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What changed in E.W. SCRIPPS Co's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of E.W. SCRIPPS Co's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+134 added−114 removedSource: 10-K (2026-02-27) vs 10-K (2025-03-12)

Top changes in E.W. SCRIPPS Co's 2025 10-K

134 paragraphs added · 114 removed · 87 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

50 edited+35 added−22 removed51 unchanged
Biggest changeTransactions contemplated by the TSA and commitment letters, which still need to be consummated, include, among others, entering into new revolving credit and asset securitization facilities and the exchange or repayment of certain of our existing term loans. 4 Financial information for each of our operating segments can be found under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the Notes to Consolidated Financial Statements of this Form 10-K.
Biggest changeFinancial information for each of our operating segments can be found under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the Notes to Consolidated Financial Statements of this Form 10-K. 5 LOCAL MEDIA Our Local Media segment includes more than 60 local television stations and their related digital operations.
We expect our network affiliation agreements to be renewed upon expiration. 6 Information concerning our full-power television stations, their network affiliations and the markets in which they operate is as follows: Station Market Network Affiliation/ DTV Channel Affiliation Agreement Expires in FCC License Expires in Market Rank (1) KNXV-TV Phoenix, AZ - Ch. 15 ABC/15 2026 2030 11 KASW -TV Phoenix, AZ - Ch. 61 Ind/27 N/A 2030 11 WMYD-TV Detroit, MI - Ch. 20 Ind/31 N/A 2029 12 WXYZ-TV Detroit, MI - Ch. 7 ABC/25 2026 2029 12 WFTS-TV Tampa-St.
We expect our network affiliation agreements to be renewed upon expiration. 7 Information concerning our full-power television stations, their network affiliations and the markets in which they operate is as follows: Station Market Network Affiliation/ DTV Channel Affiliation Agreement Expires in FCC License Expires in Market Rank (1) KNXV-TV Phoenix, AZ - Ch. 15 ABC/15 2026 2030 11 KASW -TV Phoenix, AZ - Ch. 61 Ind/27 N/A 2030 11 WMYD-TV Detroit, MI - Ch. 20 Ind/31 N/A 2029 12 WXYZ-TV Detroit, MI - Ch. 7 ABC/25 2026 2029 12 WFTS-TV Tampa-St.
Our leadership programs are designed to cultivate effective leaders at every level, from first-time managers to future executives. 13 These programs emphasize continuous learning through flexible formats, including self-paced modules, cohort-based learning and live workshops. Participants gain critical skills such as effective communication, team management, and strategic thinking, reinforced through experiential opportunities like coaching and mentorship.
Our leadership programs are designed to cultivate effective leaders at every level, from first-time managers to future executives. These programs emphasize continuous learning through flexible formats, including self-paced modules, cohort-based learning and live workshops. Participants gain critical skills such as effective communication, team management and strategic thinking, reinforced through experiential opportunities like coaching and mentorship.
Scripps stations in several markets are operating with the new transmission protocol. 11 The FCC remains committed to permitting non-broadcast spectrum use in the “white spaces” between television stations' protected service areas despite broadcasters’ concerns about the possibility of harmful interference to their existing service and to the potential for innovative uses of their broadcast spectrum in the future.
Scripps stations in several markets are operating with the new transmission protocol. The FCC remains committed to permitting non-broadcast spectrum use in the “white spaces” between television stations' protected service areas despite broadcasters’ concerns about the possibility of harmful interference to their existing service and to the potential for innovative uses of their broadcast spectrum in the future.
Economic cycles are less predictable and beyond our control. Due to increased demand in the spring and holiday seasons, the second and fourth quarters normally have higher advertising revenues than the first and third quarters. 5 Political Advertising Political advertising is generally sold through our Washington, D.C. sales office. Advertising is sold to presidential, gubernatorial, U.S.
Economic cycles are less predictable and beyond our control. Due to increased demand in the spring and holiday seasons, the second and fourth quarters normally have higher advertising revenues than the first and third quarters. Political Advertising Political advertising is generally sold through our Washington, D.C. sales office. Advertising is sold to presidential, gubernatorial, U.S.
Bounce programming represents a rich mosaic of the African American community, featuring both licensed and original dramas, sitcoms, movies and specials. Original programming includes the hit series Johnson and Mind Your Business. Bounce XL is available as either an app or FAST channel with distribution on multiple streaming services.
Bounce programming represents a rich mosaic of the African American community, featuring both licensed and original dramas, sitcoms, movies and specials. Original programming includes the hit series Mind Your Business. Bounce XL is available as either an app or FAST channel with distribution on multiple streaming services.
While the major broadcast networks secured a victory in their lawsuit against the streaming service Locast, with the court finding that its retransmission of local television stations’ signals without their consent violated copyright law, the application of copyright law to other potential streaming services remains uncertain.
While the major broadcast networks secured a victory in their lawsuit against the streaming service Locast, with the court finding that its retransmission of local television stations’ signals without their consent violated copyright law, the application of copyright law to other streaming services remains uncertain.
We also offer a voluntary Employee Stock Purchase Plan ("ESPP") whereby employees can elect to participate through payroll deductions to purchase company stock at a discounted price. Additionally, we offer a 401(k) defined contribution plan to employees and an executive deferred compensation plan to certain senior-level employees.
We also offer a voluntary Employee Stock Purchase Plan ("ESPP") whereby employees can elect to purchase company stock at a discounted price through payroll deductions. Additionally, we offer a 401(k) defined contribution plan to employees and an executive deferred compensation plan to certain senior-level employees.
The network’s programming lineup includes The National Report, Morning Rush, Scripps News On The Scene, Happening Now In America, Today as it Happened and Scripps News Showcase. 9 Information concerning our Scripps Networks FCC licensed television stations and the markets in which they operate is as follows: Station Market DTV Channel FCC License Expires in Market Rank (1) WPXN New York, NY 34 2031 1 KILM Los Angeles, CA 24 2030 2 KPXN Los Angeles, CA 24 2030 2 WCPX Chicago, IL 34 2029 3 WPPX Philadelphia, PA 34 2031 4 KPXD Dallas-Ft.
The network’s programming lineup includes Morning Rush, Scripps News On The Scene, Happening Now In America, Today as it Happened and Scripps News Showcase. 10 Information concerning our Scripps Networks FCC licensed television stations and the markets in which they operate is as follows: Station Market DTV Channel FCC License Expires in Market Rank (1) WPXN New York, NY 34 2031 1 KILM Los Angeles, CA 24 2030 2 KPXN Los Angeles, CA 24 2030 2 WCPX Chicago, IL 34 2029 3 WPPX Philadelphia, PA 34 2031 4 KPXD Dallas-Ft.
Petersburg, FL - Ch. 28 ABC/17 2026 2029 13 KMGH-TV Denver-Aurora, CO - Ch. 7 ABC/7 2026 2030 16 KCDO-TV Denver-Aurora, CO - Ch. 3 Ind/23 N/A 2030 16 WEWS-TV Cleveland, OH - Ch. 5 ABC/15 2026 2029 17 WSFL-TV Miami, FL - Ch. 39 Ind/27 N/A 2029 18 WMAR-TV Baltimore, MD - Ch. 2 ABC/27 2026 2028 24 WRTV-TV Indianapolis, IN - Ch. 6 ABC/25 2026 2029 27 KMCI-TV Kansas City, MO - Ch. 38 Ind/25 N/A 2030 28 KSHB-TV Kansas City, MO - Ch. 41 NBC/36 2027 2030 28 WTVF-TV Nashville, TN - Ch. 5 CBS/36 2026 2029 29 WTMJ-TV Milwaukee, WI - Ch. 4 NBC/32 2027 2029 31 KGTV-TV San Diego, CA - Ch. 10 ABC/10 2026 2030 33 WCPO-TV Cincinnati, OH - Ch. 9 ABC/26 2026 2029 34 KSTU-TV Salt Lake City, UT - Ch. 13 FOX/28 2025 2030 36 KUPX-TV Salt Lake City, UT - Ch. 16 Ind/29 N/A 2030 36 WPTV-TV West Palm Beach-Port St.
Petersburg, FL - Ch. 66 Ind/29 N/A 2029 14 KMGH-TV Denver-Aurora, CO - Ch. 7 ABC/7 2026 2030 16 KCDO-TV Denver-Aurora, CO - Ch. 3 Ind/23 N/A 2030 16 WEWS-TV Cleveland, OH - Ch. 5 ABC/15 2026 2029 17 WSFL-TV Miami, FL - Ch. 39 Ind/27 N/A 2029 18 WMAR-TV Baltimore, MD - Ch. 2 ABC/27 2026 2028 25 WRTV-TV Indianapolis, IN - Ch. 6 ABC/25 2026 2029 27 WTVF-TV Nashville, TN - Ch. 5 CBS/36 2026 2029 28 KMCI-TV Kansas City, MO - Ch. 38 Ind/25 N/A 2030 29 KSHB-TV Kansas City, MO - Ch. 41 NBC/36 2027 2030 29 WTMJ-TV Milwaukee, WI - Ch. 4 NBC/32 2027 2029 31 KGTV-TV San Diego, CA - Ch. 10 ABC/10 2026 2030 32 WCPO-TV Cincinnati, OH - Ch. 9 ABC/26 2026 2029 34 KSTU-TV Salt Lake City, UT - Ch. 13 FOX/28 2028 2030 36 KUPX-TV Salt Lake City, UT - Ch. 16 Ind/29 N/A 2030 36 WPTV-TV West Palm Beach-Port St.
Lucie, FL - Ch. 9 Ind/34 N/A 2029 37 KTNV-TV Las Vegas, NV - Ch. 13 ABC/13 2026 2030 41 KMCC-TV Las Vegas, NV - Ch. 34 Ind/32 N/A 2030 41 WGNT-TV Norfolk-Virginia Beach, VA - Ch. 27 Ind/20 N/A 2028 42 WTKR-TV Norfolk-Virginia Beach, VA - Ch. 3 CBS/16 2025 2028 42 WXMI-TV Grand Rapids-Kalamazoo, MI - Ch. 17 FOX/19 2025 2029 43 WKBW-TV Buffalo, NY - Ch. 7 ABC/34 2026 2031 49 WFTX-TV Ft.
Lucie, FL - Ch. 9 Ind/34 N/A 2029 37 KTNV-TV Las Vegas, NV - Ch. 13 ABC/13 2026 2030 41 KMCC-TV Las Vegas, NV - Ch. 34 Ind/32 N/A 2030 41 WGNT-TV Norfolk-Virginia Beach, VA - Ch. 27 Ind/20 N/A 2028 42 WTKR-TV Norfolk-Virginia Beach, VA - Ch. 3 CBS/16 2027 2028 42 WXMI-TV Grand Rapids-Kalamazoo, MI - Ch. 17 FOX/19 2028 2029 44 WKBW-TV Buffalo, NY - Ch. 7 ABC/34 2026 2031 49 WFTX-TV Ft.
We are committed to fostering a culture of continuous learning. In 2024, employees completed training courses tailored to specific roles and skill sets. Our approach ensures that training adapts to the demands of the business, with a focus on building competencies critical to future success.
We are committed to fostering a culture of continuous learning. In 2025, employees completed training courses tailored to specific roles and skill sets. Our approach ensures that training adapts to the demands of the business, with a focus on building 14 competencies critical to future success.
As the success of our business is fundamentally connected to the well-being of our people, we offer benefits that support their physical, financial and emotional well-being. We provide our employees with access to flexible and convenient medical programs intended to meet their needs and the needs of their families.
As the success of our business is fundamentally connected to the well-being of our people, we offer benefits that support their physical, financial and emotional well-being. We provide our employees with access to flexible and convenient health and welfare programs intended to meet their needs and the needs of their families.
While uncertainty continues regarding the scope of the FCC's authority to regulate indecent programming, the agency has increased its enforcement efforts regarding other programming issues such as sponsorship identification (including specific rules related to foreign-sponsored programming), broadcasting improper emergency alerts and extending service to persons with disabilities.
While uncertainty continues regarding the scope of the FCC's authority to regulate or influence program content, including indecent programming, the agency has increased its enforcement efforts regarding other programming issues such as sponsorship identification (including specific rules related to foreign-sponsored programming), broadcasting improper emergency alerts and extending service to persons with disabilities.
Programming costs, which include network affiliation fees, local sports rights fees, syndicated programming and shows produced for us or in partnership with others, were 45% of our Local Media segment's costs and expenses in 2024. Our network-affiliated stations broadcast programming is supplied to us by the Big 4 broadcast networks in various dayparts.
Programming costs, which include network affiliation fees, local sports rights fees, syndicated programming and shows produced for us or in partnership with others, were 47% of our Local Media segment's costs and expenses in 2025. Our network-affiliated stations broadcast programming is supplied to us by the Big 4 broadcast networks in various dayparts.
Worth, TX 25 2030 5 WPXW Washington, DC 35 2028 6 WWPX Washington, DC 13 2028 6 WBPX Boston, MA 22 2031 7 WDPX Boston, MA 22 2031 7 WPXG Boston, MA 23 2031 7 WPXA Atlanta, GA 16 2029 8 KKPX San Francisco-San Jose, CA 33 2030 9 KPXB Houston, TX 32 2030 10 WXPX Tampa-St.
Worth, TX 25 2030 5 WPXW Washington, DC 35 2028 6 WWPX Washington, DC 13 2028 6 WBPX Boston, MA 22 2031 7 WDPX Boston, MA 22 2031 7 WPXG Boston, MA 23 2031 7 WPXA Atlanta, GA 16 2029 8 KKPX San Francisco-San Jose, CA 33 2030 9 KPXB Houston, TX 32 2030 10 KPXM Minneapolis-St.
Distribution revenues were 46% of our Local Media segment's revenues in 2024. These arrangements are generally governed by multi-year contracts and the fees we receive are typically based on the number of subscribers the respective distributor has in our markets and the contracted rate per subscriber.
Distribution revenues were 56% of our Local Media segment's revenues in 2025. These arrangements are generally governed by multi-year contracts and the fees we receive are typically based on the number of subscribers the respective distributor has in our markets and the contracted rate per subscriber.
Grit Xtra is available as a FAST channel with distribution across multiple streaming services. ION Mystery ION Mystery is available in approximately 98% of U.S. television broadcast homes, and its programming is anchored in popular true-crime and justice procedural programming. Programming on ION Mystery includes NCIS and CSI franchises.
ION Mystery ION Mystery is available in approximately 97% of U.S. television broadcast homes, and its programming is anchored in popular true-crime and justice procedural programming. Programming on ION Mystery includes NCIS and CSI franchises. ION Mystery is available as a FAST channel with distribution across multiple streaming services.
Programming expenses accounted for 55% of our Scripps Networks segment's costs and expenses in 2024, reflecting the costs of investing in quality programming, costs of distribution from carriage agreements with local television broadcasters and cable and satellite providers and costs of programming acquired under multi-year sports rights agreements.
Programming expenses accounted for 58% of our Scripps Networks segment's costs and expenses in 2025, reflecting the costs of investing in quality programming, costs of distribution from carriage agreements with local television broadcasters and cable and satellite providers and costs of programming acquired under multi-year sports rights agreements.
Revenue cycles and sources Core Advertising Our core advertising is comprised of sales to local and national businesses. The advertising includes a combination of broadcast spots as well as digital and connected TV advertising. Our core advertising revenues accounted for 33% of our Local Media segment’s revenues in 2024.
Revenue cycles and sources Core Advertising Our core advertising is comprised of sales to local and national businesses. The advertising includes a combination of broadcast spots as well as digital and connected TV advertising. Our core advertising revenues accounted for 42% of our Local Media segment’s revenues in 2025.
Myers-Cape Coral, FL - Ch. 36 FOX/34 2025 2029 51 WTVR-TV Richmond, VA - Ch. 6 CBS/23 2025 2028 55 KJRH-TV Tulsa, OK - Ch. 2 NBC/8 2027 2030 62 WGBA-TV Green Bay-Appleton, WI - Ch. 26 NBC/14 2027 2029 63 WACY-TV Green Bay-Appleton, WI - Ch. 32 Ind/36 N/A 2029 63 WLEX-TV Lexington, KY - Ch. 18 NBC/28 2027 2029 65 KMTV-TV Omaha, NE - Ch. 3 CBS/31 2025 2030 68 KWBA-TV Tucson, AZ - Ch. 58 Ind/21 N/A 2030 73 KGUN-TV Tucson, AZ - Ch. 9 ABC/9 2026 2030 73 KOAA-TV Colorado Springs, CO - Ch. 5 NBC/25 2027 2030 83 KXXV-TV Waco-Killeen, TX - Ch. 25 ABC/26 2026 2030 91 KIVI-TV Boise, ID - Ch. 6 ABC/24 2026 2030 107 WSYM-TV Lansing, MI - Ch. 47 FOX/28 2025 2029 112 WTXL-TV Tallahassee-Thomasville, FL-GA - Ch. 27 ABC/27 2026 2029 118 KERO-TV Bakersfield, CA - Ch. 23 ABC/10 2026 2030 121 KATC-TV Lafayette, LA - Ch. 3 ABC/28 2026 2029 124 KSBY-TV Santa Barbara-Santa Maria, CA - Ch. 6 NBC/15 2027 2030 130 KRIS-TV Corpus Christi, TX - Ch. 6 NBC/26 2027 2030 135 KTVQ-TV Billings, MT - Ch. 2 CBS/10 2026 2030 164 KPAX-TV Missoula, MT - Ch. 8 CBS/7 2026 2030 167 KXLF-TV Butte-Bozeman-Silver Bow, MT - Ch. 4 CBS/5 2026 2030 187 KRTV-TV Great Falls, MT - Ch. 3 CBS/7 2026 2030 193 KTVH-TV Helena, MT - Ch. 12 NBC/12 2027 2030 204 (1) Market rank is based on the 2024 Comscore HH Universe estimates. 7 SCRIPPS NETWORKS Our Scripps Networks segment includes national news outlets Scripps News and Court TV as well as popular entertainment brands ION, Bounce, Grit, ION Mystery, ION Plus and Laff.
Myers-Cape Coral, FL - Ch. 36 FOX/34 2028 2029 50 WTVR-TV Richmond, VA - Ch. 6 CBS/23 2027 2028 55 WGBA-TV Green Bay-Appleton, WI - Ch. 26 NBC/14 2027 2029 61 WACY-TV Green Bay-Appleton, WI - Ch. 32 Ind/36 N/A 2029 61 KJRH-TV Tulsa, OK - Ch. 2 NBC/8 2027 2030 63 WLEX-TV Lexington, KY - Ch. 18 NBC/28 2027 2029 65 KMTV-TV Omaha, NE - Ch. 3 CBS/31 2027 2030 67 KWBA-TV Tucson, AZ - Ch. 58 Ind/21 N/A 2030 73 KGUN-TV Tucson, AZ - Ch. 9 ABC/9 2026 2030 73 KOAA-TV Colorado Springs, CO - Ch. 5 NBC/25 2027 2030 83 KXXV-TV Waco-Killeen, TX - Ch. 25 ABC/26 2026 2030 88 KIVI-TV Boise, ID - Ch. 6 ABC/24 2026 2030 104 WSYM-TV Lansing, MI - Ch. 47 FOX/28 2028 2029 112 WTXL-TV Tallahassee-Thomasville, FL-GA - Ch. 27 ABC/27 2026 2029 117 KERO-TV Bakersfield, CA - Ch. 23 ABC/10 2026 2030 121 KATC-TV Lafayette, LA - Ch. 3 ABC/28 2026 2029 124 KSBY-TV Santa Barbara-Santa Maria, CA - Ch. 6 NBC/15 2027 2030 129 KRIS-TV Corpus Christi, TX - Ch. 6 NBC/26 2027 2030 135 KTVQ-TV Billings, MT - Ch. 2 CBS/10 2026 2030 164 KPAX-TV Missoula, MT - Ch. 8 CBS/25 2026 2030 166 KXLF-TV Butte-Bozeman-Silver Bow, MT - Ch. 4 CBS/15 2026 2030 187 KRTV-TV Great Falls, MT - Ch. 3 CBS/7 2026 2030 190 KTVH-TV Helena, MT - Ch. 12 NBC/31 2027 2030 204 (1) Market rank is based on the October 2025 Comscore HH Universe estimates. 8 SCRIPPS NETWORKS Our Scripps Networks segment includes national news outlets Scripps News and Court TV as well as popular entertainment brands ION, Bounce, Grit, ION Mystery, ION Plus and Laff.
ION Mystery is available as a FAST channel with distribution across multiple streaming services. ION Plus ION Plus is available in approximately 92% of U.S. television broadcast homes. The network features popular action and suspense programming that includes Hudson & Rex , Bull , MacGyver and Scorpion .
ION Plus ION Plus is available in approximately 87% of U.S. television broadcast homes. The network features popular action and suspense programming that includes Hudson & Rex , Bull , MacGyver and Scorpion . ION Plus is available as a FAST channel with distribution across multiple streaming platforms.
During 2023, we completed renewal negotiations on distribution agreements covering approximately 75% of our subscriber households. Expenses Employee costs accounted for 38% of our Local Media segment's costs and expenses in 2024. We centralize certain functions, such as master control, traffic, graphics, research and political advertising, at company-owned hubs that do not require a presence in the local markets.
During 2025, we completed renewal negotiations on distribution agreements covering approximately 25% of our subscriber households. Expenses Employee costs accounted for 37% of our Local Media segment's costs and expenses in 2025. We centralize certain functions, such as master control, traffic, graphics, research and political advertising, at company-owned hubs that do not require a presence in the local markets.
ION Plus is available as a FAST channel with distribution across multiple streaming platforms. Laff Laff is available in approximately 98% of U.S. television broadcast homes and targets comedy-lovers in the 18 to 49 age range. Programming on Laff includes popular sitcoms such as Home Improvement , Last Man Standing, Man with a Plan and According to Jim .
Laff Laff is available in approximately 95% of U.S. television broadcast homes and targets comedy-lovers in the 18 to 49 age range. Programming on Laff includes popular sitcoms such as Home Improvement , Last Man Standing, Man with a Plan and According to Jim . Laff More is available as a FAST channel with distribution across multiple streaming services.
Senate and House of Representative candidates, as well as for state races and local issues. It is also sold to political action groups (PACs) and other advocacy groups. Political advertising revenues were 20% of our Local Media segment's revenues in 2024, an election year. Political advertising revenues increase significantly during even-numbered years when local, state and federal elections occur.
Senate and House of Representative candidates, as well as for state races and local issues. It is also sold to 6 political action groups (PACs) and other advocacy groups. Political advertising revenues were 1.5% of our Local Media segment's revenues in 2025, a non-election year. Political advertising revenues increase significantly during even-numbered years when local, state and federal elections occur.
Louis, MO 28 2029 23 WFPX Raleigh-Durham, NC 32 2028 25 WRPX Raleigh-Durham, NC 32 2028 25 KPXG Portland, OR 22 2031 26 WNPX Nashville, TN 32 2029 29 WPXE Milwaukee, WI 30 2029 31 WSFJ Columbus, OH 19 2029 32 KPXL San Antonio, TX 26 2030 35 WPXC Jacksonville, FL 24 2029 44 WPXQ Providence, RI 17 2031 50 WPXL New Orleans, LA 33 2029 52 WQPX Wilkes Barre-Scranton, PA 33 2031 57 WPXK Knoxville, TN 18 2029 59 WKOI Dayton, OH 31 2029 61 KTPX Tulsa, OK 28 2030 62 KFPX Des Moines, IA 36 2030 71 WIPL Portland, ME 24 2031 74 WPXR Roanoke-Lynchburg, VA 27 2028 75 WLPX Charleston-Huntington, WV 18 2028 78 WZRB Columbia, SC 25 2028 79 WSPX Syracuse, NY 36 2031 82 KPXR Cedar Rapids, IA 22 2030 85 WEPX Greenville-Jacksonville, NC 36 2028 99 WPXU Greenville-Jacksonville, NC 16 2028 99 WTPX Wausau-Stevens Point, WI 19 2029 132 (1) Market rank is based on the 2024 Comscore HH Universe estimates. 10 Federal Regulation of Broadcasting — Broadcast television is subject to the jurisdiction of the FCC pursuant to the Communications Act of 1934, as amended (“Communications Act”).
Louis, MO 28 2029 22 WINP Pittsburgh, PA 16 2031 23 WFPX Raleigh-Durham, NC 32 2028 24 WRPX Raleigh-Durham, NC 32 2028 24 KPXG Portland, OR 22 2031 26 WNPX Nashville, TN 32 2029 28 WPXE Milwaukee, WI 30 2029 31 WSFJ Columbus, OH 19 2029 33 KPXL San Antonio, TX 26 2030 35 WPXC Jacksonville, FL 24 2029 43 WPXL New Orleans, LA 33 2029 51 WPXQ Providence, RI 17 2031 53 WQPX Wilkes Barre-Scranton, PA 33 2031 57 WPXK Knoxville, TN 18 2029 59 WKOI Dayton, OH 31 2029 60 KTPX Tulsa, OK 28 2030 63 KFPX Des Moines, IA 36 2030 70 WIPL Portland, ME 24 2031 72 WPXR Roanoke-Lynchburg, VA 27 2028 76 WZRB Columbia, SC 25 2028 78 WLPX Charleston-Huntington, WV 18 2028 79 WSPX Syracuse, NY 36 2031 82 KPXR Cedar Rapids, IA 22 2030 85 WEPX Greenville-Jacksonville, NC 36 2028 101 WPXU Greenville-Jacksonville, NC 16 2028 101 WTPX Wausau-Stevens Point, WI 19 2029 131 (1) Market rank is based on the October 2025 Comscore HH Universe estimates. 11 Federal Regulation of Broadcasting — Broadcast television is subject to the jurisdiction of the FCC pursuant to the Communications Act of 1934, as amended (“Communications Act”).
Satellite video providers may not carry a broadcast station without its consent. For stations that do not elect mandatory carriage, FCC rules require parties to negotiate in “good faith” for retransmission consent agreements, and the FCC has imposed significant fines on parties who have been found to have violated these requirements.
For stations that do not elect mandatory carriage, FCC rules require parties to negotiate in “good faith” for retransmission consent agreements, and the FCC has imposed significant fines on parties who have been found to have violated these requirements.
Petersburg, FL 29 2029 13 KPXM Minneapolis-St. Paul, MN 16 2030 14 KWPX Seattle, WA 33 2031 15 WPXM Miami, FL 21 2029 18 WOPX Orlando, FL 14 2029 19 KSPX Sacramento, CA 21 2030 20 WINP Pittsburgh, PA 16 2031 22 WRBU St.
Paul, MN 16 2030 13 KWPX Seattle, WA 33 2031 15 WPXM Miami, FL 21 2029 18 WOPX Orlando, FL 14 2029 19 KSPX Sacramento, CA 21 2030 20 WRBU St.
To that end, we communicate with our workforce through a variety of channels and encourage open and direct communication, including frequent emails and videos from corporate leaders to all employees; daily company intranet and social media postings; and regular town hall meetings with the CEO and other executives.
To that end, we communicate with our workforce through a variety of channels and encourage open and direct communication, including frequent emails and videos from corporate leaders to all employees; an employee portal featuring timely articles, information and employee stories; daily company social media engagement; and regular town hall meetings with the CEO and other leaders.
Laff More is available as a FAST channel with distribution across multiple streaming services. Scripps News Scripps News is our national streaming news channel focused on bringing objective, fact-based reporting and analysis on world and national news, including politics, entertainment, science and technology. In November 2024, we stopped distribution of the channel on over-the-air television.
Scripps News Scripps News is our national streaming news channel focused on bringing objective, fact-based reporting and analysis on world and national news, including politics, entertainment, science and technology. In November 2024, we stopped distribution of the channel on over-the-air television. Scripps News is available on multiple streaming and digital platforms as either an app or FAST channel.
FCC regulations govern the ownership of television stations, and the agency is required by statute to review these rules every four years to determine if they continue to serve the public interest.
FCC regulations govern the ownership of television stations, and the agency is required by statute to review these rules every four years to determine if they continue to serve the public interest. In an Order released in December 2023, the FCC concluded the review that commenced in 2018.
Court TV is available as either an app or FAST channel with distribution on multiple streaming services. 8 Grit Grit is available in approximately 98% of U.S. television broadcast homes and appeals more strongly to male viewers. Grit’s programming line-up is primarily iconic Western series and movies.
We closed on the sale of the network on February 9, 2026. 9 Grit Grit is available in approximately 98% of U.S. television broadcast homes and appeals more strongly to male viewers. Grit’s programming line-up is primarily iconic Western series and movies. Grit Xtra is available as a FAST channel with distribution across multiple streaming services.
Stations may waive their must-carry rights and instead negotiate retransmission consent agreements with local cable companies. Similarly, satellite video providers are required to carry the signal of those television stations that request carriage and that are located in markets in which the satellite carrier chooses to retransmit at least one local station.
Similarly, satellite video providers are required to carry the signal of those television stations that request carriage and that are located in markets in which the satellite carrier chooses to retransmit at least one local station. Satellite video providers may not carry a broadcast station without its consent.
Court TV Court TV is available in approximately 93% of U.S. television broadcast homes. Court TV is devoted to live, gavel-to-gavel coverage, in-depth legal reporting and expert analysis of the nation's most important and compelling trials.
Court TV Court TV is available in approximately 87% of U.S. television broadcast homes. Court TV is devoted to live, gavel-to-gavel coverage, in-depth legal reporting and expert analysis of the nation's most important and compelling trials. Court TV is available as either an app or FAST channel with distribution on multiple streaming services.
We believe the most critical component of our product mix is compelling news content, which is an important link to the community and aids our stations' efforts to retain and expand viewership.
Our ability to cover our communities across various digital platforms allows us to expand our audiences beyond traditional broadcast television. We believe the most critical component of our product mix is compelling news content, which is an important link to the community and aids our stations' efforts to retain and expand viewership.
We cannot predict the outcome of any FCC initiatives to address the use of new technologies to challenge traditional means of redistributing television broadcast programming or their possible impact on the Company. The FCC may impose substantial penalties for violations of its rules and policies.
We cannot predict the outcome of these or any other FCC proceedings or their possible impact on the Company. The FCC may impose substantial penalties for violations of its rules and policies.
Our company has a long history of evolving to meet the changing needs of the media consumer. Employees As of December 31, 2024, we had approximately 5,000 employees, including full-time and part-time employees. Various labor unions represent approximately 360 employees, all of which are in Local Media. We have not experienced any work stoppages at our current operations since 1985.
Employees As of December 31, 2025, we had approximately 4,600 employees, including full-time and part-time employees. Various labor unions represent approximately 330 employees, all of which are in Local Media. We have not experienced any work stoppages at our current operations since 1985. We consider our relationships with our employees to be good.
Our benefits vary by location and are designed to meet or exceed local laws and to be competitive in the marketplace. Professional Development and Training At Scripps, we recognize that our employees are the foundation of our success.
Our benefits vary by location and are designed to meet or exceed local laws and to be competitive in the marketplace. At Scripps, the health and well-being of our employees and their families is important to us.
We distribute our content on multiple platforms, including broadcast, digital, mobile, social and over-the-top ("OTT"). It is our objective to develop content and applications designed to enhance the user experience on each of those platforms. Our ability to cover our communities across various digital platforms allows us to expand our audiences beyond traditional broadcast television.
We provide free over-the-air news, information, sports and entertainment content that informs and engages our local communities. We distribute our content on multiple platforms, including broadcast, digital, mobile, social and over-the-top ("OTT"). It is our objective to develop content and applications designed to enhance the user experience on each of those platforms.
Employees can also update their skills, interests and experiences in our career development platform, enabling us to align opportunities with their aspirations and encourage self-driven career exploration.
Employees can also update their skills, interests and experiences in our career development platform, enabling us to align opportunities with their aspirations and encourage self-driven career exploration. In 2025, Scripps launched Engine Room, an enterprise Artificial Intelligence ("AI") platform designed to support both organization-wide capability building and function-specific skill development.
Our television station group reaches approximately 25% of the nation’s television households and includes 18 ABC affiliates, 11 NBC affiliates, nine CBS affiliates and four FOX affiliates. We also have 11 independent stations and 10 additional low power stations. We provide free over-the-air news, information, sports and entertainment content that informs and engages our local communities.
We have operated broadcast television stations since 1947, when we launched Ohio’s first television station, WEWS, in Cleveland. Our television station group reaches approximately 25% of the nation’s television households and includes 18 ABC affiliates, 11 NBC affiliates, nine CBS affiliates and four FOX affiliates. We also have 12 independent stations and 10 additional low power stations.
This partnership creates a spectrum footprint that no individual broadcaster could achieve on its own, unlocking the potential of ATSC 3.0 to offer nationwide coverage for data delivery to billions of potential devices on market-disrupting terms. We contributed cash consideration of $6.4 million for our 25% ownership interest in the joint venture.
Leveraging broadcasters’ uniquely efficient network architecture and the ATSC 3.0 transmission standard, EdgeBeam Wireless, LLC will provide expansive, reliable and secure data delivery services. This partnership creates a spectrum footprint that no individual broadcaster could achieve on its own, unlocking the potential of ATSC 3.0 to offer nationwide coverage for data delivery to billions of potential devices on market-disrupting terms.
Scripps' current national audience reach is 38.0% of television households after application of the “UHF discount.” We cannot predict the outcome of these open proceedings, including pending court reviews of the FCC's most recent changes to its television ownership rules, or the effect of further FCC rule revisions on our stations' operations or our business.
We cannot predict the outcome of these open proceedings, including likely court reviews of any FCC decisions regarding its local or national broadcast ownership rules, or the effect of further FCC rule revisions on our stations' operations or our business.
Earlier in that year, the FCC also reinstated the 50% discount applied to the number of households deemed covered by UHF television stations.
Earlier in that year, the FCC also reinstated the 50% discount applied to the number of households deemed covered by UHF television stations. Scripps' current national audience reach is approximately 38% of television households after application of the “UHF discount.” The FCC in 2025 requested that parties update the record in this proceeding as well.
In an Order released in December 2023, the FCC concluded the review that commenced in 2018, largely retaining the existing multiple ownership rules and adding a prohibition on television broadcasters using multicast channels or low power television stations to acquire two “top-four” affiliations in a single market.
The court decision also overturned the portions of the December 2023 Order that had prohibited television broadcasters from using multicast channels or low power television stations to acquire two or more “top-four” network affiliations in a single market. The 2022 quadrennial review of the ownership rules remains open, and the FCC in late 2025 sought further comment in that proceeding.
We also serve as the longtime steward of one of the nation's largest, most successful and longest-running educational programs, the Scripps National Spelling Bee. Additionally, we provide a television viewing device called Tablo that allows households to watch and record dozens of free, over-the-air and streaming channels anywhere in their home without a subscription.
All of our local stations and national entertainment networks reach consumers over the air, and we have continued to expand our television networks and local brands on free streaming platforms. We also serve as the longtime steward of one of the nation's largest, most successful and longest-running educational programs, the Scripps National Spelling Bee.
At its core, our work is about engaging every employee and helping them to participate at work in a way that is most fulfilling for them to experience a workplace culture where they experience the satisfaction of belonging and performing well. Compensation and Benefits Critical to our success is identifying, recruiting, retaining and incentivizing our existing and future employees.
At its core, this work is about creating an environment where every employee feels empowered to contribute, connect and grow in ways that are both personally fulfilling and impactful to our collective success. Compensation and Benefits Critical to our success is identifying, recruiting, retaining and incentivizing our existing and future employees.
While certain low power television stations owned by the Company may be eligible to apply for this status, we cannot predict the outcome of any such applications or their possible impact on the Company. Full-power broadcast television stations generally enjoy “must-carry” rights on any cable television system defined as “local” with respect to the station.
Full-power broadcast television stations generally enjoy “must-carry” rights on any cable television system defined as “local” with respect to the station. Stations may waive their must-carry rights and instead negotiate retransmission consent agreements with local cable companies.
In return, the 3.0 station could host the 3.0 signal of its 1.0 “host” station. This “simulcasting” requirement was originally due to “sunset” in 2023 but has been extended by the FCC and is now due to expire in July 2027, unless further extended.
In return, the 3.0 station could host the 3.0 signal of its 1.0 12 “host” station. This “simulcasting” requirement is currently due to expire in July 2027. The FCC in an October 2025 Notice proposed eliminating the requirement prior to that date, although we cannot predict whether the FCC will ultimately adopt that proposal.
We cannot predict the effect of the FCC’s enforcement efforts on the Company. 12 Employees and Human Capital Resource Management Scripps operates under the fundamental philosophy that people are our most valuable asset.
We cannot predict the effect of the FCC’s enforcement efforts on the Company. 13 Employees and Human Capital Management Our people are central to our ability to serve audiences, execute our strategy and sustain long-term performance in a rapidly evolving media environment.
Removed
For a full listing of our brands, visit http://www.scripps.com. Scripps is a leader in free, ad-supported television. All of our local stations and national entertainment networks reach consumers over the air, and all of our television brands can also be found on free streaming platforms.
Added
Additionally, we provide a television viewing device called Tablo that allows households to watch and record dozens of free, over-the-air and streaming channels anywhere in their home without a subscription. For a full listing of our brands, visit http://www.scripps.com. In January 2025, we announced the formation of a joint venture with Gray Media, Nexstar Media Group, Inc. and Sinclair, Inc.
Removed
We have continued to expand in the fast-growing connected television marketplace, and we are leveraging our leadership position in the growing over-the-air marketplace.
Added
We have committed to total cash contributions of $12.8 million for a 25% ownership interest in the joint venture, of which, $6.4 million was paid during 2025. On March 13, 2025, we announced a multi-year agreement with the Las Vegas Aces, which began in May 2025.
Removed
Currently, one in three non pay-TV homes is watching television over the air alongside their streaming subscription services, and as cord-cutting and streaming service price increases continue, over-the-air channels will be an important part of television viewers' choices.
Added
Under the agreement, we televise all non-nationally exclusive Aces games with distribution on cable, satellite and over-the-air television. In addition to game broadcasts, the Aces and our local station Vegas 34 partnered to produce and air "In the Paint," an award-winning weekly 30-minute show featuring highlights, interviews and behind-the-scenes access to the 2025 Las Vegas Aces.
Removed
To that end, Scripps continues efforts to broaden antenna use even more and is working with key partners in retail, manufacturing and antenna installation to help television owners understand the quality and quantity of programming available over the air and the ease of antenna use.
Added
On April 10, 2025, we completed a series of previously announced refinancing transactions. Following the completion of the transactions, no amounts remain outstanding for our prior 2026 term loan, our prior 2028 term loan or our prior revolving credit facility.
Removed
In January 2023, we announced a strategic restructuring and reorganization of the Company to further leverage our strong position in the U.S. television ecosystem and propel our growth across new distribution platforms and emerging media marketplaces.
Added
Additionally, we issued a $545 million tranche B-2 term loan that matures in June 2028 and a $340 million tranche B-3 term loan that matures in November 2029.
Removed
The strategic restructuring and reorganization created a leaner and more agile operating structure through the centralization of certain services and the consolidation of layers of management across our operating businesses and corporate office.
Added
We also replaced the prior revolving credit facility with a new $208 million revolving credit facility, maturing on July 7, 2027, and a $70.0 million non-extended revolving credit facility, which matured on January 7, 2026.
Removed
This initial reorganization of the operating structure was substantially completed by the end of the 2024 second quarter and resulted in more than $40 million in annual savings, of which $20 million of the annualized savings was achieved by the end of 2023.
Added
Finally, we also entered into a new three-year accounts receivable securitization facility with aggregate commitments of up to $450 million that is scheduled to terminate on April 10, 2028. Additional information about the refinancing transactions is presented in Note 9. Long-Term Debt.
Removed
We also have continued to identify efficiency opportunities within the functional departments of our organization, which resulted in additional restructuring charges over the last two quarters of 2024. In April 2024, we began a public process to explore the sale of our Bounce multi-cast television network.
Added
On May 14, 2025, we announced a multi-year media rights agreement which allows us to produce and distribute all preseason, regular season and first-round playoff Tampa Bay Lightning games that are not allocated exclusively to national broadcasts. This agreement began with the 2025-2026 National Hockey League season, which started with the preseason in late September 2025.
Removed
Bounce, which is available in approximately 95% of U.S. television broadcast homes, broadcasts a combination of syndicated shows, movies and original content that is created for Black audiences. On July 2, 2024, we announced a multi-year agreement with the National Hockey League's Florida Panthers ("Panthers"), which began with the 2024-2025 season.
Added
On June 13, 2025, we announced a new, multi-year agreement with the Women's National Basketball Association ("WNBA") to continue airing regular season Friday night matchups on ION as part of its WNBA Fright Night Spotlight series. On July 7, 2025, we entered into agreements with Gray Media, Inc. ("Gray"), to swap television stations across five markets.
Removed
Under the new agreement, we have the ability to televise all locally produced Panthers preseason, regular-season and round one games of the postseason with distribution on cable, satellite and over-the-air television. On September 27, 2024, we announced plans to significantly reduce Scripps News' national network programming beginning in the fourth quarter of 2024.
Added
Upon completion of the transactions, we will acquire Gray's KKTV (CBS) in Colorado Springs, Colorado; KKCO (NBC) and low power station KJCT-LP (ABC) in Grand Junction, Colorado; and KMVT (CBS) and low power station KSVT-LD (Fox) in Twin Falls, Idaho. Gray will be acquiring WSYM (Fox) in Lansing, Michigan, and KATC (ABC) in Lafayette, Louisiana.
Removed
As of November 15, 2024, Scripps News was no longer broadcast over the air, although it remained on streaming and digital platforms with weekday live coverage from the field. Beginning at the start of 2025, the scaled back Scripps News operation is expected to generate annualized net savings of $35 million.
Added
The swap involves the exchange of comparable assets. As a result, neither company will pay cash consideration to the other. The transaction will close upon satisfaction of closing conditions and necessary regulatory approvals.
Removed
In January 2025, we announced the formation of a joint venture with Gray Media, Nexstar Media Group, Inc. and Sinclair, Inc. Leveraging broadcasters’ uniquely efficient network architecture and the ATSC 3.0 transmission standard, EdgeBeam Wireless, LLC will provide expansive, reliable and secure data delivery services.
Added
On August 6, 2025, we issued $750 million of senior secured second lien notes (the "2030 Senior Notes"), which bear interest at a rate of 9.875% per annum and mature on August 15, 2030. The 2030 Senior Notes were priced at 99.509% of par value and interest is payable semi-annually on August 15 and February 15.
Removed
On March 10, 2025, we entered into a Transaction Support Agreement (“TSA”) that was reached with certain of the Company’s lenders. Concurrently, we entered into commitment letters to provide for a new accounts receivable securitization facility and a new revolving credit facility.
Added
The proceeds from the 2030 Senior Notes were used to repay the remaining $426 million principal amount of the 2027 Senior Notes, provide a $205 million principal prepayment toward the June 2028 term loan, pay $89.7 million toward outstanding borrowings under our revolving credit facilities and pay 4 related issuance costs and prepayment premiums related to the transaction.
Removed
LOCAL MEDIA Our Local Media segment includes more than 60 local television stations and their related digital operations. We have operated broadcast television stations since 1947, when we launched Ohio’s first television station, WEWS, in Cleveland.
Added
Additional information about the transaction is presented in Note 9. Long-Term Debt. On September 3, 2025, we reached an agreement to sell WFTX, our local Fox-affiliated station in Fort Myers, Florida, for $40.0 million. The transaction has received necessary regulatory approval and is expected to close on March 2, 2026.
Removed
Scripps News is available on multiple streaming and digital platforms as either an app or FAST channel.
Added
In October 2025, we reached agreement to sell WRTV, our local ABC- affiliated station in Indianapolis, Indiana, for $83.0 million. The transaction has received necessary regulatory approval and is expected to close by March 6, 2026.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeLoss of a network affiliation would require us to obtain replacement programming, which may not be as attractive to target audiences and could result in lower advertising revenues. In addition, loss of any of the Big 4 network affiliations would result in materially lower retransmission revenue.
Biggest changeThe non-renewal or termination of our network affiliation agreements would prevent us from being able to carry programming of the respective network. Loss of a network affiliation would require us to obtain replacement programming, which may not be as attractive to target audiences and could result in lower advertising revenues.
If the FCC renews a license with substantial conditions or 16 modifications (including renewing the license for a term of fewer than eight years), it could have a material adverse effect on the affected station’s revenue potential. • As also discussed under Federal Regulation of Broadcasting, the FCC has adopted broadcasters’ proposal to permit the voluntary use of a new digital television transmission standard, ATSC 3.0, that is incompatible with the existing standard.
If the FCC renews a license with substantial conditions or modifications (including renewing the license for a term of fewer than eight years), it could have a material adverse effect on the affected station’s revenue potential. • As also discussed under Federal Regulation of Broadcasting, the FCC has adopted broadcasters’ proposal to permit the voluntary use of a new digital television transmission standard, ATSC 3.0, that is incompatible with the existing standard.
Some of the factors that could cause fluctuation in the stock price or trading volume of Class A Common shares include: • major world events and geopolitical conditions; • general market and economic conditions and market trends, including in the television broadcast industry, the national media marketplace and the financial markets generally; • the political, economic and social situation in the United States; • variations in quarterly operating results; • inability to meet revenue forecasts; • announcements by us or competitors of significant acquisitions, strategic partnerships, joint ventures, capital commitments or other business developments; • adoption of new accounting standards affecting the media industry; 18 • operations of competitors and the performance of competitors’ common stock; • litigation and governmental action involving or affecting us or our subsidiaries; • changes in financial estimates and recommendations by securities analysts; • loss of key personnel; • purchases or sales of blocks of our Class A Common shares; • operating and stock performance of companies that investors may consider to be comparable to us; and • changes in the regulatory environment, including rulemaking or other actions by the FCC or the SEC.
Some of the factors that could cause fluctuation in the stock price or trading volume of Class A Common shares include: • major world events and geopolitical conditions; • general market and economic conditions and market trends, including in the television broadcast industry, the national media marketplace and the financial markets generally; • the political, economic and social situation in the United States; • variations in quarterly operating results; • inability to meet revenue forecasts; • announcements by us or competitors of significant acquisitions, strategic partnerships, joint ventures, capital commitments or other business developments; • adoption of new accounting standards affecting the media industry; • operations of competitors and the performance of competitors’ common stock; 20 • litigation and governmental action involving or affecting us or our subsidiaries; • changes in financial estimates and recommendations by securities analysts; • loss of key personnel; • purchases or sales of blocks of our Class A Common shares; • operating and stock performance of companies that investors may consider to be comparable to us; and • changes in the regulatory environment, including rulemaking or other actions by the FCC or the SEC.
If rates were to increase, debt service obligations on our variable rate indebtedness would increase even though the amount borrowed remained the same, and our net income and cash available to service our obligations would decrease. Additionally, upon the incurrence of new higher-yield term loans, the interest rates on our existing term loans would increase. 20
If rates were to increase, debt service obligations on our variable rate indebtedness would increase even though the amount borrowed remained the same, and our net income and cash available to service our obligations would decrease. Additionally, upon the incurrence of new higher-yield term loans, the interest rates on our existing term loans would increase.
If we are unable to respond to any or all of these factors, our advertising revenues could decline and affect our profitability. The growth of direct content-to-consumer delivery channels and resulting proliferation of programming alternatives have fragmented our television audiences.
If we are unable to respond to any or all of these factors, our advertising revenues could decline and affect our profitability. 16 The growth of direct content-to-consumer delivery channels and resulting proliferation of programming alternatives have fragmented our television audiences.
Although we monitor security measures regularly, any unauthorized intrusion, malicious software infiltration, theft of data, network disruption, denial of 17 service, or similar act by any party could disrupt the integrity, continuity, and security of our systems or the systems of our clients or vendors.
Although we monitor security measures regularly, any unauthorized intrusion, malicious software infiltration, theft of data, network disruption, denial of service, or similar act by any party could disrupt the integrity, continuity, and security of our systems or the systems of our clients or vendors.
Specifically, volatility in the capital markets may also impact our ability to obtain additional financing, or to refinance our existing debt, on terms or at times favorable to us.
Specifically, volatility in the capital markets may also impact our ability to obtain additional financing, or to refinance our existing debt, on 21 terms or at times favorable to us.
Our national networks have significant exposure to advertising in the consumer-packaged goods, pharmaceutical 14 and insurance industries.
Our national networks have significant exposure to advertising in the consumer-packaged goods, pharmaceutical and insurance industries.
The preferred shares are redeemable at the option of Scripps beginning on January 7, 2026, and redeemable at the option of the holders in the event of a Change of Control (as defined in the terms of the preferred shares), in each case at a redemption price of 105% of the face value, plus accrued and unpaid dividends (whether or not declared).
The preferred shares are redeemable at the option of Scripps and redeemable at the option of the holders in the event of a Change of Control (as defined in the terms of the preferred shares), in each case at a redemption price of 105% of the face value, plus accrued and unpaid dividends (whether or not declared).
As of December 31, 2024, we had approximately $2.6 billion in aggregate principal amount of outstanding indebtedness, approximately $818 million of which constituted senior unsecured debt, $523 million of which constituted senior secured debt and $1.3 billion of which constituted the aggregate principal amount of term loans under our Credit Agreement.
As of December 31, 2025, we had approximately $2.6 billion in aggregate principal amount of outstanding indebtedness, approximately $392 million of which constituted senior unsecured debt, $1.3 billion of which constituted senior secured debt and $619 million of which constituted the aggregate principal amount of term loans under our Credit Agreement.
If we are not able to successfully refinance or restructure our debt, we may need to sell assets, reduce or delay 19 capital investments, or seek to raise alternative capital. Additional debt or equity financing may not be available in sufficient amounts, at times or on terms acceptable to us, or at all.
If we are not able to generate sufficient cash flow to service our obligations, we may need to refinance or restructure our debt, sell assets, reduce or delay capital investments, or seek to raise alternative capital. Additional debt or equity financing may not be available in sufficient amounts, at times or on terms acceptable to us, or at all.
Changes in the Communications Act of 1934, as amended (the “Communications Act”) or the FCC’s rules with respect to the negotiation of retransmission consent agreements between broadcasters and MVPDs could also adversely impact our ability to negotiate acceptable retransmission consent agreements. In addition, continued consolidation among cable television operators could adversely impact our ability to negotiate acceptable retransmission consent agreements.
Changes in the Communications Act of 1934, as amended (the “Communications Act”) or the FCC’s rules with respect to the negotiation of retransmission consent agreements between broadcasters and MVPDs could also adversely impact our ability 17 to negotiate acceptable retransmission consent agreements.
If we are unable to hire and retain employees capable of performing key functions in our business, or if measures we take to respond to a decrease in labor availability prove ineffective or have unintended negative consequences, our business could be adversely affected.
If we are unable to hire and retain employees capable of performing key functions, or if measures we take to address decreased labor availability are ineffective or result in unintended negative consequences, our business could be adversely affected.
The loss of carriage agreements for our national networks would reduce our advertising revenues and affect our profitability. 15 Our retransmission consent revenue may be adversely affected by renewals of retransmission consent agreements, by declines in the number of subscribers to multichannel video programming distributor ("MVPD") services, by new technologies for the distribution of video programming, by revised government regulations, or by MVPDs altering their strategies for delivering paid video services.
Our retransmission consent revenue may be adversely affected by renewals of retransmission consent agreements, by declines in the number of subscribers to multichannel video programming distributor ("MVPD") services, by new technologies for the distribution of video programming, by revised government regulations, or by MVPDs altering their strategies for delivering paid video services.
Our business depends upon maintaining our broadcast licenses from the FCC, which has the authority to revoke licenses, not renew them, or renew them only with significant qualifications, including renewals for less than a full term.
Our business depends upon maintaining our broadcast licenses from the FCC, which has the authority to revoke licenses, not renew them, or renew them only with significant qualifications, including renewals for less than a full term. The FCC usually grants licenses for an eight-year term. The next round of renewals begins in 2028.
The loss of skilled employees or an inability to attract and retain skilled employees could adversely affect our business. To execute our strategic plan and maintain business continuity, we must attract and retain personnel with appropriate talent and skills.
We cannot predict the nature or scope of future government regulation or its impact on our operations. 18 The loss of skilled employees or an inability to attract and retain skilled employees could adversely affect our business. To execute our strategic plan and maintain business continuity, we must attract and retain personnel with appropriate talent and skills.
Additionally, in certain of our markets, our national networks are carried by local television broadcasters and cable and satellite operators pursuant to negotiated carriage agreements. These contracts typically require us to make fixed fee payments and generally have three to five-year terms.
Additionally, in certain of our markets, our national networks are carried by local television broadcasters and cable and satellite operators pursuant to negotiated carriage agreements. These contracts typically require us to make fee payments and generally have three to five-year terms. There is no assurance that we will be able to reach network affiliation or carriage agreements in the future.
New government regulations affecting the television industry could raise programming costs, restrict broadcasters’ operating flexibility, reduce advertising revenues, raise the costs of delivering broadcast signals, or otherwise affect operating results. We cannot predict the nature or scope of future government regulation or its impact on our operations.
New government regulations affecting the television industry could raise programming costs, restrict broadcasters’ operating flexibility, reduce advertising revenues, raise the costs of delivering broadcast signals, or otherwise affect operating results.
We make investments in television programming ("content") in advance of knowing whether that particular content will be popular enough for us to recoup our costs. Additionally, if costs to acquire this content increase or this content becomes more difficult to obtain, our operating results may be adversely affected. We incur significant costs for the purchase of television content.
Additionally, if costs to acquire this content increase or this content becomes more difficult to obtain, our operating results may be adversely affected. We incur significant costs for the purchase of television content.
We have the ability to incur up to $585 million of indebtedness under our Credit Agreement that currently matures on January 7, 2026, all of which is secured indebtedness, effectively ranking senior to unsecured indebtedness to the extent of the value of the assets securing such indebtedness.
Additionally, we have the ability to incur up to $208 million of indebtedness under our Credit Agreement through a revolving credit facility which matures in July 2027, all of which is secured indebtedness, effectively ranking senior to unsecured indebtedness to the extent of the value of the assets securing such indebtedness.
Sustained labor shortages or increased turnover rates, whether caused by general macroeconomic factors or dynamics within our industry (including a shrinking pool of new talent interested in the media business), could lead to increased costs, such as increased wage rates to attract and retain employees, could negatively affect our revenue and profits and could have an impact on our operations and business continuity.
Sustained labor shortages or elevated turnover, whether driven by general macroeconomic conditions or industry-specific dynamics (including a shrinking pool of talent interested in the media business), could increase operating costs, including wage and benefit expenses, and negatively affect our revenue, profitability, operations and business continuity.
A few MVPDs have announced that they are gradually exiting the paid video services side of their business and transitioning their subscribers to YouTube TV. If other MVPDs follow suit and transition subscribers to virtual services, profitability of our business could be adversely affected.
In addition, continued consolidation among cable television operators could adversely impact our ability to negotiate acceptable retransmission consent agreements. A few MVPDs have announced that they are gradually exiting the paid video services side of their business and transitioning their subscribers to YouTube TV.
We have issued $600 million in preferred shares, the terms of which restrict us from undertaking certain actions while such preferred shares are outstanding. Berkshire Hathaway Inc. (“Berkshire Hathaway”) provided $600 million of financing for the ION acquisition in exchange for Series A Preferred Shares of the Company.
(“Berkshire Hathaway”) provided $600 million of financing for the ION acquisition in exchange for Series A Preferred Shares of the Company.
Following Scripps' election to defer the first quarter 2024 dividend payment, the dividend rate on the preferred shares increased from 8% per annum to 9% per annum and will continue at that rate for the remaining periods that the preferred shares are outstanding.
The dividend rate on the preferred shares is 9% per annum for the remaining periods that the preferred shares are outstanding. As of December 31, 2025, aggregated undeclared and unpaid cumulative dividends totaled $117 million.
Removed
There is no assurance that we will be able to reach network affiliation or carriage agreements in the future. The non-renewal or termination of our network affiliation agreements would prevent us from being able to carry programming of the respective network.
Added
In addition, loss of any of the Big 4 network affiliations would result in materially lower retransmission revenue. The loss of carriage agreements for our national networks would reduce our advertising revenues and affect our profitability.
Removed
Our term loan that has an outstanding balance of $721 million and matures in May 2026 is our earliest maturing outstanding debt.
Added
If other MVPDs follow suit and transition subscribers to virtual services, profitability of our business could be adversely affected. We make investments in television programming ("content") in advance of knowing whether that particular content will be popular enough for us to recoup our costs.
Removed
We do not currently have the necessary cash on hand or projected future cash flows to fund the May 2026 debt maturity. To address our capital needs, we are in active discussions with funding sources to refinance portions of our outstanding debt.
Added
In addition, the rapid global advancement of artificial intelligence and machine learning technologies may also heighten our risks by making cyber attacks more difficult to detect, contain and mitigate.
Added
We are subject to risks related to our use of Artificial Intelligence ("AI"), a new and emerging technology, which is in the early stages of commercial use. We continually evaluate the use of AI in our business processes. In recent years, the use of AI has come under increased scrutiny.
Added
This technology, which is a new and emerging technology in early stages of commercial use, presents a number of risks inherent in its use, including ethical considerations, public perception and reputation concerns, intellectual property protection, regulatory compliance, privacy and data security concerns and reliability and accuracy of the information produced, all of which could have a material adverse effect on our business, results of operations and financial position.
Added
Further, new laws, guidance and decisions in this area may limit our ability to use AI or decrease its usefulness. As a result, we cannot 19 predict future developments in AI and related impacts to our business and our industry.
Added
If we are unable to successfully adapt to new developments related to, and risks and challenges associated with AI, our business, results of operations and financial position could be negatively impacted. We have issued $600 million in preferred shares, the terms of which restrict us from undertaking certain actions while such preferred shares are outstanding. Berkshire Hathaway Inc.
Added
Also included in our outstanding indebtedness was an accounts receivable securitization facility, scheduled to terminate on April 10, 2028, with aggregate commitments of up to $450 million. As of December 31, 2025, the amount outstanding under the securitization facility was $361 million.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeThe team manages governance, risk and compliance, security operations, and identity and access management. Scripps routinely identifies and considers potential improvements to its cybersecurity program based on the threat landscape. Improvements may include adjustments to staffing, processes or the acquisition of new technology.
Biggest changeOur CISO has extensive technology and risk management experience in various industries and is qualified as a boardroom certified technology expert (QTE) by the Digital Directors Network. The team manages governance, risk and compliance, security operations and identity and access management. Scripps routinely identifies and considers potential improvements to its cybersecurity program based on the threat landscape.
Cybersecurity incidents are evaluated under the Integrated Incident Response Program and flow to the Enterprise Response Team according to clearly defined escalation criteria. 21 Oversight Cybersecurity is a key risk included in risk management discussions on the Governance, Risk and Compliance committee that meets quarterly before board meetings.
Cybersecurity incidents are evaluated under the Integrated Incident Response Program and flow to the Enterprise Response Team according to clearly defined escalation criteria. 23 Oversight Cybersecurity is a key risk included in risk management discussions on the Governance, Risk and Compliance committee that meets quarterly before board meetings.
Cybersecurity controls include, but are not limited to, the following measures: • Enforce controls that limit access based on job responsibilities and enforcing authentication measures, including strong password policies and multifactor authentication where appropriate. • Conduct exercises to ensure the company is prepared to respond to cyber incidents. • Align the cybersecurity program with the National Institute of Standards and Technology cybersecurity framework. • Scan our systems for vulnerabilities that may potentially impact our enterprise or products, categorize them based on severity and where possible, proactively address them to prevent exploitation by threat actors. • Employ a trained incident response team and a managed security service provider to identify and mitigate incidents that bypass our cybersecurity controls to minimize impact to operations.
Cybersecurity controls include, but are not limited to, the following measures: • Enforce controls that limit access based on job responsibilities and enforcing authentication measures, including strong password policies and multifactor authentication where appropriate. • Conduct exercises to ensure the company is prepared to respond to cyber incidents. • Align the cybersecurity program with the National Institute of Standards and Technology cybersecurity framework. • Scan our systems for vulnerabilities that may potentially impact our enterprise or products, categorize them based on severity and where possible, proactively address them to prevent exploitation by threat actors. • Employ a trained incident response team and a managed security service provider to identify and mitigate incidents that bypass our cybersecurity controls to minimize impact to operations. • Engage in industry collaboration and cyber threat intelligence sharing to strengthen defenses, enhance situational awareness and protect our people, content and technology.
When such potential improvements are identified, the Company weighs the costs and benefits of such improvements (including against other potential improvements) and, if selected, the improvements are added to a roadmap for possible implementation. Scripps has implemented certain physical, administrative and technical controls to help secure its enterprise environment and products.
Improvements may include adjustments to staffing, processes or the acquisition of new technology. When such potential improvements are identified, the Company weighs the costs and benefits of such improvements (including against other potential improvements) and, if selected, the improvements are added to a roadmap for possible implementation.
Added
Scripps has implemented certain physical, administrative and technical controls to help secure its enterprise environment and products.
Added
Our Cyber Risk Management program is built on a close partnership between Cybersecurity, Privacy Legal and Audit — aligning expertise to proactively identify, assess and mitigate evolving threats.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeThis includes facilities for executive offices, sales offices and studio space. All of our owned and leased properties are in good condition, and suitable for the conduct of our present business. We believe that suitable additional or alternative space, including those under lease options, will be available at commercially reasonable terms for future expansion.
Biggest changeWe believe that suitable additional or alternative space, including those under lease options, will be available at commercially reasonable terms for future site replacement or expansion.
Item 2. Properties We lease our principal executive offices in a building located at 312 Walnut Street, Cincinnati, OH 45202. We own or lease the facilities and equipment used by our television stations. We own, lease or co-own with other broadcast television stations, the towers used to transmit our television signals. Our Scripps Networks business primarily leases their facilities.
Item 2. Properties We lease our principal executive offices in a building located at 312 Walnut Street, Cincinnati, OH 45202. We own or lease the facilities and equipment used by our television stations. We own, lease or co-own with other broadcast television stations, the towers used to transmit our television signals.
Added
Our Scripps Networks business primarily leases their facilities for executive offices, sales offices and studio space, while our critical uplink and monitoring site is owned. All of our owned and leased properties are in good condition, and suitable for the conduct of our present business. We have and will continue to consider monetizing our owned real estate when opportunities arise.

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

4 edited+0 added−1 removed0 unchanged
Biggest changeTomlin 49 Chief Transformation Officer (since August 2024); Chief Administrative Officer (January 2021 to August 2024); Executive Vice President, National Media (November 2019 to January 2021), Senior Vice President, National Media (2017 to 2019) Brian G. Lawlor 58 President, Scripps Sports (since December 2022); President, Local Media (August 2017- January 2023) Daniel W.
Biggest changeTomlin 50 Chief Transformation Officer (since August 2024); Chief Administrative Officer (January 2021 to August 2024); Executive Vice President, National Media (November 2019 to January 2021) Brian G. Lawlor 59 President, Scripps Sports (since December 2022); President, Local Media (August 2017- January 2023) Daniel W.
Item 4. Mine Safety Disclosures None. 22 Executive Officers of the Company — Executive officers serve at the pleasure of the Board of Directors. Name Age Position Adam P.
Item 4. Mine Safety Disclosures None. 24 Executive Officers of the Company — Executive officers serve at the pleasure of the Board of Directors. Name Age Position Adam P.
Perschke 45 Senior Vice President, Controller (Principal Accounting Officer) (since November 2020); Vice President, Assistant Controller (January 2018 to November 2020) PART II
Perschke 46 Senior Vice President, Controller (Principal Accounting Officer) (since November 2020); Vice President, Assistant Controller (January 2018 to November 2020) PART II
Symson 50 President and Chief Executive Officer (since August 2017) Jason Combs 48 Chief Financial Officer (since January 2021); Vice President, Financial Planning & Analysis (April 2015 to January 2021) David M. Giles 64 Chief Legal Officer (since August 2024); Senior Vice President, Deputy General Counsel and Chief Ethics Officer (August 2017 to August 2024) Lisa A.
Symson 51 President and Chief Executive Officer (since August 2017) Jason Combs 49 Chief Financial Officer (since January 2021); Vice President, Financial Planning & Analysis (April 2015 to January 2021) David M. Giles 65 Chief Legal Officer (since August 2024); Senior Vice President, Deputy General Counsel and Chief Ethics Officer (August 2017 to August 2024) Laura M.
Removed
Knutson 59 Chief Operating Officer (January 2023 to December 2024); President, Scripps Networks (January 2021 to January 2023); Executive Vice President, Chief Financial Officer (October 2017 to January 2021) Laura M.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeCapital Stock and Share-Based Compensation Plans in the Notes to Consolidated Financial Statements in Part II, Item 8 of this Form 10-K for more information. 23 Performance Graph — Set forth below is a line graph comparing the cumulative return on the Company’s Class A Common shares, assuming an initial investment of $100 as of December 31, 2019, and based on the market prices at the end of each year and assuming dividend reinvestment, with the cumulative total return of the S&P 500 Index and the cumulative total return of the NASDAQ US Benchmark Media TR Index. 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 The E.W.
Biggest changeCapital Stock and Share-Based Compensation Plans in the Notes to Consolidated Financial Statements in Part II, Item 8 of this Form 10-K for more information. 25 Performance Graph — Set forth below is a line graph comparing the cumulative return on the Company’s Class A Common shares, assuming an initial investment of $100 as of December 31, 2020, and based on the market prices at the end of each year and assuming dividend reinvestment, with the cumulative total return of the S&P 500 Index and the cumulative total return of the NASDAQ US Benchmark Media TR Index. 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 The E.W.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Our Class A Common shares are traded on the NASDAQ Global Select Market (“NASDAQ”) under the symbol “SSP.” As of December 31, 2024, there were approximately 13,300 owners of our Class A Common shares, based on security position listings, and approximately 70 owners of our Common Voting shares (which do not have a public market).
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Our Class A Common shares are traded on the NASDAQ Global Select Market (“NASDAQ”) under the symbol “SSP.” As of December 31, 2025, there were approximately 13,300 owners of our Class A Common shares, based on security position listings, and approximately 70 owners of our Common Voting shares (which do not have a public market).
There were no sales of unregistered equity securities during the quarter for which this report is filed. Under the terms of the preferred stock issued in 2021 to Berkshire Hathaway, Inc., we are prohibited from repurchasing our common shares until all preferred shares are redeemed. See Note 17.
There were no sales of unregistered equity securities during the quarter for which this report is filed. Under the terms of the preferred stock issued in 2021 to Berkshire Hathaway, Inc., we are prohibited from repurchasing our common shares until all preferred shares are redeemed. See Note 16.
Removed
Scripps Company $ 100.00 $ 99.17 $ 125.50 $ 85.54 $ 51.81 $ 14.33 S&P 500 Index 100.00 118.40 152.39 124.79 157.59 197.02 NASDAQ US Benchmark Media TR Index 100.00 124.67 125.83 72.99 91.46 133.73
Added
Scripps Company $ 100.00 $ 126.55 $ 86.26 $ 52.24 $ 14.45 $ 26.08 S&P 500 Index 100.00 128.71 105.40 133.10 166.40 196.16 NASDAQ US Benchmark Media TR Index 100.00 100.93 58.55 73.36 107.27 115.07

Other SSP 10-K year-over-year comparisons