CINCINNATI - The E.W. Scripps Company (NASDAQ: SSP), a diversified media enterprise, announced today the promotion of Jeff Kiernan to vice president of local news. Kiernan, who previously managed Scripps' Las Vegas stations, will assume his new role on June 10 and report to Kate O'Brian, Scripps' president of news.
Kiernan's career in journalism spans several decades, with a focus on leading local newsrooms. He has been at the helm of Scripps' stations such as WXYZ and WMYD in Detroit, WTMJ in Milwaukee, and most recently KTNV and KMCC in Las Vegas. His experience in implementing content strategies in newsrooms across the United States positions him as a strategic choice for overseeing Scripps' local news content strategy.
Kate O'Brian praised Kiernan's appointment, stating, "As we continue to evolve our stations' delivery of local news to serve today's audiences, Jeff's years of experience implementing content and editorial strategy in newsrooms across the country make him an ideal leader to help guide our local newsrooms."
Kiernan, a Marquette University journalism graduate, has received accolades for his communication skills and ethical standards, including being named Communicator of the Year and receiving the James T. Tiedge Award. He also contributed to the Poynter Institute as a visiting faculty member.
The promotion is part of a broader organizational change announced in February, which consolidated local and national news strategy under one structure. Kiernan will collaborate with Dean Littleton, senior vice president of local media, to enhance the delivery of local news content. Anita Helt will step in as interim general manager for KTNV and KMCC following Kiernan's transition.
Scripps operates over 60 stations in more than 40 markets and is recognized for providing quality, objective local journalism. The company also reaches households nationwide through Scripps News, Court TV, and entertainment brands like ION and Bounce. This move underscores Scripps' commitment to evolving its news delivery and maintaining its long-standing motto to "Give light and the people will find their own way."
InvestingPro Insights
The E.W. Scripps Company (NASDAQ: SSP) has recently made a strategic move in promoting Jeff Kiernan to vice president of local news, emphasizing their commitment to enhancing local news content. As investors look at this development, they might also be interested in the company's financial health and market performance. Here are some key insights from InvestingPro:
Scripps is currently trading at a low Price / Book multiple of 0.41 as of the last twelve months ending Q1 2024. This metric can be particularly appealing to value investors looking for potential undervalued stocks. Additionally, the company's stock has experienced significant volatility, with a 17.97% return over the last month, but a more substantial 36.77% decline over the last three months, and a 49.06% hit over the last six months. The market cap of Scripps stands at 309.54M USD, reflecting the size and scale of the enterprise within the media industry.
Despite not being profitable over the last twelve months, analysts predict that Scripps will turn a profit this year, which could signal a positive shift in the company's financial trajectory. This potential for profitability, combined with a high shareholder yield, suggests that Scripps could offer a compelling opportunity for investors who are willing to navigate the stock's current volatility.
For those interested in a deeper analysis, there are additional InvestingPro Tips available that provide more nuanced insight into the company's performance and outlook. By using the coupon code PRONEWS24, readers can get an extra 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking access to these valuable tips. The E.W. Scripps Company's full profile with more detailed metrics can be found at https://www.investing.com/pro/SSP.
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