the top 50 markets as well as tremendous geographic diversity, giving us a strong and varied economic base. We added more highly-ranked stations as well as second stations in more of our markets. We positioned ourselves to take further advantage of our expertise in political advertising by forming one of the strongest TV station footprints. We also repositioned ourselves just ahead of renegotiating retransmission household rates for about 50 percent of our cable and satellite households over the next year. With the close of the Nexstar divested stations, we will have accomplished what we set out to do.

"We were extremely pleased with the terms of our financing vehicles for these acquisitions. Both saw strong demand that drove an attractive interest rate for us and allowed us to upsize the facilities. Our highest priority is now on paying down debt – which we expect to be greatly aided by 2020 cash flow – to quickly return to our more typical historical levels of company leverage.

"In our National Media businesses, we have been pleased with the sustained robust revenue growth. Katz, Stitcher and Newsy in particular delivered second-quarter growth that helped drive the segment's profitability well beyond our expectations.

"Looking to the back half of the year, our focus remains on producing strong financial results and aggressively executing our strategies to build long-term value across our many consumer media platforms while also improving our near-term operating performance."

Second-quarter operating results
Revenue was $337 million, an increase of 19% or $54 million from the prior-year quarter. That includes revenue from Triton, acquired Nov. 30, 2018, of $9.9 million, and revenues from the television stations acquired from Raycom Media, effective Jan. 1, and from Cordillera Communications, effective May 1, totaling $31.3 million.  

Costs and expenses for segments, shared services and corporate were $291 million, up from $243 million in the year-ago period, reflecting the impact of the acquisitions, higher network programming fees and continued investment in programming at the Katz networks and Stitcher.

Second-quarter 2019 results by segment compared to prior-period amounts were:

Local Media – As Reported Basis
Revenue from Local Media was $237 million, up 11% from the prior-year quarter.

Retransmission revenue increased 24% to $91.5 million

Core advertising increased 15% to $140 million due to the impact of the television stations acquired from Raycom and Cordillera. Political revenues declined $13 million during this non-election year.

Total segment expenses increased 14% to $182 million, primarily driven by increases in programming fees tied to network affiliation agreements and the impact of the television stations acquired from Raycom and Cordillera.

Segment profit was $54.3 million, compared to $53.4 million in the year-ago quarter.

Local Media – Adjusted Combined Basis
In order to provide more meaningful year-over-year comparisons, we are providing non-GAAP supplemental information for certain revenues and expenses for the prior-year periods on an adjusted combined basis.

The adjusted combined revenue and expense information illustrates what the historical results of Scripps would have been, given the assumptions outlined in the supplemental materials and had the transactions been effective at the beginning of 2018. Refer to the "Supplemental Information" section that begins on page E-7 of the attached tables.

Adjusted combined revenue from Local Media was $249 million, down 4.3% from the prior-year quarter.

The decrease in revenue on an adjusted combined basis was driven by a $19 million decline in political advertising during this non-election year. This was partially offset by an increase in retransmission revenue of 10%. Core advertising was down slightly from the prior-year quarter but up 1% factoring out the incremental revenue of the Cleveland Cavaliers' 2018 NBA Finals appearance.

Total segment expenses on an adjusted combined basis increased slightly to $191 million, primarily driven by increases in programming fees tied to network affiliation agreements offset by a decline in other expenses.

Adjusted combined segment profit was $57.5 million, compared to $71 million in the year-ago quarter.

National Media – As Reported Basis
Revenue from National Media was $98.5 million, up from $68.2 million in the prior-year period.

Expenses for National Media were $91.9 million, up from $66.2 million in the prior-year period. The increase was driven by the acquisition of Triton, which was completed in the fourth quarter of 2018, as well as investments in the Katz networks, Stitcher and Newsy.

Segment profit was $6.6 million, compared to $2 million in the 2018 quarter.

Financial condition
On June 30, cash and cash equivalents totaled $56.5 million and cash restricted for pending acquisition totaled $240 million, while total debt was $1.58 billion.

No shares were repurchased during the second quarter of 2019. The company made dividend payments totaling $8 million during the first half of the year.

On July 26, our wholly-owned subsidiary, Scripps Escrow, Inc., issued $500 million of senior unsecured notes that mature on July 15, 2027.

Year-to-date operating results
The following comparisons are for the period ending June 30, 2019:

In 2019, revenue was $630 million, which compares to revenue of $538 million in 2018. The 2019 period includes revenue from Triton, acquired Nov. 30, 2018, of $20.4 million, and revenues from the television stations acquired from Raycom Media, effective Jan. 1, and from Cordillera Communications, effective May 1, totaling $36.9 million.  

Costs and expenses for segments, shared services and corporate were $561 million, up from $478 million in the year-ago period, reflecting the impact of the acquisitions, higher network programming fees and investment in programming at the Katz networks and Stitcher.

Loss from continuing operations was $7.2 million or 9 cents per share. Pre-tax costs for 2019 included $6.3 million of acquisition and related integration costs and $1.9 million of restructuring charges. In the prior-year period, income from continuing operations attributable to shareholders of the company was $717,000 or 1 cent per share. Pre-tax activity in the 2018 period included $6.1 million of restructuring costs.

Looking ahead
Comparisons are to the same periods of 2018.


Third-quarter 2019

Local Media revenue (pro forma)

Down low-to-mid teens

  Retransmission revenue (pro forma)

Up mid single digits

Local Media expense  (pro forma)

Up low single digits

National Media revenue

Mid $90 million range

National Media expense

Low-to-mid $90 million range

Shared services and corporate

About $13 million

Interest expense

About $26 million

Pension expense

About $2 million

Capex (excluding repack)

Low-to-mid-teen millions

Depreciation

About $10 million

Amortization

About $11 million

Conference call
The senior management of The E.W. Scripps Company will discuss the company's second-quarter results during a telephone conference call at 9:30 a.m. Eastern today. To access the live webcast, visit http://ir.scripps.com and find the link under "upcoming events."

To access the conference call by telephone, dial (800) 230-1059 (U.S.) or (612) 234-9960 (international) approximately five minutes before the start of the call. Investors and analysts will need the name of the call ("Scripps earnings call") to be granted access. Callers also will be asked to provide their name and company affiliation. The public is granted access to the conference call on a listen-only basis.

A replay line will be open from 11:30 a.m. Eastern time Aug. 9 until 11:59 p.m. Aug. 16. The domestic number to access the replay is (800) 475-6701 and the international number is (320) 365-3844. The access code for both numbers is 469813.

A replay of the conference call will be archived and available online for an extended period of time following the call. To access the audio replay, visit http://ir.scripps.com approximately four hours after the call, and the link can be found on that page under "audio/video links."

Forward-looking statements
This document contains certain forward-looking statements related to the company's businesses that are based on management's current expectations. Forward-looking statements are subject to certain risks, trends and uncertainties, including changes in advertising demand and other economic conditions that could cause actual results to differ materially from the expectations expressed in forward-looking statements. Such forward-looking statements are made as of the date of this document and should be evaluated with the understanding of their inherent uncertainty. A detailed discussion of principal risks and uncertainties that may cause actual results and events to differ materially from such forward-looking statements is included in the company's Form 10-K on file with the SEC in the section titled "Risk Factors." The company undertakes no obligation to publicly update any forward-looking statements to reflect events or circumstances after the date the statement is made.

About Scripps
The E.W. Scripps Company (NASDAQ:SSP) serves audiences and businesses through a growing portfolio of local and national media brands. With 52 television stations in 36 markets, Scripps is the nation's fourth-largest independent TV station owner. Scripps runs a collection of national journalism and content businesses, including Newsy, the next-generation national news network; podcast industry leader Stitcher; the fast-growing national broadcast networks Bounce, Grit, Escape, Laff and Court TV; and Triton, the global leader in digital audio technology and measurement services. Scripps runs an award-winning investigative reporting newsroom in Washington, D.C., and is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps has held for decades to the motto, "Give light and the people will find their own way."

 

THE E.W. SCRIPPS COMPANY

RESULTS OF OPERATIONS




Three Months Ended
June 30,


Six Months Ended
June 30,

(in thousands, except per share data)


2019


2018


2019


2018

Operating revenues


$       337,495


$       283,395


$       629,658


$       537,586

Segment, shared services and corporate expenses


(291,197)


(243,280)


(560,837)


(478,155)

Acquisition and related integration costs


(2,788)



(6,268)


Restructuring costs


(957)


(2,330)


(1,895)


(6,137)

Depreciation and amortization of intangible assets


(20,237)


(15,382)


(38,029)


(30,802)

Gains (losses), net on disposal of property and equipment


(144)


66


(317)


(651)

Operating expenses


(315,323)


(260,926)


(607,346)


(515,745)

Operating income


22,172


22,469


22,312


21,841

Interest expense


(18,023)


(9,279)


(26,939)


(18,038)

Defined benefit pension plan expense


(1,564)


(1,389)


(3,136)


(2,777)

Miscellaneous, net


369


(156)


(431)


11

Income (loss) from continuing operations before income taxes


2,954


11,645


(8,194)


1,037

(Provision) benefit for income taxes


(3,320)


(2,983)


1,014


(952)

Income (loss) from continuing operations, net of tax


(366)


8,662


(7,180)


85

Loss from discontinued operations, net of tax



(2,942)



(21,446)

Net income (loss)


(366)


5,720


(7,180)


(21,361)

Loss attributable to noncontrolling interest





(632)

Net income (loss) attributable to shareholders of The E.W.









Scripps Company


$             (366)


$           5,720


$          (7,180)


$        (20,729)










Net income (loss) per diluted share of common stock









attributable to the shareholders of The E.W. Scripps









Company:









Income (loss) from continuing operations


$            (0.01)


$              0.10


$            (0.09)


$              0.01

Loss from discontinued operations



(0.04)



(0.26)


Income (loss) per diluted share of common stock attributable

to the shareholders of The E.W. Scripps Company


$            (0.01)


$              0.06


$            (0.09)


$            (0.25)










Weighted average diluted shares outstanding


80,822


81,852


80,748


81,604

 

See notes to results of operations.










Net income per share amounts may not foot since each is calculated independently.

Notes to Results of Operations

1. SEGMENT INFORMATION

We determine our business segments based upon our management and internal reporting structures, as well as the basis that our chief operating decision maker makes resource allocation decisions. We report our financial performance based on the following segments: Local Media, National Media, Other.

Our Local Media segment includes our local broadcast stations and their related digital operations. It is comprised of eighteen ABC affiliates, eleven NBC affiliates, seven CBS affiliates, two FOX affiliates, two MyNetworkTV affiliates, one CW affiliate, two independent stations and nine additional low power stations. Our Local Media segment earns revenue primarily from the sale of advertising to local, national and political advertisers and retransmission fees received from cable operators, telecommunications companies and satellite carriers. We also receive retransmission fees from over-the-top virtual MVPDs such as YouTubeTV, DirectTV Now and Sony Vue.

Our National Media segment includes our collection of national brands. Our national brands include Katz, Stitcher and its advertising network Midroll Media (Midroll), Newsy, Triton and other national brands. These operations earn revenue primarily through the sale of advertising.

We allocate a portion of certain corporate costs and expenses, including information technology, certain employee benefits and shared services, to our business segments. The allocations are generally amounts agreed upon by management, which may differ from an arms-length amount.

Our chief operating decision maker evaluates the operating performance of our business segments and makes decisions about the allocation of resources to our business segments using a measure called segment profit. Segment profit excludes interest, defined benefit pension plan expense, income taxes, depreciation and amortization, impairment charges, divested operating units, restructuring activities, investment results and certain other items that are included in net income (loss) determined in accordance with accounting principles generally accepted in the United States of America.

Information regarding the operating results of our business segments is as follows:


Three Months Ended
June 30,


Six Months Ended
June 30,


(in thousands)

2019


2018

Change

2019


2018

Change










Segment operating revenues:









Local Media

$      236,715


$      213,248

11.0 %

$      440,102


$      405,307

8.6%

National Media

98,506


68,226

44.4 %

185,823


128,947

44.1%

Other

2,274


1,921

18.4 %

3,733


3,332

12.0%

Total operating revenues

$      337,495


$      283,395

19.1 %

$      629,658


$      537,586

17.1%










Segment profit (loss):









Local Media

$        54,329


$        53,368

1.8 %

$        88,502


$        84,987

4.1%

National Media

6,573


2,037


11,514


4,072


Other

(1,485)


(1,643)

(9.6)%

(1,918)


(1,894)

1.3%

Shared services and corporate

(13,119)


(13,647)

(3.9)%

(29,277)


(27,734)

5.6%

Acquisition and related integration costs

(2,788)



(6,268)



Restructuring costs

(957)


(2,330)


(1,895)


(6,137)


Depreciation and amortization of
intangible assets

(20,237)


(15,382)


 

(38,029)


(30,802)


Gains (losses), net on disposal of property
and equipment

(144)


66


(317)


(651)


Interest expense

(18,023)


(9,279)


(26,939)


(18,038)


Defined benefit pension plan expense

(1,564)


(1,389)


(3,136)


(2,777)


Miscellaneous, net

369


(156)


(431)


11


 Income (loss) from continuing operations
 before income taxes

$          2,954


$        11,645


$         (8,194)


$          1,037


Operating results for our Local Media segment were as follows:



Three Months Ended
June 30,




Six Months Ended
June 30,



(in thousands)


2019


2018


Change


2019


2018


Change

Segment operating revenues:













Core advertising


$      139,738


$      121,315


15.2%


$      253,142


$      237,325


6.7%

Political


2,115


14,882




2,995


17,466



Retransmission


91,464


74,006


23.6%


176,841


144,797


22.1%

Other


3,398


3,045


11.6%


7,124


5,719


24.6%

Total operating revenues


236,715


213,248


11.0%


440,102


405,307


8.6%

Segment costs and expenses:













Employee compensation and benefits


82,790


71,388


16.0%


157,701


145,570


8.3%

Programming


61,756


53,343


15.8%


122,473


106,488


15.0%

Other expenses


37,840


35,149


7.7%


71,426


68,262


4.6%

Total costs and expenses


182,386


159,880


14.1%


351,600


320,320


9.8%

Segment profit


$        54,329


$        53,368


1.8%


$        88,502


$        84,987


4.1%

Operating results for our National Media segment were as follows:


Three Months Ended
June 30,


Six Months Ended
June 30,


(in thousands) 

2019


2018

Change

2019


2018

Change

Segment operating revenues:









Katz

$        56,505


$        46,997

20.2 %

$      106,900


$        89,647

19.2 %

Stitcher

17,067


9,970

71.2 %

32,171


20,955

53.5 %

Newsy

11,395


6,006

89.7 %

19,773


9,663


Triton

9,902



20,364



Other

3,637


5,253

(30.8)%

6,615


8,682

(23.8)%

Total operating revenues

98,506


68,226

44.4 %

185,823


128,947

44.1 %

Segment costs and expenses:









Employee compensation and benefits

21,509


13,675

57.3 %

42,034


26,394

59.3 %

Programming

41,114


31,084

32.3 %

78,532


61,302

28.1 %

Other expenses

29,310


21,430

36.8 %

53,743


37,179

44.6 %

Total costs and expenses

91,933


66,189

38.9 %

174,309


124,875

39.6 %

Segment profit

$          6,573


$          2,037


$        11,514


$          4,072


 

2. CONDENSED CONSOLIDATED BALANCE SHEETS






(in thousands)

As of
June 30,

2019

As of
December 31,

2018

 ASSETS



 Current assets:



Cash and cash equivalents

$             56,514

$           107,114

Cash restricted for pending acquisition

240,000

Other current assets

424,610

363,903

Total current assets

721,124

471,017

Investments

7,688

7,162

Property and equipment

315,288

237,927

Operating lease right-of-use assets

46,580

Goodwill

1,111,247

834,013

Other intangible assets

724,792

478,953

Programming (less current portion)

93,902

75,333

Deferred income taxes

8,557

9,141

Miscellaneous

18,547

16,515

TOTAL ASSETS

$       3,047,725

$       2,130,061


LIABILITIES AND EQUITY  

Current liabilities:

Accounts payable

$             43,648

$             26,919

Unearned revenue

6,522

11,459

Current portion of long-term debt

10,650

3,000

Accrued expenses and other current liabilities

157,778

156,681

Total current liabilities

218,598

198,059

Long-term debt (less current portion)

1,537,849

685,764

Other liabilities (less current portion)

374,625

320,073

Total equity

916,653

926,165

TOTAL LIABILITIES AND EQUITY

$       3,047,725

$       2,130,061

3. EARNINGS PER SHARE ("EPS")

Unvested awards of share-based payments with rights to receive dividends or dividend equivalents, such as our RSUs, are considered participating securities for purposes of calculating EPS. Under the two-class method, we allocate a portion of net income to these participating securities and, therefore, exclude that income from the calculation of EPS for common stock. We do not allocate losses to the participating securities.

The following table presents information about basic and diluted weighted-average shares outstanding:


Three Months Ended
June 30,


Six Months Ended
June 30,

(in thousands)

2019


2018


2019


2018

 Numerator (for basic and diluted earnings per share)  








       Income (loss) from continuing operations, net of tax

$           (366)


$          8,662


$         (7,180)


$                85

       Loss attributable to noncontrolling interest 




632

       Less income allocated to RSUs


(153)



(13)

 Numerator for basic and diluted earnings per share from
 continuing operations attributable to the shareholders of The E.W.

 Scripps Company

$            (366)


$          8,509


$         (7,180)


$             704

Denominator








Basic weighted-average shares outstanding

80,822


81,824


80,748


81,535

Effective of dilutive securities:








Stock options and restricted stock units


28



69

Diluted weighted-average shares outstanding

80,822


81,852


80,748


81,604



ADJUSTED COMBINED SUPPLEMENTAL INFORMATION

Due to the effect that the 2019 television station acquisitions have on our Local Media segment, and to provide meaningful period over period comparisons, we are providing this supplemental non-GAAP (Generally Accepted Accounting Principles) information to present certain financial results on an adjusted combined basis. The adjusted combined financial results have been compiled by adding, as of the earliest period presented, the acquired Waco, Texas; Tallahassee, Florida; and Cordillera television stations' historical revenue, employee compensation and benefits, programming and other expenses to Scripps' historical revenue, employee compensation and benefits, programming and other expenses captions historically reported within our Local Media segment. These historical results are adjusted for certain intercompany adjustments and other impacts that would result from the companies operating under the ownership of Scripps.

Management uses the adjusted combined non-GAAP supplemental information for purposes of evaluating the performance of the Local Media segment. The company therefore believes that the non-GAAP measure presented provides useful information to investors by allowing them to view the company's businesses through the eyes of management, facilitating comparison of Local Media results across historical periods and providing a focus on the underlying ongoing operating performance of the segment.

The company uses the adjusted combined non-GAAP supplemental information to supplement the financial information presented on Scripps GAAP historical basis. This non-GAAP supplemental information is not to be considered in isolation from, or as a substitute for, the related GAAP measures, and should be read only in conjunction with financial information presented on a GAAP basis.

The adjusted combined financial results contained in the following supplemental information is for informational purposes only. These results do not necessarily reflect what the historical results of Scripps would have been if the acquisitions of the Waco, Tallahassee and Cordillera broadcast operations had occurred on January 1, 2018. Nor is this information necessarily indicative of the future results of operations of the combined entities.

The adjusted combined financial information is not pro forma information prepared in accordance with Article 11 of SEC regulation S-X, and the preparation of information in accordance with Article 11 would result in a significantly different presentation.

Local Media adjusted combined segment profit



Three Months Ended
June 30,




Six Months Ended
June 30,



(in thousands)


2019


2018


Change


2019


2018


Change

Segment operating revenues:













Core advertising


$      147,978


$      148,188


(0.1)%


$      284,640


$      291,210


(2.3)%

Political


2,343


21,678




3,455


24,815



Retransmission


94,973


86,748


9.5 %


191,019


170,120


12.3 %

Other


3,539


3,504


1.0 %


7,753


6,690


15.9 %

Total operating revenues


248,833


260,118


(4.3)%


486,867


492,835


(1.2)%

Segment costs and expenses:













Employee compensation and benefits


87,336


85,660


2.0 %


175,199


174,158


0.6 %

Programming


64,348


61,815


4.1 %


133,076


123,639


7.6 %

Other expenses


39,603


41,670


(5.0)%


77,781


80,620


(3.5)%

Total costs and expenses


191,287


189,145


1.1 %


386,056


378,417


2.0 %

Segment profit


$        57,546


$        70,973


(18.9)%


$      100,811


$      114,418


(11.9)%

Non-GAAP reconciliation

Below is a reconciliation of Scripps historical reported revenue and segment profit for its Local Media segment to the adjusted combined revenue and adjusted combined segment profit for the Local Media segment with the 2019 television station acquisitions.



Three Months Ended
June 30,


Six Months Ended
June 30,

(in thousands)


2019


2018


2019


2018

Local Media operating revenues, as reported


$ 236,715


$ 213,248


$ 440,102


$ 405,307

      Waco/Tallahassee TV stations acquisition 



6,174



12,242

      Cordillera TV stations acquisition


12,396


41,283


47,876


76,449

      Other revenue adjustments (1)


(278)


(587)


(1,111)


(1,163)

Local Media adjusted combined operating revenues


$      248,833


$      260,118


$      486,867


$      492,835












Three Months Ended
June 30,


Six Months Ended
June 30,

(in thousands) 


2019


2018


2019


2018

Local Media segment profit, as reported


$        54,329


$        53,368


$        88,502


$        84,987

Waco/Tallahassee TV stations acquisition



1,905



3,675

Cordillera TV stations acquisition


2,828


14,287


10,753


22,919

Other revenue adjustments (1)


(278)


(587)


(1,111)


(1,163)

Acquisition synergies


667


2,000


2,667


4,000

Local Media adjusted combined segment profit


$        57,546


$        70,973


$      100,811


$      114,418



(1) Primarily reflects reduced retransmission revenue from CW affiliates under Scripps retransmission agreements in effect during each period.


 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/scripps-reports-second-quarter-2019-results-300899237.html

SOURCE The E.W. Scripps Company

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