E.W. SCRIPPS Co
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 7, 2025
SSP$3.05+3.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-08.
0000832428-25-000048
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0000832428-25-000058
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 83 previous paragraphs and 86 current paragraphs.
52 unchanged; 29 reworded; 5 added; 2 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 5 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (5)
Current report
On September 3, 2025, we reached an agreement to sell WFTX, our local Fox-affiliated station in Fort Myers, Florida, to Sun Broadcasting for $40.0 million. The transaction will close upon satisfaction of closing conditions and expected regulatory approval.
Current report
In October 2025, we received authorization from our Board of Directors and reached agreement to sell WRTV, our local ABC-affiliated station in Indianapolis, Indiana, to Circle City Broadcasting for $83.0 million. The transaction will close following completion of financing, satisfaction of customary closing conditions and expected regulatory approval.
Current report
Interest expense increased $4.8 million in the third quarter of 2025 and $0.1 million in the first nine months of 2025 when compared to prior periods. As part of the April and August 2025 debt transactions discussed in Note 7. Long-Term Debt, interest expense included write-offs of deferred financing costs totaling $1.4 million in the three months ended September 30, 2025 and $7.0 million in the year-to-date period of 2025. While average outstanding debt balances were lower in the third quarter of 2025 compared to the same period in 2024, higher interest rates contributed to an increase in interest costs incurred on borrowings. In the year-to-date period of 2025 compared to 2024, interest costs incurred on borrowings decreased due to lower year-over-year outstanding debt balances.
Current report
For the three and nine month periods ended September 30, 2025, we incurred a loss on extinguishment of debt of $7.6 million and $10.6 million, respectively, as part of the April and August 2025 debt transactions discussed in Note 7. Long-Term Debt. Additionally, we incurred non-capitalized transaction costs related to these debt transactions. These costs are reflected in the caption "Other financing transaction costs" and totaled $6.5 million and $44.5 million for the three and nine months ended September 30, 2025, respectively.
Current report
Other expenses decreased $5.5 million or 11% in the third quarter of 2025 and $12.3 million or 8.4% in the first nine months of 2025 when compared to prior periods. Professional and miscellaneous services decreased $2.7 million and $4.0 million in the quarter-to-date and year-to-date periods, respectively, primarily due to an absence of political sales activities in 2025 compared to 2024. Facility costs decreased $1.4 million and $4.9 million in the quarter-to-date and year-to-date periods, respectively. Additionally, for the year-to-date period, national sales commissions decreased $2.5 million.
Removed paragraphs (2)
Previous report
Interest expense increased $6.5 million in the second quarter of 2025 and decreased $4.6 million in the first six months of 2025 when compared to prior periods. The year-to-date decrease in interest expense was due to lower year-over-year outstanding balances and interest rates on our variable debt borrowings. As part of the April 10, 2025 refinancing transactions, we paid off the remaining balances for our term loans that were due to mature in May 2026 and January 2028. In connection with the retirement of these term loans, we wrote-off $5.6 million of deferred financing costs to interest expense, which drove the quarter-to-date increase in interest expense. We also incurred a $3.0 million loss on the extinguishment of debt when we paid off the remaining balances for our term loans. Additionally, we incurred $38.1 million of non-capitalized transaction costs related to the debt refinancing. These costs are reflected in the caption "Other financing transaction costs" for the six months ended June 30, 2025.
Previous report
Other expenses decreased $2.6 million or 5.5% in the second quarter of 2025 and $6.8 million or 7.0% in the first six months of 2025 when compared to prior periods. National sales commissions decreased $1.1 million and $2.5 million in the quarter-to-date and year-to-date periods, respectively. Facility costs decreased $1.6 million and $3.5 million in the quarter-to-date and year-to-date periods, respectively.
Reworded paragraphs (29)
Previous wording
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 will begin with the 2025-2026 National Hockey League season, which will start with the preseason in late September 2025.
Current wording
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.
Previous wording
On July 7, 2025, we entered into agreements with Gray Media, Inc. (“Gray”), to swap television stations across five markets. 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. The swap involves the even exchange of comparable assets. As a result, neither company will pay cash consideration to the other. The transaction, pending regulatory and other approvals, is expected to close in the fourth quarter of 2025.
Current wording
On July 7, 2025, we entered into agreements with Gray Media, Inc. (“Gray”), to swap television stations across five markets. 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. The swap involves the even 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.
Previous wording
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. 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 related issuance costs and prepayment premiums related to the transaction.
Current wording
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. 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 related issuance costs and prepayment premiums related to the transaction. Additional information about the transaction is presented in Note 7. Long-Term Debt.
Previous wording
We did not declare or provide payment for the preferred stock dividend in either quarter of 2025 or any of the 2024 quarters. The 9% per annum dividend rate on the preferred shares, which compounds quarterly, will be incurred at that rate for the remaining periods that the preferred shares are outstanding. At June 30, 2025, aggregated undeclared and unpaid cumulative dividends totaled $85.7 million and the redemption value of the preferred stock totaled $718 million. Under the terms of the preferred shares, we are prohibited from paying dividends on and repurchasing our common shares until all preferred shares are redeemed.
Current wording
We did not declare or provide payment for the preferred stock dividend in any of the three quarters of 2025 or any of the 2024 quarters. The 9% per annum dividend rate on the preferred shares, which compounds quarterly, will be incurred at that rate for the remaining periods that the preferred shares are outstanding. At September 30, 2025, aggregated undeclared and unpaid cumulative dividends totaled $101 million and the redemption value of the preferred stock totaled $734 million. Under the terms of the preferred shares, we are prohibited from paying dividends on and repurchasing our common shares until all preferred shares are redeemed.
Previous wording
Operating revenues decreased $33.5 million or 5.8% in the second quarter of 2025 and $70.6 million or 6.2% in the first six months of 2025 when compared to prior periods. Core advertising revenue decreased $4.1 million and $15.3 million in the quarter-to-date and year-to-date periods, respectively. In this non-election year, political revenue decreased $26.4 million and $39.1 million in the quarter-to-date and year-to-date periods, respectively. Distribution revenue decreased $4.2 million and $17.8 million in the quarter-to-date and year-to-date periods, respectively.
Current wording
Operating revenues decreased $120 million or 19% in the third quarter of 2025 and $191 million or 11% in the first nine months of 2025 when compared to prior periods. In this non-election year, political revenue decreased $126 million and $165 million in the quarter-to-date and year-to-date periods, respectively. Distribution revenue decreased $3.5 million and $21.3 million in the quarter-to-date and year-to-date periods, respectively. Core advertising revenue increased $7.6 million in the third quarter of 2025 and decreased $7.7 million in the first nine months of 2025 when compared to prior periods.
Previous wording
Cost of revenues, which is comprised of programming costs and costs associated with distributing our content, decreased $13.4 million or 4.1% in the second quarter of 2025 and $24.8 million or 3.8% in the first six months of 2025 when compared to prior periods. Employee compensation costs decreased $4.2 million and $9.0 million in the quarter-to-date and year-to-date periods, respectively, reflecting the impact of our restructuring initiatives. Syndicated programming decreased $6.1 million and $14.3 million and in the quarter-to-date and year-to-date periods, respectively. Network programming decreased $2.7 million and $7.0 million in the quarter-to-date and year-to-date periods, respectively, mainly due to carriage affiliation fees. Additionally, news service coverage costs decreased $2.4 million and $4.5 million in the quarter-to-date and year-to-date periods, respectively, driven by the shut down of the over-the-air broadcast for Scripps News. These cost decreases were partially offset by an increase in sports rights fees of $5.3 million and $14.3 million in the quarter-to-date and year-to-date periods, respectively.
Current wording
Cost of revenues, which is comprised of programming costs and costs associated with distributing our content, decreased $6.2 million or 1.9% in the third quarter of 2025 and $31.0 million or 3.2% in the first nine months of 2025 when compared to prior periods. Employee compensation costs decreased $4.5 million and $13.5 million in the quarter-to-date and year-to-date periods, respectively, reflecting the impact of our restructuring initiatives. Syndicated programming decreased $1.4 million and $15.7 million and in the quarter-to-date and year-to-date periods, respectively. Network programming decreased $2.5 million and $9.5 million in the quarter-to-date and year-to-date periods, respectively, mainly due to carriage affiliation fees. Additionally, news service coverage costs decreased $1.2 million and $5.7 million in the quarter-to-date and year-to-date periods, respectively, driven by the shut down of the over-the-air broadcast for Scripps News. These cost decreases were partially offset by an increase in sports rights fees of $2.7 million and $17.0 million in the quarter-to-date and year-to-date periods, respectively.
Previous wording
Selling, general and administrative expenses are primarily comprised of sales, marketing and advertising expenses, research costs and costs related to corporate administrative functions. Selling, general and administrative expenses decreased $8.1 million or 5.4% in the second quarter of 2025 and $16.6 million or 5.6% in the first six months of 2025 when compared to prior periods. Employee compensation costs decreased $1.3 million and $5.0 million in the quarter-to-date and year-to-date periods, respectively, due to savings achieved through our restructuring efforts. Advertising and promotions costs decreased $2.7 million and $6.0 million in the quarter-to-date and year-to-date periods, respectively. Our national sales commissions decreased $1.4 million and $4.0 million in the quarter-to-date and year-to-date periods, respectively.
Current wording
Selling, general and administrative expenses are primarily comprised of sales, marketing and advertising expenses, research costs and costs related to corporate administrative functions. Selling, general and administrative expenses decreased $17.4 million or 11% in the third quarter of 2025 and $34.0 million or 7.5% in the first nine months of 2025 when compared to prior periods. Employee compensation costs decreased $12.6 million and $17.6 million in the quarter-to-date and year-to-date periods, respectively, due to savings achieved through our restructuring efforts. Additionally, professional and miscellaneous services at Local Media decreased $2.7 million and $4.0 million in the quarter-to-date and year-to-date periods, respectively, primarily due to an absence of political sales activities in 2025 compared to 2024. The year-to-date decrease was also driven by a $5.4 million decrease in advertising and promotions costs and a $4.2 million decrease in our national sales commissions.
Previous wording
Restructuring costs in the second quarter of 2025 and 2024 totaled $0.6 million and $1.0 million, respectively. Year-to-date restructuring costs totaled $4.8 million and $6.0 million in 2025 and 2024, respectively. Restructuring costs in 2025 included severance charges of $2.6 million and operating lease exit costs of $2.1 million. Restructuring costs in 2024 included severance charges and outside consulting fees associated with our strategic reorganization efforts.
Current wording
Restructuring costs in the third quarter of 2025 and 2024 totaled $2.7 million and $12.7 million, respectively. Year-to-date restructuring costs totaled $7.5 million and $18.7 million in 2025 and 2024, respectively. Restructuring costs in 2025 included severance charges of $4.2 million and operating lease exit costs of $2.1 million. Remaining restructuring costs in 2025 included outside consulting fees associated with the strategic reorganization efforts. In the third quarter of 2024, we incurred $10.9 million in severance charges related to the significant reduction of Scripps News' national news programming. Remaining restructuring costs in 2024 included severance charges and outside consulting fees associated with the strategic reorganization efforts.
Previous wording
Depreciation and amortization of intangible assets decreased $1.3 million or 3.3% in the second quarter of 2025 and $1.5 million or 1.9% in the first six months of 2025 when compared to prior periods.
Current wording
Depreciation and amortization of intangible assets decreased $1.7 million or 4.3% in the third quarter of 2025 and $3.2 million or 2.7% in the first nine months of 2025 when compared to prior periods.
Previous wording
On February 9, 2024, following the completed sale of Broadcast Music, Inc. ("BMI") to New Mountain Capital, we received $18.1 million in pre-tax cash proceeds for our equity ownership in BMI. We did not have any carrying value associated with our BMI investment. This gain was included in Miscellaneous, net for the six months ended June 30, 2024.
Current wording
On February 9, 2024, following the completed sale of Broadcast Music, Inc. ("BMI") to New Mountain Capital, we received $18.1 million in pre-tax cash proceeds for our equity ownership in BMI. We did not have any carrying value associated with our BMI investment. This gain was included in Miscellaneous, net for the nine months ended September 30, 2024.
Previous wording
The effective income tax rate was 5.2% and 65% for the six months ended June 30, 2025 and 2024, respectively. Differences between our effective income tax rate and the U.S. federal statutory rate are the impact of state taxes, foreign taxes, non-deductible expenses, changes in reserves for uncertain tax positions, excess tax benefits or expense from the exercise and vesting of share-based compensation awards ($2.1 million expense in 2025 and $3.8 million expense in 2024), state deferred rate changes ($1.4 million expense in 2025 and $0.7 million expense in 2024) and state NOL valuation allowance changes.
Current wording
The effective income tax rate was 8.1% and 34% for the nine months ended September 30, 2025 and 2024, respectively. Differences between our effective income tax rate and the U.S. federal statutory rate are the impact of state taxes, foreign taxes, non-deductible expenses, changes in reserves for uncertain tax positions, excess tax benefits or expense from the exercise and vesting of share-based compensation awards ($2.3 million expense in 2025 and $3.9 million expense in 2024), state deferred rate changes ($2.7 million expense in 2025 and $2.1 million expense in 2024) and state NOL valuation allowance changes.
Previous wording
Total Local Media revenues decreased $30.2 million or 8.3% in the second quarter of 2025 and $57.6 million or 8.0% in the first six months of 2025 when compared to prior periods. During this non-election year, political revenues decreased $25.5 million in the second quarter of 2025 and $37.4 million in the first six months of 2025 when compared to prior periods. Distribution revenues decreased $1.6 million or 0.8% in the second quarter of 2025 and $11.9 million or 3.0% in the first six months of 2025 when compared to prior periods. Distribution revenues were unfavorably impacted by high-single-digit subscriber declines. These subscriber declines were partially offset by rate increases which favorably impacted distribution revenues by 7.8% and 5.7% in the quarter-to-date and year-to-date periods, respectively. During the second quarter of 2025, we completed renewal negotiations on distribution agreements covering approximately 25% of our subscriber households. These renewal rates were effective as of March 31, 2025. Local Media revenues were also impacted by a decrease in core advertising revenues of $2.6 million or 1.9% in the second quarter of 2025 and $6.9 million or 2.5% in the first six months of 2025 when compared to prior periods.
Current wording
Total Local Media revenues decreased $120 million or 27% in the third quarter of 2025 and $178 million or 15% in the first nine months of 2025 when compared to prior periods. During this non-election year, political revenues decreased $120 million in the third quarter of 2025 and $158 million in the first nine months of 2025 when compared to prior periods. Distribution revenues decreased $0.7 million or 0.4% in the third quarter of 2025 and $12.6 million or 2.2% in the first nine months of 2025 when compared to prior periods. Distribution revenues were unfavorably impacted by high-single-digit subscriber declines. These subscriber declines were partially offset by rate increases which favorably impacted distribution revenues by 9.2% and 7.4% in the quarter-to-date and year-to-date periods, respectively. During the second quarter of 2025, we completed renewal negotiations on distribution agreements covering approximately 25% of our subscriber households. These renewal rates were effective as of March 31, 2025. Local Media revenues were also impacted by an increase in core advertising revenues of $2.3 million or 1.8% in the third quarter of 2025 and a decrease of $4.6 million or 1.1% in the first nine months of 2025 when compared to prior periods.
Previous wording
Employee compensation and benefits decreased $1.3 million or 1.2% in the second quarter of 2025 and $2.8 million or 1.3% in the first six months of 2025 when compared to prior periods due to savings achieved through our restructuring efforts.
Current wording
Employee compensation and benefits decreased $6.7 million or 6.0% in the third quarter of 2025 and $9.5 million or 2.9% in the first nine months of 2025 when compared to prior periods due to savings achieved through our restructuring efforts.
Previous wording
Programming expense increased $6.0 million or 4.9% in the second quarter of 2025 and $15.0 million or 5.9% in the first six months of 2025 when compared to prior periods. During 2025, we entered into a sports rights contract for the airing of games for the Women's National Basketball Association's Las Vegas Aces ("Aces"), which began with the start of the regular season in May 2025. During 2024, we entered into a sports rights contract for the airing of games for the National Hockey
Current wording
Programming expense decreased $0.1 million or 0.1% in the third quarter of 2025 and increased $14.9 million or 3.9% in the first nine months of 2025 when compared to prior periods. During 2025, we entered into sports rights contracts for the airing of games for the Women's National Basketball Association's Las Vegas Aces, which began with the start of the regular season in May 2025, and the National Hockey League's Tampa Bay Lightning, which began with the 2025-2026 National
Previous wording
League's Florida Panthers ("Panthers"), which began with the 2024-2025 season in October 2024. Costs attributed to these sports rights agreements, as well as contractual rate increases for the Vegas Golden Knights and Utah Hockey Club (formerly the Arizona Coyotes) agreements increased programming expense by $4.8 million and $13.6 million in the quarter-to-date and year-to-date periods, respectively.
Current wording
Hockey League preseason in late September 2025. During 2024, we entered into a sports rights contract for the airing of games for the National Hockey League's Florida Panthers, which began with the 2024-2025 season in October 2024. Costs attributed to these sports rights agreements, as well as contractual rate increases for the Vegas Golden Knights and the Utah Mammoth (formerly the Utah Hockey Club/Arizona Coyotes) agreements increased programming expense by $0.6 million and $14.2 million in the quarter-to-date and year-to-date periods, respectively.
Previous wording
Scripps Networks revenues, which are primarily comprised of advertising revenues, decreased $3.0 million or 1.4% in the second quarter of 2025 and $14.2 million or 3.4% in the first six months of 2025 when compared to prior periods. The amount of advertising revenue we earn is a function of the pricing negotiated with advertisers, the number of advertising spots sold and the audience impressions delivered. Lower ratings in our key monetized demographics unfavorably impacted Scripps Networks revenues by 8.3% and 7.7% in the quarter-to-date and year-to-date periods, respectively. Lower ratings were partially offset by an increase in connected TV ("CTV") revenue and an increase in advertising spots sold. Higher CTV revenue increased revenues by 5.6% and 4.7% in the quarter-to-date and year-to-date periods, respectively. An increase in advertising spots sold increased revenues by 2.4% and 1.2% in the quarter-to-date and year-to-date periods, respectively.
Current wording
Scripps Networks revenues, which are primarily comprised of advertising revenues, decreased $0.7 million or 0.4% in the third quarter of 2025 and $14.9 million or 2.4% in the first nine months of 2025 when compared to prior periods. The amount of advertising revenue we earn is a function of the pricing negotiated with advertisers, the number of advertising spots sold and the audience impressions delivered. Lower ratings in our key monetized demographics unfavorably impacted Scripps Networks revenues by 6.8% and 7.4% in the quarter-to-date and year-to-date periods, respectively. Lower ratings were partially offset by an increase in connected TV ("CTV") revenue and an increase in advertising spots sold. CTV revenue increased revenues by 4.8% and 4.7% in the quarter-to-date and year-to-date periods, respectively. An increase in advertising spots sold increased revenues by 4.8% and 2.4% in the quarter-to-date and year-to-date periods, respectively.
Previous wording
Employee compensation and benefits decreased $7.8 million or 26% in the second quarter of 2025 and $16.9 million or 28% for the first six months of 2025 when compared to prior periods. In the fourth quarter of 2024, we shut down the over-the-air broadcast for Scripps News. The savings achieved from this Scripps News action and other restructuring efforts were the primary contributor to the year-over-year decrease in employee compensation and benefits.
Current wording
Employee compensation and benefits decreased $9.2 million or 29% in the third quarter of 2025 and $26.2 million or 29% for the first nine months of 2025 when compared to prior periods. In the fourth quarter of 2024, we shut down the over-the-air broadcast for Scripps News. The savings achieved from this Scripps News action and other restructuring efforts were the primary contributor to the year-over-year decrease in employee compensation and benefits.
Previous wording
Programming expense decreased $9.6 million or 9.8% in the second quarter of 2025 and $22.4 million or 12% for the first six months of 2025 when compared to prior periods. Carriage affiliation fees decreased $3.7 million and $8.2 million in the quarter-to-date and year-to-date periods, respectively. Syndicated programming costs decreased $6.0 million and $14.1 million in the quarter-to-date and year-to-date periods, respectively.
Current wording
Programming expense decreased $0.8 million or 1.0% in the third quarter of 2025 and $23.2 million or 8.4% for the first nine months of 2025 when compared to prior periods. Carriage affiliation fees decreased $2.3 million and $10.5 million in the quarter-to-date and year-to-date periods, respectively. Syndicated programming costs decreased $1.3 million and $15.4 million in the quarter-to-date and year-to-date periods, respectively. These decreases were partially offset by an increase in sports rights fees of $2.5 million and $2.7 million in the quarter-to-date and year-to-date periods, respectively.
Previous wording
Other expenses decreased $3.7 million or 8.6% in the second quarter of 2025 and $7.5 million or 9.1% for the first six months of 2025 when compared to prior periods. The shut down of the over-the-air broadcast for Scripps News accounted for $1.8 million and $3.0 million of the quarter-to-date and year-to-date decreases, respectively. Other expenses also decreased due to lower national sales commissions of $0.5 million and $1.6 million in the quarter-to-date and year-to-date periods, respectively.
Current wording
Other expenses decreased $1.9 million or 4.6% in the third quarter of 2025 and $9.4 million or 7.6% for the first nine months of 2025 when compared to prior periods. The shut down of the over-the-air broadcast for Scripps News accounted for $1.3 million and $4.3 million of the quarter-to-date and year-to-date decreases, respectively. For the year-to-date period, other expenses also decreased due to lower national sales commissions of $1.4 million.
Previous wording
Our primary source of liquidity is our available cash and borrowing capacity under our revolving credit facilities and securitization facility. Our primary source of cash is generated from our ongoing operations and can be affected by various risk and uncertainties. As of June 30, 2025, we had $31.7 million of cash on hand and $199 million of additional borrowing capacity under our revolving credit facilities and securitization facility. As of June 30, 2025, we had $70.0 million outstanding under our credit facilities and the maximum availability allowed and amount outstanding under the securitization facility was $366 million. Based on our current business plan, we believe our cash flow from operations and availability under the revolving credit facilities will provide sufficient liquidity to meet the Company’s operating needs for the next 12 months.
Current wording
Our primary source of liquidity is our available cash and borrowing capacity under our revolving credit facilities and securitization facility. Our primary source of cash is generated from our ongoing operations and can be affected by various risk and uncertainties. As of September 30, 2025, we had $54.7 million of cash on hand and $269 million of additional borrowing capacity under our revolving credit facilities and securitization facility. As of September 30, 2025, we had no borrowings outstanding under our credit facilities and the maximum availability allowed and amount outstanding under the securitization facility was $360 million. Based on our current business plan, we believe our cash flow from operations and availability under the revolving credit facilities will provide sufficient liquidity to meet the Company’s operating needs for the next 12 months.
Previous wording
Cash used in operating activities in 2025 was $13.9 million compared to cash provided by operating activities in 2024 of $71.8 million. Cash used in operating activities reflects $38.1 million of debt refinancing transaction costs in 2025. Additionally, there was a year-over-year decrease in segment profit of $29.2 million and a $45.5 million increase in cash used by changes in certain working capital accounts, which were partially offset by a decrease of $19.3 million in cash interest paid and a decrease of $21.8 million in cash taxes paid. The increase in cash used by changes in working capital accounts was primarily driven by decreases in accounts payable and accrued employee compensation and benefits.
Current wording
Cash provided by operating activities decreased $204 million in 2025 compared to 2024. Cash provided by operating activities was reduced by $44.5 million of debt refinancing transaction costs in 2025. There was a year-over-year decrease in segment profit of $126 million and a $93.1 million decrease in cash provided by changes in certain working capital accounts. The decrease in cash provided by changes in working capital accounts was primarily driven by the lack of advertising for political campaigns in this non-election year, which are generally paid in advance. For the nine months ended September 30, 2024, there was an $111 million increase in cash provided by changes in certain working capital accounts driven by the advertising for political campaigns. The decreases to cash provided by operating activities were partially offset by a decrease of $23.9 million in cash interest paid and a decrease of $38.9 million in cash taxes paid.
Previous wording
Cash provided by investing activities was $16.5 million in 2025 compared to cash used in investing activities of $29.0 million in 2024. Investing activities in 2025 reflect $40.0 million of cash proceeds from the sale of our West Palm television station building, $6.9 million in cash used for investment purchases and $17.2 million in capital expenditures. On February 9, 2024, following the completed sale of Broadcast Music, Inc. ("BMI") to New Mountain Capital, we received $18.1 million in pre-tax cash proceeds for our equity ownership in BMI. This increase in cash provided by investing activities in 2024 was more than offset by $45.7 million of capital expenditures.
Current wording
Cash provided by investing activities was $1.5 million in 2025 compared to cash used in investing activities of $41.7 million in 2024. Investing activities in 2025 reflect $40.0 million of cash proceeds from the sale of our West Palm television station building, $6.9 million in cash used for investment purchases and $32.7 million in capital expenditures. On February 9, 2024, following the completed sale of Broadcast Music, Inc. ("BMI") to New Mountain Capital, we received $18.1 million in pre-tax cash proceeds for our equity ownership in BMI. This increase in cash provided by investing activities in 2024 was more than offset by $58.9 million of capital expenditures.
Previous wording
Cash provided by financing activities was $5.1 million in 2025 compared to cash used in financing activities of $51.5 million in 2024. During the first six months of 2025, we had net debt proceeds of $70.0 million under our revolving credit facilities and $885 million of proceeds from the issuance of new long-term debt under the April 10, 2025 credit agreement. During the first six months of 2025, we made payments on long-term debt of $1.3 billion to pay down our May 2026 and January 2028 term loans. On April 10, 2025, we also entered into a three-year accounts receivable securitization facility. During the first six months of 2025, proceeds received from the securitization facility were $423 million, while payments on the securitization facility totaled $57.1 million. In connection with the refinancing transactions, we paid $43.2 million in deferred financing costs and $2.8 million in debt extinguishment costs. During the first six months of 2024, we had net debt payments of $40 million under our revolving credit facility.
Current wording
Cash provided by financing activities was $21.3 million in 2025 compared to cash used in financing activities of $171 million in 2024. As of September 30, 2025, we had no borrowings outstanding under our credit facilities. During the first nine months of 2025, we had $1.6 billion of proceeds from the issuance of new long-term debt while we made payments on long-term debt of $1.9 billion. Long-term debt payments included $1.3 billion to pay down our May 2026 and January 2028 term loans, $426 million to redeem our outstanding principal amount of the 2027 Senior Notes and a $205 million pre-payment on our June 2028 term loan. On April 10, 2025, we entered into a three-year accounts receivable securitization facility. The net amount drawn and outstanding on the facility totaled $360 million at September 30, 2025. In connection with the April 2025 and August 2025 debt transactions, we paid $63.3 million in deferred financing costs and $6.7 million in debt extinguishment costs. During the first nine months of 2024, we had net debt payments of $155 million under our revolving credit facility.
Previous wording
On April 10, 2025, we entered into a new credit agreement and completed a series of previously announced refinancing transactions. Under the new credit agreement, we have a revolving credit facility with aggregate commitments of up to $208 million due July 2027 and a non-extended revolving credit facility with aggregate commitments of up to $70.0 million due January 2026. In connection with the new credit agreement, we also have $883 million of outstanding balance on our term loans as of June 30, 2025. The annual required principal payments on these term loans total $8.9 million.
Current wording
On April 10, 2025, we entered into a new credit agreement and completed a series of previously announced refinancing transactions. Under the new credit agreement, we have a revolving credit facility with aggregate commitments of up to $208 million due July 2027 and a non-extended revolving credit facility with aggregate commitments of up to $70.0 million due January 2026. In connection with the new credit agreement, we have an outstanding balance of $676 million on our term loans as of September 30, 2025. The annual required principal payments on these term loans total $8.9 million.
Previous wording
As part of the refinancing transactions, we entered into a new three-year accounts receivable securitization facility, scheduled to terminate April 10, 2028, with aggregate commitments of up to $450 million. The maximum availability allowed is limited by our eligible accounts receivable balances, as defined under the terms of the securitization facility. As of June 30, 2025, the maximum availability allowed and amount outstanding under the securitization facility was $366 million.
Current wording
On April 10, 2025, we entered into a new three-year accounts receivable securitization facility, scheduled to terminate April 10, 2028, with aggregate commitments of up to $450 million. The maximum availability allowed is limited by our eligible accounts receivable balances, as defined under the terms of the securitization facility. As of September 30, 2025, the maximum availability allowed and amount outstanding under the securitization facility was $360 million.
Previous wording
As of June 30, 2025, we also have $1.3 billion of senior notes outstanding. Senior secured notes totaling $523 million bear interest at a rate of 3.875% per annum and mature on January 15, 2029. Senior unsecured notes have a total outstanding principal balance of $818 million. The senior unsecured notes that mature on July 15, 2027 bear interest at 5.875% per annum and the senior unsecured notes that mature on January 15, 2031 bear interest at a rate of 5.375% per annum.
Current wording
On August 6, 2025, we issued $750 million of senior secured second lien notes and paid the remaining $426 million principal amount of the senior unsecured notes that were due to mature on July 15, 2027. As of September 30, 2025, we have $1.7 billion of senior notes outstanding. Senior secured notes have a total outstanding principal balance of $1.3 billion. The senior secured notes that mature on January 15, 2029 bear interest at a rate of 3.875% per annum and the senior secured notes that mature on August 15, 2030 bear interest at a rate of 9.875% per annum. Senior unsecured notes totaling $392 million mature on January 15, 2031 and bear interest at a rate of 5.375% per annum.
Previous wording
Our term loans and notes do not have maintenance covenants. The credit agreement contains covenants to comply with a maximum first lien net leverage ratio. For the new revolving credit facility, we must comply with a maximum first lien net leverage ratio of 3.50 to 1.0 through September 30, 2026, at which point it steps down to 3.25 times for the fiscal quarter ended December 31, 2026, and thereafter. For the non-extended revolving credit facility, we must comply with a maximum first lien net leverage ratio of 4.75 to 1.0 through September 30, 2025, at which point it steps down to 4.50 times for the fiscal quarter ending December 31, 2025, and thereafter. As of June 30, 2025, we were in compliance with our financial covenants.
Current wording
Our notes do not have maintenance covenants. The credit agreement contains covenants to comply with a maximum first lien net leverage ratio. For the new revolving credit facility, we must comply with a maximum first lien net leverage ratio of 3.50 to 1.0 through September 30, 2026, at which point it steps down to 3.25 times for the fiscal quarter ended December 31, 2026, and thereafter. For the non-extended revolving credit facility, we must comply with a maximum first lien net leverage ratio of 4.75 to 1.0 through September 30, 2025, at which point it stepped down to 4.50 times for the fiscal quarter ending December 31, 2025, and thereafter. As of September 30, 2025, we were in compliance with our financial covenants.
Previous wording
On January 7, 2021 we issued 6,000 shares of series A preferred stock, having a face value of $100,000 per share. The preferred shares are perpetual and will be redeemable at the option of the Company beginning on the fifth anniversary of issuance, 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). We did not declare or provide payment for the preferred stock dividend in either quarter of 2025 or any of the 2024 quarters. At June 30, 2025, aggregated undeclared and unpaid cumulative dividends totaled $85.7 million and the redemption value of the preferred stock totaled $718 million. In connection with the issuance of the preferred shares, Berkshire Hathaway also received a warrant to purchase up to 23.1 million Class A shares, at an exercise price of $13 per share.
Current wording
On January 7, 2021 we issued 6,000 shares of series A preferred stock, having a face value of $100,000 per share. The preferred shares are perpetual and will be redeemable at the option of the Company beginning on the fifth anniversary of issuance, 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). We did not declare or provide payment for the preferred stock dividend in any of the three quarters of 2025 or any of the 2024 quarters. At September 30, 2025, aggregated undeclared and unpaid cumulative dividends totaled $101 million and the redemption value of the preferred stock totaled $734 million. In connection with the issuance of the preferred shares, Berkshire Hathaway also received a warrant to purchase up to 23.1 million Class A shares, at an exercise price of $13 per share.
Previous wording
During the remainder of 2025, we anticipate contributing an additional $1.0 million to fund the SERPs' benefit payments. We have met regulatory funding requirements for our qualified benefit pension plan and do not have a mandatory contribution in 2025.
Current wording
During the remainder of 2025, we anticipate contributing an additional $0.5 million to fund the SERPs' benefit payments. We have met regulatory funding requirements for our qualified benefit pension plan and do not have a mandatory contribution in 2025.