Scripps Posts $1.2B Q2 Loss on $1.1B Goodwill Impairment; Cuts 268 Jobs in Transformation Push
SSP sits 44% above its 52-week low of $2.02 on elevated volume (2.5× avg).
Summary
Scripps reported a $1.2B Q2 loss including a $1.1B non-cash goodwill impairment, announced 268 job cuts, and raised political revenue guidance to $225-$250M. The balance sheet remains under pressure with $13M cash and $2.5B debt.
Updates
· SEC 10-Q — The 10-Q confirms total equity fell to $100.7 million as of June 30, 2026, from $1.25 billion at year-end 2025.
Key Events · Earnings and Guidance · SSP
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$1.1B Goodwill Impairment Drives $1.2B Q2 Loss
Scripps Networks recorded a $1.1 billion non-cash goodwill and intangible asset impairment, pushing Q2 net loss to $1.2 billion ($12.68/share). Revenue fell 9.2% to $490 million, with Scripps Networks revenue down 16% due to weak national advertising and ratings challenges.
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268 Job Cuts Announced in Transformation Plan
The company eliminated 268 positions (~6% of workforce) as part of a plan targeting $125-$150 million in enterprise EBITDA growth by 2028. About $100 million in annual run-rate savings are expected by year-end, with Q3 expenses to reflect the reduction.
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Political Revenue Guidance Raised to $225-$250M
Q2 local political advertising revenue hit a record $28 million. Full-year 2026 political revenue guidance was raised to $225-$250 million, up significantly from prior expectations, driven by election-year spending.
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Balance Sheet Under Severe Pressure
Cash and cash equivalents stood at just $13 million as of June 30, against total debt of $2.5 billion. Undeclared cumulative preferred dividends reached $150 million, and the company is prohibited from paying common dividends or repurchases until preferred shares are redeemed.
Analysis · SSP · Technology
Scripps reported a massive $1.2 billion quarterly loss driven by a $1.1 billion non-cash goodwill impairment in its Scripps Networks segment, reflecting severe pressure from a weak national advertising market and ratings challenges. The company also announced a 6% workforce reduction (268 jobs) as part of a broader transformation plan targeting $125-$150 million in EBITDA growth by 2028. While political revenue hit a Q2 record and full-year guidance was raised to $225-$250 million, the balance sheet remains strained with only $13 million in cash against $2.5 billion in debt and $150 million in undeclared preferred dividends. The impairment and restructuring signal deep operational stress, but the cost-cutting and new sports rights deals (Pistons, Predators) show management is taking aggressive action to stabilize the business.
How filings like this one have moved
In the 30 days to Oct 16, 2026, 36.9% of the 961 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.57%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, SSP was trading at $2.90 on NASDAQ in the Technology sector, with a market capitalization of approximately $270M. The 52-week trading range was $2.02 to $5.39. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.