Jason Combs on debt refinancing
From The E.W. Scripps Company - CFO Jason Combs, Chief of Communications & IR Carolyn Micheli · · GabelliTV
“We recently completed the refinancing and extension of our 2026 and 2028 term loans as well as a revolving credit facility at good economics, limiting the increase in our average cost of debt to less than one percentage point despite the elevated rate environment.”
On , Jason Combs, Executive Vice President & Chief Financial Officer at EW SCRIPPS -CL A, spoke about debt refinancing during The E.W. Scripps Company - CFO Jason Combs, Chief of Communications & IR Carolyn Micheli on GabelliTV.
About Jason Combs
Jason Combs, Executive Vice President and Chief Financial Officer of the E.W. Scripps Company, stated that the company’s primary capital allocation priority is debt reduction, noting that since the Ion acquisition in 2021, 99% of discretionary cash flow has been applied to debt paydown. He said the company recently refinanced and extended its 2026 and 2028 term loans and revolving credit facility, limiting the increase in its average cost of debt to less than one percentage point. Combs also said Scripps is supportive of changes to broadcast ownership regulations, particularly the national cap, and that the company is focused on swap opportunities and select asset sales rather than major acquisitions. He reported that the company sold $63 million in real estate, including broadcast towers and a TV station building, directing proceeds toward debt reduction. Combs discussed the company’s performance and outlook, stating that Scripps Networks segment margin expanded 870 basis points in the first quarter, exceeding full-year guidance, and that connected TV revenue increased 42% to over $100 million. He noted that political advertising spend in the 2024 election cycle rose 30% compared to the prior cycle. Regarding ATSC 3.0 and data casting, Combs expressed excitement about its potential as a complement to 5G, particularly in automotive and digital signage, but said significant revenue is expected later in the decade. He also said the company is not putting out specific numbers for the EdgeBeam team buildout but is more excited about data casting than at any point in his tenure.