E.W. Scripps to pay down debt over next 18 months with free cash flow

By Devika Patel

Knoxville, Tenn., Nov. 8 – E.W. Scripps Co. plans to use the higher free cash flow it is generating to pay down debt over the next 12 to 18 months, with an eye on getting its leverage ratio below 4x.

“Throughout the year, we’ll use our higher free cash flow yield to pay down debt as we move Scripps back to our historical leverage ratios,” president and chief executive officer Adam Symson said on the company’s third quarter ended Sept. 30 earnings conference call on Friday.

“Right now, our top priority for capital is for us to use that free cash flow to pay down debt and de-lever,” he said.

“Our priority over the next 12 to 18 months is really to get that debt down below 4x,” executive vice president and chief financial officer Lisa Knutson said on the call.

As of Sept. 30, cash and cash equivalents totaled $86.5 million while total debt was $1.98 billion.

E.W. Scripps is a Cincinnati-based broadcasting and digital media company.

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