Scripps Lifts 2026 Political Ad Outlook to ~$275M, Completes 431 More Job Cuts
SSP sits 21% above its 52-week low of $1.92.
Summary
Scripps raised full-year 2026 political advertising guidance to about $275 million and completed 431 more layoffs, bringing 2026 job cuts to roughly 850 people. The company plans to use $83 million of cash plus Q4 political proceeds to pay down at least $150 million of debt.
Key Events · Earnings and Guidance · SSP
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Political Ad Guidance Raised to ~$275M
Full-year 2026 midterm Local Media political advertising revenue is now expected at about $275 million, roughly 40% above 2022 midterm revenue and above the $225-$250 million range guided in August.
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Q3 Political Revenue Nearly $81M
Third-quarter political revenue reached nearly $81 million, driven by candidate, issue and advocacy spending in Michigan, Ohio, Arizona, Florida, Wisconsin, Tennessee and Virginia.
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431 More Jobs Cut, ~850 in 2026
The company completed 431 workforce reductions on Tuesday, taking total 2026 reductions to about 850 employees — nearly 20% of headcount at the start of the year — under a plan targeting $125-$150 million of enterprise EBITDA growth by 2028.
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Debt Paydown of at Least $150M Planned
With $83 million of cash at quarter end plus Q4 political advertising proceeds, Scripps intends to repay at least $150 million of debt in the fourth quarter.
Analysis · SSP · Technology
Scripps now expects about $275 million of full-year 2026 midterm political advertising revenue, roughly 40% above its 2022 midterm total and well above the $225-$250 million range it guided to in August. That matters because the company is carrying a heavily impaired balance sheet — a $1.15 billion Q2 loss driven by a $1.14 billion non-cash goodwill write-down left equity at about $101 million — so incremental political cash is the main lever for paying down debt. Management says it will use the $83 million of quarter-end cash plus Q4 political proceeds to retire at least $150 million of debt in the fourth quarter. The cost side is equally concrete: 431 more positions were cut Tuesday, taking 2026 reductions to about 850 people, nearly 20% of the workforce at the start of the year, with roughly $100 million of annual run-rate savings expected by year end. Full Q3 results land November 5.
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At the time of this filing, SSP was trading at $2.33 on NASDAQ in the Technology sector, with a market capitalization of approximately $215.9M. The 52-week trading range was $1.92 to $5.39. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.