Sometimes You Just Have to Shake Your Head and Move on

The board of directors for The E.W. Scripps Company (NASDAQ: SSP) has approved a new contract for President and CEO Adam Symson, extending his tenure through Dec. 31, 2029. The agreement replaces his previous five-year contract, which was originally set to expire in 2027.

Symson has held the top executive role since August 2017. While the board credited him with the acquisition of ION Media and the 2022 launch of Scripps Sports, his leadership has coincided with a period of significant contraction and financial decline for the company.

Under Symson’s "transformation plans," Scripps has executed multiple rounds of layoffs affecting hundreds of employees across its local stations and corporate divisions. These cuts have been framed by management as necessary "operating efficiencies" and a shift toward automation and AI. Most recently, the company announced a goal to increase annualized EBITDA by $125-$150 million by 2028, a plan largely dependent on further cost-cutting measures.

The contract extension comes as the company faces steep challenges in its core broadcasting business. Many Scripps-owned local stations have seen a consistent slide in linear television ratings. These audience losses, coupled with a shifting advertising landscape, have weighed heavily on the company's valuation.

The financial impact is most visible in the company’s stock performance. Since Symson took the helm in 2017, Scripps’ stock price has plummeted, losing a vast majority of its value and significantly underperforming the broader market.

Despite these metrics, Board Chair Kim Williams defended the extension, citing Symson’s "bold vision" and the board's desire for continuity during the current restructuring phase. Williams noted that executive pay remains focused on variable compensation to align management interests with shareholders, though investors have yet to see a recovery in share price.

Symson, who began his career with the company as a producer in 2002, will now remain at the helm for at least another three years beyond his original deal as the company continues to pivot away from traditional local news models.