E.W. Scripps Co has announced a significant update regarding its financial outlook and workforce restructuring. The company has raised its expectations for full-year 2026 midterm political advertising revenue to approximately $275 million, a notable increase of about 40% compared to its 2022 midterm election revenue. This revision reflects strong candidate, issue, and advocacy spending across various markets.

Additionally, Scripps has completed 431 workforce reductions, bringing the total number of employees affected in 2026 to around 850, which is nearly 20% of its workforce at the beginning of the year. These changes are part of a broader transformation plan aimed at generating $125-$150 million in enterprise EBITDA growth by 2028.

"The impact of our transformation efforts will become most evident in our fourth-quarter results, and we expect to achieve approximately $100 million in annual run-rate savings by year-end," the company stated.

In the third quarter, Scripps reported nearly $81 million in Local Media political revenue, driven by strong spending in key states such as Michigan, Ohio, Arizona, Florida, Wisconsin, Tennessee, and Virginia. The company had previously guided to a full-year revenue range of $225-$250 million.

As of the end of the third quarter, Scripps held $83 million in cash and plans to use this, along with proceeds from Q4 political advertising revenue, to pay down at least $150 million of its debt in the upcoming quarter.

Scripps is set to release its full third-quarter 2026 results on November 5, as previously announced.

Details were not available in the SEC filing.