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Sasha Padbidri

Broadcaster E.W. Scripps has teamed up with Bank of America and JP Morgan to hold investor meetings for a potential debt transaction, sources told 9fin.

The company is looking to refinance existing term loan debt and sell non-strategic real estate assets, according to 9fin sources. JP Morgan is expected to lead a term loan, while BofA is expected to lead a bond offering. The timing and deal structure are still fluid, the sources said. Scripps reports Q1 24 earnings on 9 May.

Investors have soured on broadcasting companies of late, and Scripps will need to convince them of its future beyond this year’s US presidential election cycle, which generally boosts free cash flow in the sector.

The company has over $3bn of debt, including a $761.2m term loan B due May 2026. Quotes on the loan due 2026 are around 99 cents on the dollar, while the 5.375% SUNs due January 2031 are quoted at roughly 59.

The company is hoping to pay down debt using advertising spend from the US presidential elections. It could generate between $210m and $250m of political advertising revenue this year, chief financial officer Jason Combs said in a February earnings call. (Our credit team unpacked how political advertising spend could impact Scripps and its high-yield peers, check it out here).

But beyond the elections cycle, Scripps has struggled to compete with streaming services. In March, Moody’s downgraded the company’s credit rating to B3 and its secured debt ratings to B2. S&P also downgraded the company’s credit rating to B and its senior secured debt ratings to BB-. Both cited subscriber losses tied to secular cord-cutting trends and declines in linear TV core advertising. (We explored this trend in another credit analysis here).

Earlier this month, Scripps’ chief executive officer Adam Symson said that it is exploring the sale of Bounce TV, a move that could potentially help the company shore up more cash for debt repayment.

Spokespeople for Scripps, BofA and JP Morgan declined to comment.

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E.W. Scripps gauges investor interest in tackling debt maturities

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