SSP - Earnings call transcript Q4 2018 | The E.W. Scripps Company

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to The E W Scripps Fourth Quarter Earnings Conference Call. At this time, your telephone lines are in a listen-only mode. [Operator Instructions] As reminder, today's call is being recorded. I'll now turn the conference call over to your host, Vice President for Investor Relations, Carolyn Micheli. ahead. go Please

Carolyn Micheli

and morning, them a Good fourth thanks joining our Factors conference for XXXX actual filings. statements Thanks, may SEC differ results of everyone. are The for differ. call our that discussion A may Company's include E. us forward-looking results. and cause Alan. that reminder And webcast to W. quarter in Scripps outlined

visit information. scripps.com can You for more

a listen be information, week. Laura in to Lyons. up sign receive anytime the and Knutson; President to this you financial Lisa Local there. CEO, for the We'll can afternoon Media and audio room You President, is link Tomlin. Adam Also also Controller and from Treasurer, can available call SVP, and Symson; an Brian we emails of Doug up replay to disclose Chief Media Officer, and The this replay hear Financial this Lawlor morning will National

here's Now, Adam.

Adam Symson

on own radio television $XX improving realigning cut will growth. operating we effectively on long-term stations and exceeded stations. of agree plan, reach million. industry Katz digital important market local Triton, this have like near-term company, thanks and which company. markets. When acquired strong for executed station Cordillera equal was morning Each from a emerging got start of The TV number-one the to we year at and help year, well TV XXXX back streaming financial further consistently our our the Good a made local everybody. than year, and results what work towards Then transaction It and busy progress our and cost XX and the industry. broadcast acquire as to steadily future the the our more also revenue emphasis tangible. will we the while portfolio, stations joining is is media progress I'd point quick results. reorganizing networks, we Stitcher fast-growing we the the delivered positioned opportunity After media I'll we will for in third local we US committed you in in of audio we the This media company's dollars. expect growth we'll and for we our positioning five strategies on our operating better to we XX% plans making capitalize a results around Last see places. at consequently do. the changes is all team think Last and Scripps the media We look attracted growth announcing are closed our better through footholds audiences We all to national morning sold Newsy to continued more to Scripps address national putting national we our us than audio with our by it in advertising team expected doing and each they turn we and larger strong say businesses. expectations for businesses restructuring households leader

portfolio. operating a made Looking last our emerge Through we station more of through in M&A, with strength philosophies portfolio from durable the expect performing strategic on ahead, focused through realignment. with media midst stronger, the better changes we acquisitions. reach we to and the remain and local period improving of We're of this and year a period our portfolio

invest division from We the optimistic won't media our to as this the share and businesses more We The national in expand requires Court the expansion. although overpay quarter-over-quarter opportunity we doubled we but about of as the of term to We greater don't growing to television committed remain and and options. TV to to the remain We'll our near appropriately to expect ultimate stations see QX podcast term We're continue a QX, disciplined buyers relaunch continued margin yield to linear profitability. than buyer and pursue focused year iconic ecosystem to contribution. opportunities. businesses. we're that opportunity just investment continue those maximize on brand these in and to profitability of expect flow growth line growth potential cash fast-growing we short-

brief would of be Scripps XXXX. no book Now complete a discussion ahead for without

all and again us larger Scripps from portfolio we help our lively well spending. capture is And will new will expect value First, once election station positioned. election a footprint presidential be

Colorado bigger be two by will then stations We in and Florida, and in Texas. have in in California, bigger bigger we'll

benefit will the our expect through higher finally a next households and of business shareholder this continue Second, XXXX terrific retransmission advertisers, gross we and from our remarkable over create which net audiences year and serve focus Comcast significantly and executing our as our drive a to the it produce grow we journalism, reset on revenue. was we'll mission value. momentum outstanding and to year maintain all

Lisa. here's Now

Lisa Knutson

completed $XX XXXX, divisions Local good driven by XXXX was $XX our and the the and driven of had of year I'd our advertising of company. quarter $XX fourth outperformed and closed both hasn't a by the Raycom quarters and like activity general XXXX quarter revenue quarter Adam, everyone. profitable up XXXX acquisitions results, by quarter Scripps the both expectations beat political and the in the results. over divestitures Triton stopped. we've a at of fourth start In Since division, nearly million fourth on the on delivered XX% stations, our million Thanks Media morning, million. of political revenue. financial of a productive record fourth election pro midterms XXXX our on QX at basis the midterm forma figures soundly That of strong radio discussing November, to and busy, the advertising stations, television

Pickler quarter well as of more the as Brian fees, -off & network XX%. write Media to moment. about fourth for revenue was Local increase XX% Ben for our Pickler original Retransmission programming in Ben. & a Expenses due will non-cash daytime show up Our talk increased

quarter Turning to of was That also national guidance division, National significant, third see $XX deliver to the million our record revenue $X compares We the pleased which was which to a million nearly in were $X.X profit. media Media significantly low-to-mid range. in quarter. $XX exceeded million segment million fourth

cost in revenue Stitcher On $XX national XX% primarily the was year-over-year. came The million. at about expense media higher as sales by it driven higher side, delivered increase of at

$X full year. fourth savings $XX Turning to our for cost corporate plan. incurred million quarter about million million the and costs to the $X related We in restructuring the

that pension November. trend these the annuity contract transferred majority expense implementing We $XX expect some in to in in QX And The of liabilities million pension the of a downward the from are our charges out We coming XXXX. life to just efficiencies. mass a of restructuring remaining reminder came uptick company's early chargers purchase group system of insurance. mutual

one-time non-cash the a recognized charge settlement quarter. we fourth in pension So

pending the stations, charge integrating $X.X income was costs Triton acquisition. for or $XX from and former operations non-cash Raycom continuing and charges, & million per included Pickler $X quarter, fourth million million the Ben, related Cordillera the a restructuring for to For cost $X.XX quarter for the the share. Pre-tax

-core share exceeding charge, non operations expectations. the per and these items $X.XX pension continuing would income been from Excluding have

million. the of that quarter Our fourth for spent totaled There in $XX was increased capital million About FCC quarter. are a number reasons for repacking about expenditures fourth the process, the $X office we and some improvements transmission out build expect at stations Stitcher Newsy. reimbursed we government. for power which It will be our the and television by federal fully also included cost

X.X repurchased $XX million for to million. the shares Turning allocations, in company capital XXXX

We also $XX year payments million. made the totaling dividend throughout about

to shareholders of acquisitions with to December Board's that dividend $XXX I'd XXst, return Our in initiation year $XXX cash was and is returning to capital of net last capital. balances the hit a couple our million. of like our guidance. our items totaled of debt million part approach On

the First, the about the repass. million the year, cost expect expenditures full full of total FCC without year $XX to capital we for

in full only. the reported does XX% of the gave I clear station. retransmission gross include increase completed guidance transactions want year for not be that the we press as an release. on Second, for all to And It's revenue basis Cordillera the impact

as revenue in be that about We more the of Also comcast reset expect December our this XX% in those households to on XXXX. net households this a revenue well. while will year, and that up reminder bring year digits reset double are than retransmission XXst half of not

divestitures. Finally, now of we radio moving know pieces of we and have a acquisitions the in right lot terms

basis. also on pro been on our retransmission basis provide comcast for at Cordillera received had be provides Cordillera to on We're of like at the our At that year-end, and This I'd the some providing XXXX, acquisition at Raycom eight basis radio end our closing close forma X.Xx also a leverage after we this the divested, during same though once normalized our at debt forma have trailing would look X.Xx. to we time. we and the expect color as on look So and revenue transaction. quarters a a pro leverage leverage ratio

our to Brian Now media local here's discuss results.

Brian Lawlor

Cordillera Thanks ratings in announced away television the have brands mission them I performance visiting The October, new to DOJ our broadcasting awaiting stations. TV great audiences we matter advance of owning improve about of at owns time flow well look They number is strong and are quality ranked and our and and that I've and journalism nine Since stations, They our Scripps. forward everybody. Cordillera and of XX their spent that Lisa. customer consent we and operating focused the transaction has stations the FCC large to in these station. markets cleared our the also fit soon. culture highly came Good morning, have with very relationships impressed communities. cash These the enthusiastic The owning very strategies last profile, margin stations cultures our acquisition one and portfolio.

quick the revenue. look Now advertising to political I'd take at like a

presidential record as footprint these positioned Campaigns their reach comment and heavily And way As to This was the by election, the most of candidates they're look from that when share XXXX rural focused our and to high appreciate the on objective, rely credible election TV brands. community effective, capture we fall. to news broadcast out continue we during dollars. saw programs, political campaigns messages. proved to midterm and adjacent reliable Scripps the last we advertise think well was you'll margin issue ahead agree for to revenue our voters local they and

revenue the by Of we ad of saw the than coming such period But a $XX week performance. QX, a then This and began XXXX decline The to very our XX% took did impact advertising impact just time performance. in less drive back advertising Court. total to million to core local, r after the XX% X% lull national political course, day. combined only core was lines quarter, our stations and we in than it in in our heavy when a revenue a back bounce more five immediately affect political key and strong a up was

services, For Scripps some core including we're if improvement. return as Winter in the an quarter, last communications sector. nice and from and seeing outperform back core really reported slightly categories Bowl and expect up several out the NBC comps year's home that's first when and Olympics we the to year-over-year key be nice a against on you our basis Super performance, Overall,

the TV pleased in on latest which see period. remain subscriber the our pay receive retransmission fees to of total households We reporting subscriber were we number stable to Turning base.

September flat. from September to was fact that In XXXX XXXX counts

MVPDs. Over mitigated have the traditional decline top from any subscribers

proud grow show the to and on the distribution left When no of Now nation's distribution return XXXX Ben In Pickler Pickler Ben their this households. locked moment for This the daytime path and with two-thirds like XXX quality & September original Pickler committed operated we continue of launched we until show. out the of a the the show both to & growth our their X about business, owned of markets. us path program September incredibly NBC talk of some the We top networks a to ABC shows season on it into in back show to stations. I'd on decided cities, be for we US talk That air continue of both will end. in markets. see counted be very TV and reaches largest show. to & The We're disappointed Ben. will to and

talent announcement for relaunch mix the nation's hiring its Finally, with TV back familiar significant a and reception we've trial bringing live thrilled of been the progress Court gavel-to-gavel of anchoring, high-profile May analysis of new public coverage. Court Katz in and the The that networks trials. reporting we're TV made we've most and will and

here's of first distribution Court all of will to reach the year-end the best now any XX% Katz TV about be TV US of We That networks. Laura. by households. expect year And

Laura Tomlin

morning, Media profit and that In Brian. outstanding growth, grew Thanks went on. segment division everyone. year Good the XXXX, as National delivered the revenue

For grew nearly revenue grew Stitcher a more than and the revenue Katz XXX%, year, Newsy grew by XX% XX%.

streams. evolving beyond the told common focus that In does you division Triton division's other media national What a division on music revenue growth driving dollars, These are National capitalizes no be measurement on people contracts acquisition for our music recurring national margin XXXX, would fall audio engine the across we The their that providing is with enterprise. advertising. diversifies company, business the counterparts. and Triton ad trends. direct it was streaming commitment. fast growth the have media digital exposure the and we to the is streaming to businesses their in the delivered and in Triton globe profitable, long-term would and media revenue. have business consumer and that terrestrial step We that Media services on infrastructure is Triton More last are growing audience contribution business rapidly of and another high national and with a

maintain customers, deals we infrastructure and several the look and use on has expanded others. new XXXX, Triton with digital contracts to Triton recently products growing worldwide. expect of renewed its we sign As measurement to existing ahead with and its audio focus

Stitcher. to Turning

XXXX ended from growth. quarter in benefiting strong is Podcasting a revenue investment subscriptions. and pioneer is leader growth advertising attracting in and date, highest with new company to and its by podcast driven interest that podcasting, and Our Stitcher both as

have network to We continue infrastructure pay business ad best in off. agency and the strong relationships the our

major others Conan with talent of Snickers, to crucial national we added many as are Stephen ecosystem. renewed Facebook, the media. including Winfrey, Google Oprah extended partnerships partnerships capturing advertisers. podcast including to Microsoft, Dr. Lego, new continuing Phil, formed, long or rapid of and the Marvel Vox as and Dubner our and the Within last Stitcher recently O'Brien, have well year, and list active brands has fans expansion These high-profile

to cable. of proved network news strategy further as on past platform Cable This services Newsy most Newsy's brand for approach demographic, which natural our growth year objective tremendous multi-platform to gained Finally, in Newsy. our national the OTT is saw and TV the our for on traction has younger XXXX over-the-top authentic it out established and OTT. complements its skewing us drawn is because news, healthy position strong on

So today your and your cable devices. mobile we're on on on your laptop OTT service, and

team substantive Newsy completed because bureau several have is Recently, investigations resonating working impactful major with its viewers changes. the to investigative Washington led Scripps journalism. of government with that our

case year-long news tracked a expect for them financial Investigative One to other with police brand to The Center with news work change of this prompted Reveal cleared FBI from partnerships investigation. important us helping Newsy's the conducted strong way organizations we amplify rape success the reporting that national continued are local also in partnership establish of was the to ProPublica, drive and Reporting produce growth. and the

ahead the And viewing, opportunity national these growth podcasting division million. grow digital on way through of questions with estimated media in for consumers now Looking BXB captures in entertainment. the Triton to and television. information growing revenue $XXX news, seizing its is ready more continue audience operator, media XXXX a driving platforms with over-the-air over-the-top than and are the is we by audio. will national toward And The division Newsy capitalizing find Stitcher Katz changing

Operator

Go will Ryvicker ahead. with the Marci go We of line Instructions] to [Operator Research. Wolfe first

MarciRyvicker

Cox thoughts With are stations being your Adam, on Is you. for to or are sold M&A? you Apollo, looking purely what more still Thank wanly?

AdamSymson

durability, themselves our Well like portfolio. in of the strength we a continue development our of probably for that Triton, first size businesses. media growing and our is We're in things media say from capital and capital adding the our focus on right earlier, and will to now found and Marcy, say Things looking obviously, prepared use always in we help business. station like prior remarks, adjacencies would opportunistic the national our are we good allocation side said perspective that but of be particularly develop I'd our are looking local on I'd businesses, like primary corporate

MarciRyvicker

to with and then And is cadence for for us the in we XXXX guess then half of XX% in you but on help can half should --I core least. half, first the it's back think understand this first the re-trends Brian, can up. know of are comes at year year. your quarter you I think thoughts think for the how of subs up the that I I the I for-- about also said

BrianLawlor

Obviously, effect we think quarter to we very think the year. the opportunity even such build year. impact morning, first last year. and last we no We're had significant little clearly year, there's the but displacement Good on displacement go an expecting be up We first for Marcy. core Cordillera advertisers, year, of our with that to through in the to as had last really half

we the in disruptive like November. to but we're in back as we healthy categories first up. October do and through are first sequential A expecting what that lot core in quarter. move we nicely expect of We So couple see the after a be growth bounced year, weeks

good to of at will our which December half about as I we this Relative we XXst. come just pretty renew expect year, the to So do are subs that said of XX% we cadence of the think rates core. feel Comcast re-trends, rates higher

the the the but midpoint year. half year, that this to year other the won't in we able of half of really next around first So really be right realize until happened

June. the at come We have two that renewals of end up

the back of in So half that see benefit we'll year. the

Operator

go next Dan Go the our question of For Chronos we with please. Benchmark. will line ahead to

UnidentifiedAnalyst

don't haven't at sort but Thanks, wants you but a about to runway expense about programming, direct. kind then a guys know morning. higher other talked are interesting news the Ben there. maybe to good Pickler And have still with do really out to lot Thanks. who We're sort obviously sort I so take I'm one, of on much fortune profitability just your the overall curious segment. balancing of lot this Katz on Eventually & how sort segment within we migration just content space of to syndicating either we follow the just national level think original networks of suit ahead and of how syndication forging content. seeing a about the front. of own the new kind of the syndicated we that of

BrianLawlor

Hey, Dan, it's Brian.

Let I so start programming a can looking least question and what at then with right. for get the I probe the answer may the for of me you're or bit question cadence, more first little right the

really we're sunsetting XXX yes, seasons really that front, it the be We disappointed programming show. to remarkable. went The That markets to for in love we swing after was that got to show; Pickler we & fact have the we love and audiences the On were two up to Ben going a two. big announce season alone. us was

prepared a and as very of to aggressive in of And have we some were been to so daytime, opportunity. production take I be the number we through been advantage needed much season the the that two, network's since where and studios able we're but years in remarks, of it's said

all others clear using and they're the our and space. to that. to back get they're think own decided obviously O's success seeing Now I their And into

we the there. were realized big show profitability was that a limited and long-term going swing for So we path a ourselves, in that was

continue Right that Right our our you America. LA, the of the thing think we programming, or certainly a content there's and distributed that seasons can some to We've in to And we the about the a a creative XX% that. in were commitment continue And middle get I List space. produced We And the we'll and I to that beyond take the think not hasn't of it's that's of voice most you partners world, partners we programming commitment create we and there try the In this. feel pioneers well. shows York in ways we've and to changed. of to broadcasters real Scripps The is We'll we The and well Minute risk it's share also of the think I New the in some Minute season. in on niche that. fun of other and local perfect relates to for like shows, our I got List a But that Right have This Right us This look to is to have. have think of found have way as give we'll upside space it produce in schedules country. advantage to we risk, Minute are eight shows a The and the see two early unique but of think As but expect as result a Minute right our profitable they're partnerships which chosen of take like still one of middle a think to This America. any to in These the mitigate daytime. This

commitment our think has changed. don't I So there

-- just that? Can and migration its we to asked you you talk back, about so Going to the Katz question clarify direct.

UnidentifiedAnalyst

curious meant, is I general have you a update How still much just fruit paid that there? I-- of look, sort progressing? how I it we an could knew you give you bought if was market. it towards was moving lot us when Yes. of trend right low-hanging on advertising

BrianLawlor

have a Yes. We lot. still

next built from direct direct moved we're the basically general basic growth of the oldest really market. I comes general seeing just response. So most significant what any you its rest advanced. to the but advanced had lot yet. in runway are one, low-hanging into well of doubling past network comes they really bounce the relative near space, at basically they're half general Roughly that where and think as the general a as out year. in they They've that hybrid still market so the market the second kind Laughing of the amount told last of most we've market move our the both profitable is also Grits It's works more Grits most the But response-type them grit space. are direct of of there's a network bounces is in from DR product. response. in nowhere revenue of escape the

can of So or but we launch, year I a I move up we almost advertisers important. and into networks. is response, have onto be so not general will a at imagine still nationally market then space. run market we'll XXX ready the a really right got, say But buy advertisers we when to in even There's are hybrid, would TV. We've and they're the excited general don't room. we be know, Katz the maybe stepping lot lot rated in market general I and and that leaning in advertisers won't Court on excitement direct stepping of to moving

up were general up calendar fronts front, all broadcast Our up is that double market. on of both and the the and digits

a us. healthy it's for space So

Operator

to Our next with Noble ahead of Markets. the Michael question will please. Kupinski line Go be Capital going

MichaelKupinski

I updates targets. for on Newsy taking us give if Any update can goals there. wondering subscriber Thanks was and question. Great. any the you cable

LauraTomlin

Yes, Laura. cable are so It's Hey, Mike. now. subscribers nearing right XX million we

will but I some this carriage can fees ad and from revenue you nice XXXX, coming start for lay growth year in expect to think revenue continued cable OTT, and primarily

MichaelKupinski

was the which terms quarter. guidance believe segment you acquired that the then Triton and segments. profitable. I for for first And initiatives of of national in for addition part earmarked in cost-cutting a was the company's Okay media the national

first little Court that that in us the starting you anticipating bit that's for in, was there --for on TV of the kind So kind of division the I framed in for segment margin just spend is be and color the and I a that quarter guidance assume there. the Can maybe of spent in give investments numbers quarter. more first might some the

LisaKnutson

the to first I'll Court Lisa. take piece. over kick part the TV It's on Mike. Hey, and investment Brian

national So cutting end we division had $X started we about cost the cost-cutting our of of came actually the at earmarked when million XXXX in initiative. that

that XXXX. in laid for So was

the this in at that's run So in rate point time.

BrianLawlor

It's talent studio out Mike. obviously, Relative to set building a and in hiring also terrific Brian. production but TV, Atlanta. Hey, were busy Court down

beyond $XX capital, for So where And and that's between and that the startup. the the million some between into gavel coverage be $XX gave startup built all million in somewhere the live just programming the will or P&L.

LisaKnutson

Mike. Hey,

Just division, too of ad the businesses on reminder is most the media international businesses. based

So quarter seasonality we in first expect as well. the

MichaelKupinski

Got you.

And into could for kind see we see of to things you some What that that. go national year we the much and spent of the start in of those maybe of TV after heavy in there's XXXX? Court like moving terms noise margins for so balance part this of just us so can Can margins you because could kind division. sense give a of where

LisaKnutson

We're margins margin mentioned as we've of not expansion. on giving guidance we a continue Hey, Mike. pursue your sort but full to

going these requires and growth. in as important come businesses mode think through focused high really revenue point the I is to That's investment. were continued growth support. A on of the metrics that that are couple really

expense we to of our see is revenue And segments to outpace contribute line goal Our to handsomely any growth. takes growth eventually. sort now. the expect investment It right bottom just

MichaelKupinski

I from XXXX we totally would see margin get improvement but that instance? for year-over-year

LisaKnutson

are to say small would this quarter. year can to of think I be would vary going incremental, sort the margins it see I And by you

MichaelKupinski

Can talk a bit the station just then building past about we more And we prospect there? about Are little focusing swaps. stopping talked in you. the out Got on you the platform?

AdamSymson

realigning stations say I stronger said acquire environment from right would now the Mike. swaps. I operating philosophy I to our is think our I Yes, Good emerging regulatory buy respect as It's period with Adam. potentially questionable a and opportunity swap to portfolio Hey, result the changes mean pursue as morning. our commitment sell with of with this along and to to strategy. portfolio a continue the to much

where expect performance with durability. do I well looking operate. we be the being the we the opportunities to strength, we're our same. enhance deeper markets the the We for emerge the net result as how operating our is filter continue think to portfolio, as as to at what look in Ultimately we of

definitely And second interested is think so something in stations we're pursue. I continuing to

Operator

We'll to ahead. Go of with Huber Research. go now Huber line Craig

CraigHuber

start first. curious retrans guys Maybe the a hi, TV Yes, good we'll bit? year are for us net I'm you can you thinking growth, what little morning. on Brian help with

BrianLawlor

Double digits, correct.

CarterGould

So subs. plus if took out And you the okay. XX% then OTT

maybe part. you the traditional is basically you said think out OTT that if piece, took you I the were mean X%-X% of overall sort down flat you're

BrianLawlor

I mean no we virtual I MVPDs. through which two shedding to our MVPDs converting reporting started OTT and little Yes. been ago. have end well the if that's people XXX,XXX subs is are At years since a through year surprise last this a think about September over over that have households

directly MVPD into since earlier, So so MVPD assume has come those you household virtual have that subs we months September MVPD twelve that sub. could a said of has converted last and reported left for year have I last directly from households an any as that

able So same. the those we're monetize news the good to is exactly households

virtual through services. or So they're of a MVPD as new one getting traditional whether the to we're indifferent their subscriptions

CraigHuber

first year-over-year there Then difference the what happened maybe I'm say you're much the [Indiscernible] local national versus Brian curious in what just in seeing performance is and quarter.

BrianLawlor

lot and that so regional Yes. to are agencies, muddier who national people year just moves local. are around. clients because agencies national ad kind every a it It Like agencies of a gets of there's move movement of

points this we we're where on up a looking a year everything's local national see just based slotted at flat. about couple percentage As

do control So the Obviously, of of over more can our million local, growth on where digital. million business, another the We'll that's $XX $XX new of comes well controllables. we

our where there creating that's sales folks banging on doors us. business really So are and out folks for are talented

we is local stable be more nation better able so prospect for seeing national good think we and the long-term money And systems. national but from more I to take that's through have ad where really the And our automated move control, we're to think money and agencies.

CraigHuber

the are for may cap may updated you. the Brian with my here? question last not what terms in ownership of your What do FCC thoughts or

BrianLawlor

year. a this mean at we've I for I over Yes. don't been well know.

still able companies to that think for were opportunity growth. strong we think white there's the of We expand We should there's XX%. we one a filed think XX%. broadcasters be beyond should we have move for case to So cap thought still the the that

it discount XX. think resolved, we and so it or don't of good. settles filed be in still obviously that I I believe north will if and with a the gets XX XX UHF whenever would between XX eliminated. gets But grow somewhere And know it it it's that and

CraigHuber

in this of here. question given to hear about growth Obviously, like it's to all media to sort the figure difficult you allocate I Then mean I most could. where you prospects if out I the growth somewhat space have internal Okay. national sort want you briefly drive be money going I of year within high properties side where spending. national you're to if what growth the just for excited I guess for to this help could like investments just funneling are guys do the behind mea. they that

LauraTomlin

business say the HI. I every from would Dan, Laura. we're it's excited a I about mean growth perspective. portfolio in

the revenue to we're division. is the We to businesses around expecting question think continue all year investment balance allocating but revenue each growth rates Stitcher board from This to expected the the in growth I significant good making expect really with high Your business contribute really Newsy, and across a of return. capital we're these one.

CraigHuber

behind one of in a national one media it within across Is or the sort you're one it's all that area or particular spending board? two company heavily

LauraTomlin

Yes.

Katz. that Stitcher come of will most year and this think from I

So the in and for return identify yield each long-term greater what to that's the and make we have continue expectations the we for to to where more company. high that we every will value year division. opportunities deliver the investment investment Court going And TV

Operator

of David now to line go We'll with ahead Go Steinhardt the Litespeed Partners. please

DavidSteinhardt

Hey, I all, on missed transformative to be congrats progress. when this, what have expectation your just really is wondering the a as I'm Cordillera excited XXXX, closed? will might for

BrianLawlor

it's Brian. Hey, Dave,

We right have now. We're approval. DOJ the working through FCC

hoping So in second we're of somewhere there. beginning quarter

DavidSteinhardt

to what that to and different retrends. working trying media XXXX grow look and and the spending with are national but what the you media Cordillera beyond? once in you're that very going closes the local business you'd of know is happy you terms I towards business, be And obviously, and is margin at But get XXXX Great. Okay. Comcast

AdamSymson

we you of growing clarify at of give the color opportunistically growth the to absolutely while and organically. business are continuing some David. national Hey, But that Brian I'll sort just let wanted business and numbers. It's the Adam organically fuel looking on to national I course of the

some Our you to on top want give want And I make priority is business. the him media to add strength to want you sure --you and Brian portfolio. that. durability to color just our understood local

BrianLawlor

can. building effective, margin that television priority sure we're Dave a here, obviously. most and successful profitable we stations Sure, is making the

fact You political. have benefit in will that or comcast finally comes the in materialize XXXX will touched on Cordillera the of

division We cost took year. the million a have will local the of cuts also we out $XX last that media at benefit of

So we the were taking cuts last those year. out year through

initiated was success XXs to get that and with as cuts. for well all improvement associated of growth with cost strong of initiatives to that mid- year. grow. margins obviously realization grow expect to I that full-year some we've to continues margin full we the the The Our as be stations the as our Cordillera this on expect able XXXX the year to other we comcast

pushing north target. well the of is certainly Q&A mid-XXs of our So End

Operator

have we further queue. time questions This in no

Carolyn Micheli

today. you us Thanks And for everybody do Alan. Thanks information joining replay can the Alan now.

Operator

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Carolyn Micheli	Vice President, Investor Relations
Adam Symson	President and Chief Executive Officer
Lisa Knutson	Executive Vice President and Chief Financial Officer
Brian Lawlor	President, Local Media
Laura Tomlin	Senior Vice President, National Media
Marci Ryvicker	Wolfe Research
Michael Kupinski	Noble Capital Markets
Craig Huber	Huber Research
David Steinhardt	Litespeed

The E.W. Scripps Company (SSP) 1 Mar 192018 Q4 Earnings call transcript