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MarketScreener Homepage  >  Equities  >  Nasdaq  >  The E.W. Scripps Company    SSP

THE E.W. SCRIPPS COMPANY

(SSP)
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E.W. SCRIPPS CO : Other Events, Financial Statements and Exhibits (form 8-K)

10/16/2020 | 02:13pm EST

Item 8.01 Other Events

The E. W. Scripps Company ("Scripps") is filing this Current Report on Form 8-K (the "Form 8-K") to update the historical consolidated financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations included in the Scripps' Annual Report on Form 10-K for the year ended December 31, 2019 (the "2019 Form 10-K") for discontinued operations, as discussed below. This Form 8-K will permit us to incorporate these financial statements by reference, or otherwise, in future SEC filings. The information in this Form 8-K is not an amendment to or restatement of the 2019 Form 10-K.

Summary

During the second quarter of 2020, the Board of Directors approved the sale of our Stitcher podcasting business, which has historically been reported within our National Media reporting segment.

Beginning in the second quarter of 2020, we classified Stitcher as held for sale in accordance with accounting standards for the impairment or disposal of long-lived assets and reported its results as discontinued operations within our 2020 second quarter Form 10-Q.

Under requirements of the SEC, the same classification as discontinued operations is also required for previously issued financial statements for each of the three years presented in Scripps' 2019 Form 10-K, if those financial statements are incorporated by reference in subsequent filings with the SEC made under the Securities Act of 1933, as amended, even though those financial statements relate to periods prior to the announced sale of our Stitcher business. This reclassification has no effect on Scripps' reported net income for any reporting period.

The following Items of the 2019 Form 10-K are being adjusted retrospectively to reflect the impact of accounting for our Stitcher business as a discontinued operation:


•Item 6. Selected Financial Data
•Item 7. Management's Discussion and Analysis of Financial Condition and Results
of Operations
•Item 8. Financial Statements and Supplementary Data

No Items of the 2019 Form 10-K other than those identified above are being revised by this filing. Information in the 2019 Form 10-K is generally stated as of December 31, 2019 and this filing does not reflect any subsequent information or events other than the reporting of Stitcher as a discontinued operation. Without limitation of the foregoing, this filing does not purport to update the Management's Discussion and Analysis of Financial Condition and Results of Operations contained in the 2019 Form 10-K for any information, uncertainties, transactions, risks, events or trends occurring, or known to management. More current information is contained in Scripps' Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020 and other filings with the Securities and Exchange Commission. This Current Report on Form 8-K should be read in conjunction with the 2019 Form 10-K and such Quarterly Report on Form 10-Q and other filings. The Form 10-Q and other filings contain information regarding events, developments and updates to certain expectations of Scripps that have occurred since the filing of the 2019 Form 10-K.




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Item 9.01 Financial Statements and Exhibits

   Exhibit
    Number                                        Description of Item

      23             Consent of Independent Auditors
                     Revisions to The E.W. Scripps Company's Annual Report on Form 10-K for the
     99.1            year ended December 31, 2019
                        Revised Item 6. Selected Financial Data
                        Revised Item 7. Management's Discussion and Analysis of Financial Condition
                     and Results of Operations
                        Revised Item 8. Financial Statements and Supplementary Data
                     iXBRL Instance Document - the instance document does not appear in the
   101.INS           Interactive Data File because its XBRL tags are embedded within the Inline
                     XBRL document
   101.SCH           Inline XBRL Taxonomy Extension Schema Document
   101.CAL           Inline XBRL Taxonomy Extension Calculation Linkbase Document
   101.DEF           Inline XBRL Taxonomy Extension Definition Linkbase Document
   101.LAB           Inline XBRL Taxonomy Extension Label Linkbase Document
   101.PRE           Inline XBRL Taxonomy Extension Presentation Linkbase Document
     104             Cover Page Interactive Data File (formatted as Inline XBRL and contained in
                     Exhibits 101)




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