The E.W. Scripps Company (NASDAQ: SSP) has updated its financial outlook for 2026, raising its expectations for political advertising revenue while completing a significant round of workforce reductions.
According to the company's press release dated October 28, 2026, Scripps now expects full-year 2026 Local Media political advertising revenue to reach approximately $275 million. This figure represents an increase of about 40% compared to the company's 2022 midterm election revenue.
In August, the company had previously guided for a full-year range of $225 million to $250 million. The updated guidance reflects strong spending in the third quarter, where political revenue reached nearly $81 million. This revenue was driven by candidate, issue, and advocacy spending across Scripps markets in Michigan, Ohio, Arizona, Florida, Wisconsin, Tennessee, and Virginia.
Separately, Scripps announced the completion of 431 workforce reductions. This action brings the total number of employees impacted during 2026 to approximately 850, which represents nearly 20% of the company's workforce from the beginning of the year. The reductions are part of the company's transformation plan aimed at generating $125 million to $150 million of enterprise EBITDA growth by 2028.
The company anticipates that the impact of these transformation efforts will become most evident in the fourth quarter results. Scripps expects to have implemented about $100 million in annual run-rate savings by the end of the year. Additionally, the company plans to use its cash reserves and proceeds from fourth-quarter political advertising revenue to pay down at least $150 million of debt during the final quarter of 2026.
Scripps will release its full third-quarter 2026 results after the market closes on Thursday, Nov. 5.
