zintick
SSP E.w. Scripps+19.9%Stock moveEarnings and guidance

E.W. Scripps Stock Jumps 20% After Raising Political Ad Revenue Forecast

The company also said it completed 431 workforce reductions and plans to pay down at least $150 million of debt in the fourth quarter.

By Zintick Team · Editor: Kratik Mehta
Published

detail of Video camera , film crew production, behind the scenes background
Photo: Speed Stock/Shutterstock.com

Key points

  • Shares rose 19.9% on Oct. 28 after Scripps raised its 2026 political ad revenue forecast to about $275 million
  • Previous guidance was $225 million to $250 million, set in August
  • Scripps completed 431 workforce reductions, about 850 in 2026 so far
  • The company had $83 million in cash at the end of Q3 and plans to repay at least $150 million of debt in Q4

Shares of E.W. Scripps Co. (Nasdaq: SSP) rose 19.9% on Wednesday, Oct. 28, 2026, after the company raised its full-year political advertising forecast in an 8-K filed at 11:23 a.m. ET. The stock closed at $2.41, up from a previous close of $2.01, while the S&P 500 ETF (SPY) rose 0.34%. Trading volume was 2.6 times its usual level.

Political revenue outlook raised

The press release filed with the 8-K says Scripps now expects 2026 midterm Local Media political advertising revenue of about $275 million, roughly 40% above its 2022 midterm election revenue. In August, the company had guided to a full-year range of $225 million to $250 million. Third-quarter political revenue was nearly $81 million, driven by spending in Michigan, Ohio, Arizona, Florida, Wisconsin, Tennessee and Virginia.

Workforce cuts and debt plan

The same release said Scripps completed 431 workforce reductions on Tuesday, bringing the 2026 total to about 850 employees, or nearly 20% of its headcount at the start of the year. The cuts are part of a transformation plan aimed at $125 million to $150 million of enterprise EBITDA growth by 2028. The company expects about $100 million in annual run-rate savings by year end, with the effect most visible beginning in fourth-quarter results.

Scripps had $83 million in cash at the end of the third quarter. It said it will use that cash and proceeds from fourth-quarter political advertising to pay down at least $150 million of debt in the fourth quarter. The company will release full third-quarter 2026 results after the market closes on Thursday, Nov. 5.

Sources

Written with AI from SEC filings and market data, and checked against those sources before publishing. Our editorial standards.

SSP page →

Filings, figures and price history are on the E.w. Scripps page.