E.W. Scripps is a U.S. television broadcaster operating two businesses: local TV stations and national broadcast/cable networks. The Local Media segment owns more than 60 local TV stations across more than 40 markets, reaching about 25% of U.S. TV households, with affiliations primarily with ABC, NBC, CBS, and Fox. These stations generate revenue through local and national spot advertising and retransmission consent fees — recurring per-subscriber fees paid by cable, satellite, and virtual pay TV distributors to carry local broadcast signals. Net distribution revenue is the spread between those fees and the reverse compensation Scripps pays back to the Big 4 networks. The Scripps Networks segment is built primarily around ION, a national broadcast network available in nearly 99% of U.S. TV households, which airs scripted crime and procedural programming. Scripps also operates several sub-networks including Bounce, Grit, ION Mystery, and Laff. Networks revenue comes from national advertisers through upfront, scatter, and direct response advertising. Two growth initiatives are central to Scripps' strategy: sports rights and connected TV. Scripps has acquired local broadcast rights for several NHL teams and nationally carries the WNBA and NWSL on ION, with live sports commanding advertising rates roughly 2x non-sports inventory. Scripps has also distributed its national networks as FAST channels on streaming platforms, generating a CTV advertising revenue stream projected to exceed $120M in 2025. Scripps carries substantial debt and is prioritizing deleveraging through asset sales, station swaps, and a broader cost and revenue transformation program targeting $125M–$150M of annualized EBITDA improvement by 2028.