Below-average EBITDA margins in the television and newspaper businesses. High corporate expenses relative to peers', though this also includes digital expenses. Unfavorable secular trends affecting traditional print publishing. Large percentage of revenue generated in election and Olympic years due to ownership of large market TV stations that reap significant political advertising. Moderate financial policy, based on our expectation of roughly 2x adjusted debt to average trailing-eight-quarter EBITDA. Good cash flow generation, particularly in election years. Strong liquidity. Standard&Poor's Ratings Services' ratings on E.W. Scripps Co. (The) are on CreditWatch, where we placed them with positive implications on July 31, 2014. In resolving our CreditWatch placement, we will reevaluate the company's business risk profile and assess management's ability to
