E.W. Scripps, a Cincinnati-based media conglomerate, has initiated layoffs across its 61 local television stations in 41 markets, affecting newsrooms nationwide. Employees were informed of the staff reductions on Monday, marking the latest contraction in U.S. local TV newsrooms.
The company operates prominent stations such as KMGH in Denver, WXYZ in Detroit, and WTVF in Nashville. The layoffs coincide with active refinancing negotiations, including adjustments to its term loan and revolving credit facility. These financial maneuvers prompted Scripps to delay its fourth-quarter and full-year earnings report, initially scheduled for February 27. The company now plans to release its next earnings report on March 11.
In a statement, Scripps emphasized the necessity of financial adjustments as a reason for the layoffs and the postponed earnings report. This development adds to the ongoing challenges faced by local TV newsrooms across the United States.
The company has not disclosed the exact number of employees affected by the layoffs. The media industry continues to grapple with economic pressures, leading to workforce reductions and operational shifts.
Scripps’ decision reflects broader trends in the media landscape, where companies are reevaluating strategies amid financial constraints. The upcoming earnings report on March 11 is anticipated to provide further insights into the company’s financial health and future direction.