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Segment Information | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
Segment Information | Segment Information We determine our operating segments based upon our management and internal reporting structure, as well as the basis that our chief operating decision maker makes resource-allocation decisions. Our Local Media segment includes more than 60 local television stations and their related digital operations. It is comprised of 18 ABC affiliates, 12 NBC affiliates, 11 CBS affiliates and three FOX affiliates. We also have 13 independent stations and 10 additional low power stations. Our Local Media segment earns revenue primarily from the sale of advertising to local, national and political advertisers and retransmission fees received from cable operators, telecommunications companies, satellite carriers and over-the-top virtual MVPDs. Our Scripps Networks segment includes national news outlet Scripps News as well as popular entertainment brands ION, Bounce, Grit, ION Mystery, ION Plus and Laff. The Scripps Networks reach nearly every U.S. television home through free over-the-air broadcast, cable/satellite, connected TV and/or digital distribution. These operations earn revenue primarily through the sale of advertising. Our segment results reflect the impact of intercompany carriage agreements between our local broadcast television stations and our national networks. The intercompany carriage fee revenue earned by our local broadcast television stations is equal to the carriage fee expense incurred by our national networks. We also allocate a portion of certain corporate costs and expenses, including accounting, human resources, employee benefit and information technology to our segments. These intercompany agreements and allocations are generally amounts agreed upon by management, which may differ from an arms-length amount. The other segment caption aggregates our operating segments that are too small to report separately. Costs for centrally provided services and certain corporate costs that are not allocated to the segments are included in shared services and corporate costs. These unallocated corporate costs would also include the costs associated with being a public company. Corporate assets are primarily cash and cash equivalents, property and equipment primarily used for corporate purposes and deferred income taxes. Our President and Chief Executive Officer is the Company's chief operating decision maker. He evaluates the monthly operating performance of our segments, including budget-to-actual variances, and makes decisions about the allocation of resources to our segments using a measure called segment profit. Segment profit excludes interest, defined benefit pension plan amounts, income taxes, depreciation and amortization, impairment charges, divested operating units, restructuring activities, investment results and certain other items that are included in net income (loss) determined in accordance with accounting principles generally accepted in the United States of America. Information regarding our segments is as follows:
|  | Three Months Ended June 30, 2026
(in thousands) |  | Local Media |  | Scripps Networks |  | Total
Revenues from external customers |  | $ | 312,641 |  |  | $ | 171,902 |  |  | $ | 484,543 |
Intersegment revenues |  | 3,883 |  |  | — |  |  | 3,883 |
Reportable segments revenues |  | 316,524 |  |  | 171,902 |  |  | 488,426 |
Other revenues(a) |  |  |  |  |  | 5,858 |
Intersegment eliminations |  |  |  |  |  | (3,883) |
Total consolidated operating revenues |  |  |  |  |  | $ | 490,401 |
Less:(b) |  |  |  |  |  |
Employee compensation and benefits |  | 100,863 |  |  | 19,726 |  |  |
Programming(c) |  | 116,306 |  |  | 87,196 |  |  |
Other segment items(d) |  | 43,545 |  |  | 39,474 |  |  |
Segment profit for reportable segments |  | 55,810 |  |  | 25,506 |  |  | $ | 81,316 |
Other segment loss(a) |  |  |  |  |  | (4,539) |
Shared services and corporate |  |  |  |  |  | (27,531) |
Restructuring costs |  |  |  |  |  | (35,840) |
Depreciation and amortization of intangible assets |  |  |  |  |  | (35,061) |
Impairment of goodwill and other intangible assets |  |  |  |  |  | (1,135,825) |
Gains (losses), net on disposal of property and equipment |  |  |  |  |  | (59) |
Interest expense |  |  |  |  |  | (54,110) |
Loss on extinguishment of debt |  |  |  |  |  | (913) |
Other financing transaction costs |  |  |  |  |  | — |
Defined benefit pension plan expense |  |  |  |  |  | (734) |
Gains (losses) from sale of business |  |  |  |  |  | 8,872 |
Miscellaneous, net |  |  |  |  |  | (3,843) |
Loss from operations before income taxes |  |  |  |  |  | $ | (1,208,267) |
(a) Reflects revenues and profit (loss) from operating segments below the reportable quantitative thresholds. These operating segments include our Tablo business, the Scripps National Spelling Bee and operational aspects of the Scripps News and Scripps Sports business units. None of these operating segments have ever met any of the quantitative thresholds for determining reportable segments. (b) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. (c) Programming includes the cost of national television network programming, carriage agreements with local television broadcasters, programming produced by us or for us by independent production companies, rights acquired under multi-year sports programming agreements and programs licensed under agreements with independent producers. (d) Other segment items for each reportable segment includes marketing and advertising expenses, research costs, certain occupancy costs and other administrative costs.
|  | Three Months Ended June 30, 2025
(in thousands) |  | Local Media |  | Scripps Networks |  | Total
Revenues from external customers |  | $ | 330,072 |  |  | $ | 205,765 |  |  | $ | 535,837 |
Intersegment revenues |  | 4,694 |  |  | — |  |  | 4,694 |
Reportable segments revenues |  | 334,766 |  |  | 205,765 |  |  | 540,531 |
Other revenues(a) |  |  |  |  |  | 4,243 |
Intersegment eliminations |  |  |  |  |  | (4,694) |
Total consolidated operating revenues |  |  |  |  |  | $ | 540,080 |
Less:(b) |  |  |  |  |  |
Employee compensation and benefits |  | 104,315 |  |  | 21,956 |  |  |
Programming(c) |  | 129,153 |  |  | 88,837 |  |  |
Other segment items(d) |  | 45,477 |  |  | 39,024 |  |  |
Segment profit for reportable segments |  | 55,821 |  |  | 55,948 |  |  | $ | 111,769 |
Other segment loss(a) |  |  |  |  |  | (6,979) |
Shared services and corporate |  |  |  |  |  | (21,785) |
Restructuring costs |  |  |  |  |  | (613) |
Depreciation and amortization of intangible assets |  |  |  |  |  | (37,198) |
Gains (losses), net on disposal of property and equipment |  |  |  |  |  | 31,410 |
Interest expense |  |  |  |  |  | (58,653) |
Loss on extinguishment of debt |  |  |  |  |  | (2,972) |
Other financing transaction costs |  |  |  |  |  | (38,071) |
Defined benefit pension plan expense |  |  |  |  |  | (337) |
Miscellaneous, net |  |  |  |  |  | (1,683) |
Loss from operations before income taxes |  |  |  |  |  | $ | (25,112) |
(a) Reflects revenues and profit (loss) from operating segments below the reportable quantitative thresholds. These operating segments include our Tablo business, the Scripps National Spelling Bee and operational aspects of the Scripps News and Scripps Sports business units. None of these operating segments have ever met any of the quantitative thresholds for determining reportable segments. (b) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. (c) Programming includes the cost of national television network programming, carriage agreements with local television broadcasters, programming produced by us or for us by independent production companies, rights acquired under multi-year sports programming agreements and programs licensed under agreements with independent producers. (d) Other segment items for each reportable segment includes marketing and advertising expenses, research costs, certain occupancy costs and other administrative costs.
|  | Six Months Ended June 30, 2026
(in thousands) |  | Local Media |  | Scripps Networks |  | Total
Revenues from external customers |  | $ | 649,819 |  |  | $ | 347,929 |  |  | $ | 997,748 |
Intersegment revenues |  | 8,343 |  |  | — |  |  | 8,343 |
Reportable segments revenues |  | 658,162 |  |  | 347,929 |  |  | 1,006,091 |
Other revenues(a) |  |  |  |  |  | 9,521 |
Intersegment eliminations |  |  |  |  |  | (8,343) |
Total consolidated operating revenues |  |  |  |  |  | $ | 1,007,269 |
Less:(b) |  |  |  |  |  |
Employee compensation and benefits |  | 205,163 |  |  | 42,300 |  |  |
Programming(c) |  | 258,943 |  |  | 158,233 |  |  |
Other segment items(d) |  | 91,555 |  |  | 75,624 |  |  |
Segment profit for reportable segments |  | 102,501 |  |  | 71,772 |  |  | $ | 174,273 |
Other segment loss(a) |  |  |  |  |  | (10,615) |
Shared services and corporate |  |  |  |  |  | (54,165) |
Restructuring costs |  |  |  |  |  | (36,484) |
Depreciation and amortization of intangible assets |  |  |  |  |  | (70,408) |
Impairment of goodwill and other intangible assets |  |  |  |  |  | (1,135,825) |
Gains (losses), net on disposal of property and equipment |  |  |  |  |  | 450 |
Interest expense |  |  |  |  |  | (111,068) |
Loss on extinguishment of debt |  |  |  |  |  | (913) |
Defined benefit pension plan expense |  |  |  |  |  | (1,467) |
Gains (losses) from sale of business |  |  |  |  |  | 38,881 |
Miscellaneous, net |  |  |  |  |  | (5,374) |
Loss from operations before income taxes |  |  |  |  |  | $ | (1,212,715) |
(a) Reflects revenues and profit (loss) from operating segments below the reportable quantitative thresholds. These operating segments include our Tablo business, the Scripps National Spelling Bee and operational aspects of the Scripps News and Scripps Sports business units. None of these operating segments have ever met any of the quantitative thresholds for determining reportable segments. (b) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. (c) Programming includes the cost of national television network programming, carriage agreements with local television broadcasters, programming produced by us or for us by independent production companies, rights acquired under multi-year sports programming agreements and programs licensed under agreements with independent producers. (d) Other segment items for each reportable segment includes marketing and advertising expenses, research costs, certain occupancy costs and other administrative costs.
|  | Six Months Ended June 30, 2025
(in thousands) |  | Local Media |  | Scripps Networks |  | Total
Revenues from external customers |  | $ | 650,778 |  |  | $ | 403,772 |  |  | $ | 1,054,550 |
Intersegment revenues |  | 9,377 |  |  | — |  |  | 9,377 |
Reportable segments revenues |  | 660,155 |  |  | 403,772 |  |  | 1,063,927 |
Other revenues(a) |  |  |  |  |  | 9,923 |
Intersegment eliminations |  |  |  |  |  | (9,377) |
Total consolidated operating revenues |  |  |  |  |  | $ | 1,064,473 |
Less:(b) |  |  |  |  |  |
Employee compensation and benefits |  | 209,484 |  |  | 42,829 |  |  |
Programming(c) |  | 268,850 |  |  | 165,247 |  |  |
Other segment items(d) |  | 91,081 |  |  | 75,655 |  |  |
Segment profit for reportable segments |  | 90,740 |  |  | 120,041 |  |  | $ | 210,781 |
Other segment loss(a) |  |  |  |  |  | (13,384) |
Shared services and corporate |  |  |  |  |  | (44,391) |
Restructuring costs |  |  |  |  |  | (4,757) |
Depreciation and amortization of intangible assets |  |  |  |  |  | (75,658) |
Gains (losses), net on disposal of property and equipment |  |  |  |  |  | 31,488 |
Interest expense |  |  |  |  |  | (102,403) |
Loss on extinguishment of debt |  |  |  |  |  | (2,972) |
Other financing transaction costs |  |  |  |  |  | (38,071) |
Defined benefit pension plan expense |  |  |  |  |  | (675) |
Miscellaneous, net |  |  |  |  |  | (1,527) |
Loss from operations before income taxes |  |  |  |  |  | $ | (41,569) |
(a) Reflects revenues and profit (loss) from operating segments below the reportable quantitative thresholds. These operating segments include our Tablo business, the Scripps National Spelling Bee and operational aspects of the Scripps News and Scripps Sports business units. None of these operating segments have ever met any of the quantitative thresholds for determining reportable segments. (b) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. (c) Programming includes the cost of national television network programming, carriage agreements with local television broadcasters, programming produced by us or for us by independent production companies, rights acquired under multi-year sports programming agreements and programs licensed under agreements with independent producers. (d) Other segment items for each reportable segment includes marketing and advertising expenses, research costs, certain occupancy costs and other administrative costs. Other segment disclosures are as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) |  | 2026 |  | 2025 |  | 2026 |  | 2025
Depreciation: |  |  |  |  |  |  |  |
Local Media |  | $ | 9,008 |  |  | $ | 9,313 |  |  | $ | 17,868 |  |  | $ | 18,921 |
Scripps Networks |  | 3,822 |  |  | 4,908 |  |  | 7,806 |  |  | 9,796 |
Total depreciation for reportable segments |  | 12,830 |  |  | 14,221 |  |  | 25,674 |  |  | 28,717 |
Other |  | 89 |  |  | 52 |  |  | 179 |  |  | 98 |
Shared services and corporate |  | 368 |  |  | 370 |  |  | 719 |  |  | 732 |
Total depreciation |  | $ | 13,287 |  |  | $ | 14,643 |  |  | $ | 26,572 |  |  | $ | 29,547 |
Amortization of intangible assets: |  |  |  |  |  |  |  |
Local Media |  | $ | 7,394 |  |  | $ | 8,131 |  |  | $ | 15,069 |  |  | $ | 16,681 |
Scripps Networks |  | 12,940 |  |  | 12,976 |  |  | 25,880 |  |  | 25,953 |
Total amortization of intangible assets for reportable segments |  | 20,334 |  |  | 21,107 |  |  | 40,949 |  |  | 42,634 |
Other |  | 164 |  |  | 164 |  |  | 335 |  |  | 521 |
Shared services and corporate |  | 1,276 |  |  | 1,284 |  |  | 2,552 |  |  | 2,956 |
Total amortization of intangible assets |  | $ | 21,774 |  |  | $ | 22,555 |  |  | $ | 43,836 |  |  | $ | 46,111 |
Additions to property and equipment: |  |  |  |  |  |  |  |
Local Media |  | $ | 11,359 |  |  | $ | 10,965 |  |  | $ | 13,020 |  |  | $ | 12,171 |
Scripps Networks |  | 5,392 |  |  | 1,424 |  |  | 5,867 |  |  | 1,921 |
Total additions to property and equipment for reportable segments |  | 16,751 |  |  | 12,389 |  |  | 18,887 |  |  | 14,092 |
Other |  | — |  |  | — |  |  | — |  |  | — |
Shared services and corporate |  | 1 |  |  | 253 |  |  | 1 |  |  | 404 |
Total additions to property and equipment |  | $ | 16,752 |  |  | $ | 12,642 |  |  | $ | 18,888 |  |  | $ | 14,496 |
A disaggregation of the principal activities from which we generate revenue is as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) |  | 2026 |  | 2025 |  | 2026 |  | 2025
Operating revenues: |  |  |  |  |  |  |  |
Core advertising |  | $ | 286,137 |  |  | $ | 332,426 |  |  | $ | 591,706 |  |  | $ | 655,014 |
Political |  | 29,683 |  |  | 3,104 |  |  | 39,780 |  |  | 6,366 |
Distribution |  | 163,917 |  |  | 195,404 |  |  | 356,280 |  |  | 384,328 |
Other |  | 10,664 |  |  | 9,146 |  |  | 19,503 |  |  | 18,765 |
Total operating revenues |  | $ | 490,401 |  |  | $ | 540,080 |  |  | $ | 1,007,269 |  |  | $ | 1,064,473 |
Total assets by segment were as follows :
(in thousands) |  | As of June 30, 2026 |  | As of December 31, 2025
Assets: |  |  |  |
Local Media |  | $ | 2,173,905 |  |  | $ | 2,297,873 |
Scripps Networks |  | 1,329,092 |  |  | 2,567,155 |
Total assets by reportable segments |  | 3,502,997 |  |  | 4,865,028 |
Other(a) |  | 29,404 |  |  | 32,759 |
Shared services and corporate |  | 113,556 |  |  | 110,841 |
Total assets |  | $ | 3,645,957 |  |  | $ | 5,008,628 |
(a) Reflects assets of operating segments below the reportable quantitative thresholds. These operating segments include our Tablo business, the Scripps National Spelling Bee and operational aspects of the Scripps News and Scripps Sports business units.

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