CINCINNATI - The E.W. Scripps Company (NASDAQ: SSP) has appointed Matt Simon as the vice president of Scripps News, the company announced Thursday. Simon steps into his new role with the responsibility of 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 managing editor and senior executive producer, overseeing the production of syndicated content and daily newscasts for Scripps News and Scripps Local Media. His portfolio includes the programs "Scripps News Reports" and "Good to Know," along with other primetime shows he has launched or revamped.
Prior to joining Scripps, Simon's career spanned various networks, including CGTN where he led international productions and was pivotal in the network's first live coverage of a U.S. presidential election. His experience also includes producing roles at The Weather Channel in Atlanta and WJZ in Baltimore.
The appointment follows Scripps' recent decision to cease the over-the-air broadcast of Scripps News starting November 15, transitioning instead to a focus on streaming and digital platforms while maintaining weekday live coverage. Scripps News' national team will continue to function as a news service for over 60 local stations.
Dean Littleton, senior vice president of Local Media, expressed confidence in Simon's ability to integrate Scripps News with Scripps Local Media, citing his track record of overseeing award-winning productions and fostering collaborative reporting efforts.
Scripps News can be accessed via mobile through the Scripps News app and online at ScrippsNews.com, as well as on various streaming platforms and services.
The E.W. 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 over 40 markets. This announcement is based on a press release statement from The E.W. Scripps Company.
In other recent news, The E.W. Scripps Company is experiencing a significant financial boost due to an unexpected surge in political advertising revenue, particularly in Arizona and Montana. The media company's third-quarter political revenue is anticipated to surpass the $100 million forecast, according to Benchmark, which has sustained its Buy rating on Scripps shares. Scripps is also in the midst of a crucial refinancing period and the additional revenue could aid the company's financial strategy.
The company is also navigating operational changes, including the shutdown of its 24/7 national network programming under the Scripps News brand, resulting in over 200 job cuts. Additionally, Scripps' Chief Operating Officer, Lisa Knutson, is set to exit by the end of the year as her position is being eliminated.
In terms of financial performance, Scripps reported a 40% surge in political advertising revenue in the first half of 2024 and raised its full-year guidance for this segment. However, Scripps experienced a downturn in its core advertising revenue and a decrease in its Networks division revenue. To address these challenges, the company has outlined a strategy that includes forming strategic partnerships, expanding content, and implementing a debt reduction plan. These are among the recent developments that investors should note.
InvestingPro Insights
As E.W. Scripps Company (NASDAQ: SSP) navigates its strategic shift in news distribution, recent financial data from InvestingPro sheds light on the company's current position. The company's market capitalization stands at $218.31 million, reflecting its size in the media landscape.
InvestingPro Tips highlight that SSP is trading at a low Price / Book multiple of 0.29, suggesting the stock may be undervalued relative to its assets. This could be particularly relevant as the company restructures its news operations and focuses on digital platforms.
The stock has experienced significant volatility, with a strong 44% return over the last month, contrasting sharply with a 68.46% year-to-date decline. This volatility aligns with the company's ongoing transformation and the market's reaction to its strategic decisions, such as the recent appointment of Matt Simon and the shift away from over-the-air broadcasting for Scripps News.
Despite recent challenges, InvestingPro Tips indicate that analysts predict the company will be profitable this year. This forecast could be tied to the potential cost savings and efficiencies gained from the transition to streaming and digital platforms.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for SSP, providing deeper insights into the company's financial health and market position.
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