Television
Report on Shemaroo

Scripps TV looks for opportunities to grow, seeks to extend debt maturity

MUMBAI: The E.W. Scripps Company has launched an offering of $400 million of new senior unsecured notes. The private placement offer is subject to market conditions and other factors and is exempt from the registration requirements of the Securities Act of 1933. The notes are expected to mature in 2025 and will be guaranteed by certain of the company's existing and future subsidiaries. Completion of the offering is subject to customary closing conditions.

The E.W. Scripps Company is one of the US's largest independent TV station owners, with 33 television stations in 24 markets and a reach of nearly one in five U.S. households. It also owns 34 radio stations in eight markets.

In conjunction with the notes issuance, Scripps is seeking to amend and restate its existing $100 million senior secured revolving credit facility to increase the borrowing capacity to $125 million and extend the maturity to 2022. The notes offering is not conditioned on executing the amended revolving credit facility. Proceeds from the offering will be used to repay the existing $391 million term loan B due in 2020, to pay related fees and expenses and for general corporate purposes.

"We are taking advantage of historically low long-term interest rates to extend the maturity of our debt to 2025," said Scripps chairman, president and CEO Rich Boehne. "Since this is a refinancing, we are not significantly increasing the total amount of our debt. We would have pro-forma net leverage of 1.4x based on 2016 results, and that level of leverage allows us the financial flexibility we are accustomed to putting to work as we look for opportunities to grow the company."

The notes and related guarantees have not been, and will not be, registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption. The notes will be offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A of the Securities Act, or outside the United States, to persons other than "U.S. persons" in compliance with Regulation S under the Securities Act.

Although Scripps has not yet finalized its financial results, the company expects first-quarter 2017 operating results, which will be released on May 5, to be consistent with its prior expectations. Accordingly, first-quarter television revenue is expected to be flat, radio revenue is expected to decrease in the mid-single-digit range, and digital revenue to increase in the mid-20 per cent range compared to the first quarter of 2016. It is also expected that for the first quarter of 2017, television expenses will increase by mid-single digits, radio expense will decrease by low-single digits, and digital expense will increase in the mid-40 per cent range compared to the first quarter of 2016. Based upon these results, segment profit less corporate expenses for the first quarter of 2017 will decrease about 40 percent compared to the first quarter of 2016, largely due to the lack of political advertising in this non-political year. There can be no assurance that Scripps' actual results for this quarter will not differ from its current expectations. Any such changes could be material, and undue reliance should not be placed on these estimates.

Latest Reads

https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/06/19/nbf-800.jpg?itok=rpMUQVBn
Association of Regional TV Broadcasters of India merges with NBF

KOLKATA: The Association of Regional Television Broadcasters of India (ARTBI), on Friday merged with the News Broadcasters Federation (NBF), making NBF the largest body representing the business interests and editorial freedom of news television broadcasters in the country.

Television TV Channels News Broadcasting
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/06/18/zee-mpcg.jpg?itok=zPhAZ9R5
ZEE MPCG launches new conversation series 'Chhattisgarh Ki Baat'

ZEE Madhya Pradesh-Chhattisgarh has announced a series of events and conclaves called Chhattisgarh Ki Baat, which will be held in various Tier two cities, where both the economy and the society have been deeply affected by the pandemic.

Television TV Channels Regional
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/06/18/times.jpg?itok=N5EYZtH1
Times Network launches 2nd edition of Living Room Conclave - India Health Mission

Times Network has announced the second edition of Living Room Conclave - India Health Mission, a conclave series that will focus on combating the COVID-19 pandemic. 

Television TV Channels News Broadcasting
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/06/18/photogrid_plus_1624023255975.jpg?itok=t5GwEtVM
Star Sports Select celebrates Wimbledon's return with new promo

KOLKATA: Star Sports Select, the official broadcaster of the premier Grand Slam event has launched a promo #GreatnessResumes that brings to the fore how the toughest setbacks lead to the greatest comeback. Wimbledon 2021 will be live and exclusive on Star Sports Select from 28 June- 11 July, 3:30...

Television TV Channels Sports
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/06/18/photogrid_plus_1624026471869_0.jpg?itok=EyFWWVuH
Times Network announces 2nd Edition of Living Room Conclave - India Health Mission

MUMBAI: India's premium broadcast network, Times Network announces the 2nd Edition of Living Room Conclave - India Health Mission, a conclave series that will focus on combatting the COVID-19 pandemic.  As India moves ahead after battling the cruel second wave, it is pertinent to continue to follow...

Television TV Channels News Broadcasting
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/06/18/photogrid_plus_1624008858834.jpg?itok=9ER2xITp
SPN secures dynamic John Doe injunction to protect copyright of India's upcoming series

New Delhi: Sony Pictures Networks India (SPN) has secured a Dynamic John Doe injunction order from the Delhi high court to protect infringement of copyrights for two of the upcoming international cricketing series. The order applies to India–Sri Lanka Men’s International Series in July 2021 and the...

Television TV Channels Sports
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/06/18/sony.jpg?itok=3tF6JU2p
SPNI acquires broadcast rights for 2021 MEIJI YASUDA J1 LEAGUE

Sony Pictures Networks India (SPN) has acquired the exclusive television & digital rights for the 29th season of Japan Professional Football League - MEIJI YASUDA J1 LEAGUE, till December 2021.

Television TV Channels Sports
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/06/17/dp.jpg?itok=b92i34zB
DB Corp q4 PAT grows by 158 %, circulation revenue dips

Print media company, DB Corp Limited (DBCL), which is home to flagship newspapers – Dainik Bhaskar, Divya Bhaskar, Divya Marathi and Saurashtra Samachar has announced its financial results for the quarter ended 31 March, 2021.

Television TV Channels News Broadcasting
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/06/17/dolby.jpg?itok=qX7uCmQ6
IPRS launches #KNOWYOURMUSIC campaign ahead of World Music Day

New Delhi: The Indian Performing Right Society Limited (IPRS) and Dolby Laboratories have come together ahead of the World Music Day on 21 June, to launch the #KNOWYOURMUSIC campaign highlighting multiple genres of Indian music and creating a more engaged audience.

Television TV Channels Music and Youth

Sign up for our Newsletter

subscribe for latest stories

* indicates required