We are advising an ad hoc group of term loan lenders on the transaction

Davis Polk is advising an ad hoc group of term loan lenders to The E.W. Scripps Company (together with its affiliates, “Scripps”) on an out-of-court restructuring of up to $1.3 billion of existing term loans. On March 11, 2025, Scripps entered into a transaction support agreement with lenders representing more than 70% of the aggregate principal amount of Scripps’ outstanding tranche B-2 term loans due May 2026 and tranche B-3 term loans due June 2028. As part of the transaction, consenting term loan lenders will exchange (a) certain of the existing B-2 term loans for new term loans due June 2028 and (b) existing B-3 term loans for a combination of new term loans due June 2028 and new term loans due November 2029. The B-2 term loans not exchanged will be repaid with proceeds of a $450 million accounts receivable securitization facility and new money term loans due June 2028 that are backstopped by consenting holders.

Scripps is a diversified media company headquartered in Cincinnati, Ohio. As one of the nation’s largest local TV broadcasters, Scripps operates a portfolio of more than 60 stations in 40+ markets. The company owns national news outlets Scripps News and Court TV and entertainment brands ION, ION Plus, ION Mystery, Bounce, Grit and Laff. Scripps is also the nation’s largest holder of broadcast spectrum.

The Davis Polk restructuring team includes partner Damian S. Schaible, counsel Aryeh Ethan Falk and associate Motty (Mordechai) Rivkin. The finance team includes counsel Jon Finelli and Brian Hecht and associates Joseph William Bretschneider and Linyang Wu. The tax team includes partner Lucy W. Farr, counsel Tracy L. Matlock and associates Alanna Phillips, Caroline Peters and Valentin Van de Walle. All members of the Davis Polk team are based in the New York office.

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