CINCINNATI – The EW Scripps Company (NASDAQ: SSP) has named Matt Simon vice president of Scripps News, the company announced Thursday. Simon steps into his new role with responsibility for shaping the vision, leadership, and editorial direction of the national news organization.
Simon, who has been with Scripps News since 2018, previously served as deputy editor and executive producer, overseeing integrated content production and daily news coverage for Scripps News and Scripps Local Media. His portfolio includes the programs “Scripps News Reports” and “Good to Know,” as well as other prime-time shows he has created or edited.
Prior to joining Scripps, Simon's career spanned a variety of networks, including CGTN where he led international production and was instrumental in the network's first live coverage of the US presidential election. His experience includes producing roles at The Weather Channel in Atlanta and WJZ in Baltimore.
The appointment follows Scripps' recent decision to stop broadcasting Scripps News on-air as of Nov. 15, instead focusing on broadcast and digital platforms while maintaining weekday live broadcasts. The national Scripps News group will continue to serve as the news service for more than 60 local stations.
Dean Littleton, senior vice president of Local Media, expressed confidence in Simon's ability to bring Scripps and Scripps Local Media stories together, citing his track record of overseeing award-winning productions and fostering collaborative reporting efforts.
Scripps News can be accessed on mobile through the Scripps News app and online at ScrippsNews.com, as well as on various streaming platforms and services.
The EW Scripps Company, founded in 1878, is a diversified media company known for its commitment to quality local journalism and operates more than 60 stations in more than 40 markets. This announcement is based on a press release from EW Scripps Company.
In other recent news, The EW Scripps Company is getting a big financial boost due to an unexpected increase in political advertising profits, especially in Arizona and Montana. The media company's third-quarter profit is expected to exceed a forecast of $100 million, according to Benchmark, which maintained its buy rating on Scripps shares. Scripps is also in the midst of a significant cash-back period and additional revenue could help the company's financial strategy.
The company is also considering operational changes, including the shutdown of its 24/7 national network program under the Scripps News brand, which has resulted in more than 200 job cuts. Additionally, Scripps' Chief Operating Officer, Lisa Knutson, is expected to leave at the end of the year as her position is eliminated.
In terms of financial performance, Scripps reported a 40% increase in political advertising revenue for the first quarter of 2024 and raised its full-year guidance for the quarter. However, Scripps experienced a decline in core advertising revenue and a decline in network segmentation revenue. To address these challenges, the company has outlined a strategy that includes building strategic partnerships, increasing content, and implementing a debt reduction program. This is among the latest developments that investors should be aware of.
InvestingPro Insights
As EW Scripps Company (NASDAQ: SSP ) navigates its strategic shift in distribution news, the latest financial data from InvestingPro sheds light on the company's current state. The company's market capitalization reaches $218.31 million, which reflects its size in the media context.
InvestingPro Tips highlights that SSP is trading at a low Price / Book multiple of 0.29, suggesting that the stock may be undervalued relative to its assets. This could be especially important as the company restructures its media operations and focuses on digital platforms.
The stock has experienced significant volatility, with a strong return of 44% in the past month, in stark contrast to its 68.46% year-to-date decline. This volatility coincides with the company's ongoing changes and the market's reaction to its strategic decisions, such as the recent appointment of Matt Simon and Scripps News' move away from broadcasting.
Despite recent challenges, InvestingPro Tips indicates that analysts predict that the company will be profitable this year. This prediction can be linked to the potential cost savings and efficiencies gained from the shift to broadcast and digital platforms.
For investors looking for a comprehensive analysis, InvestingPro offers 11 additional SSP advisories, which provide in-depth information about the company's financial health and market conditions.
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