Scripps president and CEO Adam Symson has prolonged his contract by way of the tip of 2029. His earlier five-year contract was set to run out on the finish of 2027.
Symson joined Scripps as an investigative producer at KNXV-Phoenix in 2002. Previous to his present position, he served as chief working officer, chief digital officer, head of operations, content material and income for the TV division’s interactive companies and director of content material and advertising and marketing for the Scripps interactive media division, which was spun off into Scripps Networks Interactive in 2008.
Since taking on the CEO position in 2017, Symson has led the corporate’s acquisition of ION Community in 2021, which was mixed with Katz Networks to create its Scripps Networks division. In 2022, the corporate additionally launched Scripps Sports activities to assist native sports activities groups attain their followers utilizing the corporate’s many distribution platforms as viewership on cable declines. As well as, Symson was a key participant in Scripps’ 2023 partnership with the WNBA, in addition to its collaboration with the Nationwide Girls’s Soccer League to create fan-friendly “franchise nights” on ION, rising the community’s ladies’s sports activities programming much more in 2025.
“Adam has led this firm by way of a difficult broadcast trade panorama by repeatedly figuring out new alternatives to place it for achievement,” Scripps Board Chair Kim Williams stated in an announcement. “He has a daring imaginative and prescient for the position the corporate can play in our democracy by connecting its communities and audiences by way of their frequent pursuits and passions whereas on the similar time creating enterprise worth. He’s broadly revered within the trade for his advocacy of the First Modification, and he fosters a mission-based and performance-focused tradition.”
His contract extension comes as Scripps’ attain on linked TV generates over $100 million per yr with double-digit annual progress. In February, the corporate unveiled a metamorphosis plan to develop its EBITDA by $125 million to $150 million by 2028 by way of progress initiatives, expertise together with AI and automation and working efficiencies.
“In extending his contract, the board needed to make sure Adam would stay on the helm to steer the corporate by way of the completion of its EBITDA enchancment plan and the transformation and progress initiatives that can propel it into the following period of its lengthy and venerable historical past,” Williams added.
Below the phrases of his new contract, Symson will obtain an annual base wage of at least $1.4 million and an annual incentive goal alternative of at least 175% of that base wage. His compensation package deal additionally features a long-term incentive goal alternative of at least $4.7 million for fiscal yr 2026, which might be transformed to restricted share items.
Moreover, Symson will obtain a reimbursement of as much as $20,000 yearly for monetary planning companies, annual dues for one enterprise membership and the price of an annual government bodily examination and a one-time reimbursement of as much as $50,000 for legal professional’s charges incurred in negotiating the employment settlement and associated paperwork.
His contract additionally features a one-time signing grant of a performance-based money award with a price of $10 million. Reaching the $125 million EBITDA progress goal will lead to a 60% payout, whereas reaching the $150 million goal will lead to a 100% payout. Within the occasion that the corporate generates $181.25 million or extra, Symson will obtain a 150% payout.
The payout share might be capped at 100%, even when EBITDA progress exceeds $150 million by the tip of his contract, within the occasion Scripps fails to realize a rolling 30-consecutive-trading-day common inventory worth of not less than $10 per share.
Shares of Scripps climbed 3% on Monday and are buying and selling at $3.74 apiece. The inventory is up 10.9% up to now month, 20% up to now six months and 117% up to now yr. Nevertheless, it’s down 80% up to now 5 years.
