14 unchanged sentences
• Local television stations have significant exposure to advertising in the automotive, retail and services industries.
−Removed: Our national networks have significant exposure to advertising in the consumer-packaged goods, pharmaceutical and insurance industries.
+Added: Our national networks have significant exposure to advertising in the consumer-packaged goods, pharmaceutical
+Added: and insurance industries.
A disruption in advertising spend within these industries could adversely impact our revenue and we may not be able to secure adequate replacement advertisers.
2 unchanged sentences
These automated solutions could reduce the value of relationships with advertisers as well as result in downward pricing pressure.
−Removed: • The TV industry is on the verge of adopting new measurement currencies, and Nielsen is also making methodological changes to the way it measures viewing by incorporating set top box and smart TV data.
−Removed: The emerging currencies generally undercount over-the-air ("OTA") viewing, and Nielsen has not prioritized OTA enhancements.
+Added: • The TV industry is on the verge of adopting new measurement currencies, and measurement providers are also making methodological changes to the way they measure viewing by incorporating set top box and smart TV data.
+Added: The emerging currencies generally undercount over-the-air ("OTA") viewing, and measurement providers have not prioritized OTA enhancements.
If measurement evolves in a direction that does not appropriately capture OTA viewership trends it could reduce the attractiveness of our audiences to advertisers.
12 unchanged sentences
Eighteen of our stations have affiliations with the ABC television network, eleven with the NBC television network, nine with the CBS television network and four with the FOX television network.
−Removed: Additionally, we have affiliations with the CW television network.
These television networks produce and distribute programming which our stations commit to air at specified times.
1 unchanged sentence
These fees may be a percentage of retransmission revenues that the stations receive (see below) or may be fixed amounts based on the number of households or subscribers in a market.
−Removed: These fees have been increasing from renewal to renewal over the past several years.
−Removed: ION's broadcast stations are carried by cable and satellite operators in their local television markets pursuant to the FCC’s “must carry” rules.
+Added: ION's broadcast stations are primarily carried by cable and satellite operators in their local television markets pursuant to the FCC’s “must carry” rules.
Additionally, in certain of our markets, our national networks are carried by local television broadcasters and cable and satellite operators pursuant to negotiated carriage agreements.
30 unchanged sentences
If the FCC fails to renew any of these licenses, it could prevent us from operating the affected stations.
−Removed: If the FCC renews a license with substantial conditions or modifications (including renewing the license for a term of fewer than eight years), it could have a material adverse effect on the affected station’s revenue potential.
+Added: If the FCC renews a license with substantial conditions or
+Added: modifications (including renewing the license for a term of fewer than eight years), it could have a material adverse effect on the affected station’s revenue potential.
• As also discussed under Federal Regulation of Broadcasting, the FCC has adopted broadcasters’ proposal to permit the voluntary use of a new digital television transmission standard, ATSC 3.0, that is incompatible with the existing standard.
17 unchanged sentences
Acquisitions of television stations are subject to the approval of the FCC and the Antitrust Division of the Department of Justice.
−Removed: Current or future policies of these regulatory authorities could restrict our ability to pursue or consummate future transactions and could require us to divest certain television stations if an acquisition under contract would result in excessive concentration in a market or fail to comply with FCC ownership limitations.
+Added: Current or future policies of these regulatory authorities could impact our ability to pursue or consummate future transactions and could require us to divest certain television stations if an acquisition under contract would result in excessive concentration in a market or fail to comply with FCC ownership limitations.
There can be no assurance that an acquisition will be approved by these regulatory authorities, or that a requirement to divest existing stations will not have an adverse effect on the transaction or our business.
2 unchanged sentences
Our operations are routinely involved in receiving, storing, processing and transmitting sensitive information.
−Removed: Although we monitor security measures regularly, any unauthorized intrusion, malicious software infiltration, theft of data, network disruption, denial of service, or similar act by any party could disrupt the integrity, continuity, and security of our systems or the systems of our clients or vendors.
+Added: Although we monitor security measures regularly, any unauthorized intrusion, malicious software infiltration, theft of data, network disruption, denial of
+Added: service, or similar act by any party could disrupt the integrity, continuity, and security of our systems or the systems of our clients or vendors.
These events, or our failure to employ new technologies, revise processes and invest in people to sustain our ability to defend against cyber threats, could create financial liability, regulatory sanction, or a loss of confidence in our ability to protect information, and adversely affect our revenue by causing the loss of current or potential clients.
3 unchanged sentences
The preferred shares are redeemable at the option of Scripps beginning on January 7, 2026, and redeemable at the option of the holders in the event of a Change of Control (as defined in the terms of the preferred shares), in each case at a redemption price of 105% of the face value, plus accrued and unpaid dividends (whether or not declared).
−Removed: As long as Scripps pays quarterly dividends in cash on the preferred shares, the dividend rate will be 8% per annum.
−Removed: If dividends on the preferred shares, which compound quarterly, are not paid in full in cash, the rate will increase to 9% per annum for the rest of time that the preferred shares are outstanding.
+Added: Following Scripps' election to defer the first quarter 2024 dividend payment, the dividend rate on the preferred shares increased from 8% per annum to 9% per annum and will continue at that rate for the remaining periods that the preferred shares are outstanding.
Under the terms of the preferred shares, Scripps is subject to certain restrictions, including being prohibited from paying dividends on and purchasing its common shares until all preferred shares are redeemed.
35 unchanged sentences
As of December 31, 2024, we had approximately $2.6 billion in aggregate principal amount of outstanding indebtedness, approximately $818 million of which constituted senior unsecured debt, $523 million of which constituted senior secured debt and $1.3 billion of which constituted the aggregate principal amount of term loans under our Credit Agreement.
−Removed: We have the ability to incur up to $585 million of indebtedness under our Credit Agreement, all of which is secured indebtedness, effectively ranking senior to unsecured indebtedness to the extent of the value of the assets securing such indebtedness.
+Added: Our term loan that has an outstanding balance of $721 million and matures in May 2026 is our earliest maturing outstanding debt.
+Added: We have the ability to incur up to $585 million of indebtedness under our Credit Agreement that currently matures on January 7, 2026, all of which is secured indebtedness, effectively ranking senior to unsecured indebtedness to the extent of the value of the assets securing such indebtedness.
Our outstanding debt could have the following consequences:
6 unchanged sentences
This is partially subject to general economic, financial, competitive, legislative, regulatory, and other factors that are beyond our control.
−Removed: We cannot assure you that our business will generate cash flow from operations, that future borrowings will be
−Removed: available to us under our Credit Agreement or any other credit facilities, or that we will be able to complete any necessary financings, in amounts sufficient to enable us to fund our operations or pay our debts and other obligations, or to fund other liquidity needs.
−Removed: If we are not able to generate sufficient cash flow to service our obligations, we may need to refinance or restructure our debt, sell assets, reduce or delay capital investments, or seek to raise additional capital.
+Added: We cannot assure you that our business will generate cash flow from operations, that future borrowings will be available to us under our Credit Agreement or any other credit facilities, or that we will be able to complete any necessary financings, in amounts sufficient to enable us to fund our operations or pay our debts and other obligations, or to fund other liquidity needs.
+Added: We do not currently have the necessary cash on hand or projected future cash flows to fund the May 2026 debt maturity.
+Added: To address our capital needs, we are in active discussions with funding sources to refinance portions of our outstanding debt.
+Added: If we are not able to successfully refinance or restructure our debt, we may need to sell assets, reduce or delay
+Added: capital investments, or seek to raise alternative capital.
Additional debt or equity financing may not be available in sufficient amounts, at times or on terms acceptable to us, or at all.
28 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.