Scripps (Part 2) - The Numbers

In Part 1 , I laid out the catalyst (the 2026 U.S. midterm elections), the broadcasting industry's structural backdrop, and E.W. Scripps' operational positioning - its local station footprint, ION's must-carry reach, the OTA/sports pivot, and the secular headwinds it's running against. The operational story is decent. But none of it matters if the capital structure can't survive long enough for it…