Scripps president and CEO Adam Symson has extended his contract through the end of 2029. His previous five-year contract was set to expire at the end of 2027.
Symson joined Scripps as an investigative producer at KNXV-Phoenix in 2002. Prior to his current role, he served as chief operating officer, chief digital officer, head of operations, content and revenue for the TV division’s interactive businesses and director of content and marketing for the Scripps interactive media division, which was spun off into Scripps Networks Interactive in 2008.
Since taking over the CEO role in 2017, Symson has led the company’s acquisition of ION Network in 2021, which was combined with Katz Networks to create its Scripps Networks division. In 2022, the company also launched Scripps Sports to help local sports teams reach their fans using the company’s many distribution platforms as viewership on cable declines. In addition, Symson was a key player in Scripps’ 2023 partnership with the WNBA, as well as its collaboration with the National Women’s Soccer League to create fan-friendly “franchise nights” on ION, growing the network’s women’s sports programming even more in 2025.
“Adam has led this company through a challenging broadcast industry landscape by repeatedly identifying new opportunities to position it for success,” Scripps Board Chair Kim Williams said in a statement. “He has a bold vision for the role the company can play in our democracy by connecting its communities and audiences through their common interests and passions while at the same time creating business value. He is widely respected in the industry for his advocacy of the First Amendment, and he fosters a mission-based and performance-focused culture.”
His contract extension comes as Scripps’ reach on connected TV generates over $100 million per year with double-digit annual growth. In February, the company unveiled a transformation plan to grow its EBITDA by $125 million to $150 million by 2028 through growth initiatives, technology including AI and automation and operating efficiencies.
“In extending his contract, the board wanted to ensure Adam would remain at the helm to steer the company through the completion of its EBITDA improvement plan and the transformation and growth initiatives that will propel it into the next era of its long and venerable history,” Williams added.
Looking ahead, Scripps is exercising its option to reacquire 23 ION-affiliated stations that it divested to INYO Broadcast Holdings for $54 million. The divestitures were required to comply with FCC ownership rules and the deal is subject to the regulator’s consent.
It also expects to close on sales of its Fox affiliate WFTX in Fort Myers, Florida, to Sun Broadcasting in early March and its ABC affiliate WRTV in Indianapolis to Circle City Broadcasting soon after, pending FCC approval. Proceeds from both sales are $123 million.
Scripps will also swap stations with Gray Media across five markets in four states, pending regulatory approval, as it looks to improve the operating performance of its local stations and pay down debt.
Under the terms of his new contract, Symson will receive an annual base salary of no less than $1.4 million and an annual incentive target opportunity of no less than 175% of that base salary. His compensation package also includes a long-term incentive target opportunity of no less than $4.7 million for fiscal year 2026, which will be converted to restricted share units.
Additionally, Symson will receive a reimbursement of up to $20,000 annually for financial planning services, annual dues for one business club and the cost of an annual executive physical examination and a one-time reimbursement of up to $50,000 for attorney’s fees incurred in negotiating the employment agreement and related documents.
His contract also includes a one-time signing grant of a performance-based cash award with a value of $10 million. Reaching the $125 million EBITDA growth target will result in a 60% payout, while reaching the $150 million target will result in a 100% payout. In the event that the company generates $181.25 million or more, Symson will receive a 150% payout.
The payout percentage will be capped at 100%, even if EBITDA growth exceeds $150 million by the end of his contract, in the event Scripps fails to achieve a rolling 30-consecutive-trading-day average stock price of at least $10 per share.
Shares of Scripps climbed 3% on Monday and are trading at $3.74 apiece. The stock is up 10.9% in the past month, 20% in the past six months and 117% in the past year. However, it is down 80% in the past five years.
