CINCINNATI - The E.W. Scripps Company (NASDAQ: SSP) announced today the appointment of Adam Harman as Senior Vice President of Programming. Harman, a veteran media executive with over two decades of experience in the sector, will take charge of the programming and content acquisition for Scripps' collection of news and entertainment networks, including ION and Google (NASDAQ:GOOGL) TV's most-watched live channel of the year. The appointment comes as the company, with annual revenues of $2.4 billion and an EBITDA of $470 million, continues to navigate the evolving media landscape. According to InvestingPro data, the company maintains strong liquidity with a current ratio of 1.34, indicating solid short-term financial stability.
Harman's appointment is effective immediately, aligning with Scripps' strategy to enhance its content offerings across various platforms. His role will be crucial in sourcing the engaging content that today's consumers demand, leveraging his extensive industry relationships to benefit Scripps' audience and advertising reach.
Previously, Harman held the role of Vice President of Strategy and Acquisitions at A+E Networks for 11 years, where he developed programming strategies and negotiated content deals. His career also includes positions at NBCU's Style Network and the Hallmark Channel.
Keisha Taylor Starr, Chief Marketing Officer and General Manager at Scripps Networks, expressed confidence in Harman's capabilities, citing his track record in identifying and securing compelling content. Harman himself is enthusiastic about contributing to Scripps' legacy of connecting with consumers through diverse and appealing programming.
Harman, who is based in Los Angeles, holds a bachelor's degree from California State University, Northridge, and is pursuing a master's degree at Penn State's Smeal College of Business.
The E.W. Scripps Company is a media conglomerate that owns and operates a wide array of television stations and national news outlets. This move is seen as part of the company's ongoing efforts to stay at the forefront of the evolving media landscape. InvestingPro analysis suggests the company appears undervalued based on its Fair Value assessment, with analysts projecting profitability this year despite recent market challenges. For deeper insights into SSP's valuation and growth potential, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers, covering over 1,400 US stocks with detailed analysis and actionable intelligence. This announcement is based on a press release statement from The E.W. Scripps Company.
In other recent news, Scripps has reported record-breaking political advertising revenue for the year, surpassing the previous presidential cycle by nearly 30%. This surge in revenue, exceeding $340 million, has facilitated substantial debt repayments, reducing the company's leverage ratio from 6x to 5.1x, with plans for further reduction. Despite a decline in core ad revenue and retransmission revenue, Scripps anticipates a rebound in local advertising and is exploring refinancing opportunities to manage upcoming debt maturities.
The company's focus on operational improvements and cost management, especially within the Local Media and Scripps Networks divisions, has been highlighted. While Local Media revenue rose by 26% in Q3 2024, driven by political ads, core ad revenue declined by 9%. Scripps Networks experienced a 6% revenue decline but expects margin improvements by 2025.
Scripps also plans to divest non-strategic assets and is preparing for refinancing opportunities to address secured debt. The company remains committed to enhancing operational performance and managing debt for future growth. These recent developments indicate Scripps' strategic approach to navigating its financial landscape.
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