Scripps Sports president Brian Lawlor predicted Ion will agree to a long-term broadcast rights extension with the WNBA—even if the surging league raises fees after striking a mega-deal with other networks.
Ion, which is owned by Scripps, acquired rights for the WNBA in 2023 on a cut-rate, three-year pact; the league has recently seen its viewership explode, even more so after welcoming a popular 2024 draft class headlined by Caitlin Clark and Angel Reese. That, combined with even more eyes on women’s basketball as Team USA has reached Sunday’s gold-medal game at the Paris Olympics, has been a welcome development for a company that has struggled elsewhere of late.
E.W. Scripps Company closed trading Friday at $2.37 after a decline of nearly 20% after the company missed estimates and reported a revenue decline of 1.6% from the prior-year quarter. The stock is now down 76% since Aug. 9, 2023. The company, which said it’s holding out for what it hopes to be record political advertising revenue, ended the quarter with cash and cash equivalents of $26.7 million and total debt of $2.9 billion.
Under its current contract, Scripps pays the WNBA $13 million annually, with Ion showing up to 25 games per year through 2025.
“I think we’re a really important partner to the WNBA and the visibility of the league,” Lawlor said on a video call Friday. “Based on every conversation we’ve had [with the WNBA], they really value the Friday night franchise, the studio shows, the talent that we have, the storytelling that we’re doing.
“So we think we’re really valuable. The reality is, if the rights are more expensive, it’s only because people have an interest in the games, which means we’ve been able to monetize it along the way. We fully expect to be partners … for a long time.”
In a statement accompanying this week’s otherwise disappointing Q2 operating results, Scripps labeled Ion’s women’s sports broadcast rights packages (it also airs NWSL games) a “differentiator” in advertising sales.
Ion is available free through traditional TV and via streaming. Because it doesn’t charge cable companies retransmission fees to air games, its business model heavily relies on reaching as many fans as possible to offset costs with advertising revenue. Ion, then, desperately needs advertisers to pay up to reflect the growth of women’s sports.
The WNBA’s next main national TV framework, negotiated by NBA brass to the dismay of the WNBPA, offers clear recognition of its growth. The agreement with NBC, ESPN and Amazon will bring the pro basketball league 500% percent more revenue than it gets now.
Scripps remains in separate discussions for its own package to broadcast some of the games beyond 2025 that NBC, ESPN and Amazon don’t show.
The bullish economic climate for women’s sports will likely require Scripps to increase spending to extend Ion’s relationship with the WNBA.
In a sign of intent that backs Lawlor’s optimism that an extension will happen, Scripps Sports will unveil a new studio in Atlanta on Aug. 16 as it gears up for the WNBA’s 2024 stretch run.
“The interest in the playoffs, the back-half of our season, is going to be fabulous,” Lawlor said. “That sets the tone for continued growth next season. … When you increase your ratings by 100%, it means you can significantly increase your revenue.”
(This story has been updated in the third paragraph with Scripps’ final stock closing price.)
