Technology

Stock News in Focus: The E.W. Scripps Company (NASDAQ:SSP)

The E.W. Scripps Company (NASDAQ:SSP) stock identified change of 10.39% away from 52-week low price and recently located move of -46.43% off 52-week high price. It has market worth of $1030.41M and dividend yield of 1.59%. SSP stock has been recorded -8.23% away from 50 day moving average and -28.19% away from 200 day moving average. Moving closer, we can see that shares have been trading -1.50% off 20-day moving average.

 On Sept. 19, 2019, The E.W. Scripps Company (NASDAQ:SSP) has closed its acquisition of eight television stations in seven markets divested from the Nexstar Media Group (NASDAQ: NXST) transaction with Tribune Media (NYSE: TRCO).

The acquisition grows the Scripps local television station footprint to 60 stations in 42 markets, making it the nation’s fourth-largest independent broadcaster with a reach of 31% of U.S. TV households.

Since Jan. 1, Scripps has added 27 television stations to its portfolio, and it now expects 2020 company free cash flow to be in the range of $225 million to $250 million.

The stations diversify Scripps’ affiliate relationships, expand its political advertising footprint and bring durability and geographic reach to its television station portfolio.

The stations joining Scripps’ television portfolio are:

  • WPIX, the CW affiliate in New York City. (Scripps has granted Nexstar the option to buy back WPIX in New York City. The option is exercisable from March 31, 2020, through the end of 2021.)
  • KASW, the CW affiliate in Phoenix (which joins the Scripps ABC affiliate there)
  • WSFL, the CW affiliate in Miami-Fort Lauderdale (adjacent to the Scripps NBC affiliate in West Palm Beach, Florida)
  • KSTU, the Fox affiliate in Salt Lake City
  • WTKR, the CBS affiliate, and WGNT, the CW affiliate, in Norfolk, Virginia
  • WTVR, the CBS affiliate in Richmond, Virginia
  • WXMI, the Fox affiliate in Grand Rapids, Michigan

 The Services sector company, The E.W. Scripps Company noticed change of -6.42% to $12.54 along volume of 536767 shares in recent session compared to an average volume of 397.05K. The stock observed return of -10.24% in 5 days trading activity. The stock was at 4.94% over one month performance. SSP’s shares are at -16.84% for the quarter and driving a -22.64% return over the course of the past year and is now at -20.28% since this point in 2018.  The average volatility for the week at 4.93% and for month was at 4.36%. There are 82.17M shares outstanding and 54.03M shares are floated in market. Right now the stock beta is 1.96.

Leave a Reply

Your email address will not be published. Required fields are marked *