Scripps raises political ad outlook to $275M, completes 431 more job cuts
Editorial illustration — Press Pass USACincinnati-based E.W. Scripps Co. raised its full-year 2026 political advertising forecast to about $275 million — roughly 40% above its 2022 midterm election revenue — while completing 431 more workforce reductions on Tuesday.
The latest round brings the total number of employees affected in 2026 to about 850, nearly 20% of the company's headcount at the start of the year. The reductions are part of Scripps' transformation plan, which aims to generate $125 million to $150 million in enterprise EBITDA growth by 2028; the company expects to have implemented about $100 million in annual run-rate savings by year end, with the impact becoming most evident in fourth-quarter results.
For the third quarter, Scripps' Local Media political revenue was nearly $81 million, driven by strong candidate, issue and advocacy spending across markets in Michigan and Ohio as well as Arizona, Florida, Wisconsin, Tennessee and Virginia. In August, the company had guided to a full-year range of $225 million to $250 million.
At the end of the third quarter, Scripps had $83 million in cash and said it will use that cash and proceeds from fourth-quarter political advertising revenue to pay down at least $150 million of debt in the fourth quarter. The company will release its full third-quarter results after the market closes Thursday, November 5. Chief Executive Adam Symson said the company is also creating nearly 100 new jobs and will try to fill those roles with affected workers where practical.
Sources: E.W. Scripps Co. (Oct 28, 2026); TVNewsCheck (Oct 28, 2026); TheDesk (Oct 28, 2026).
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